Best Buy found in1966 in Richfield, Minnesota. They are multinational electronics retailers, whoprovide products, services and solutions in the U.S, Canada, and Mexico. Infiscal 2017, Best Buy expected more than $39 billion in revenues with more than1,600 stores in the entire of the world.
They operate in Domestic andInternational. A main element of Best Buy’s strategy is offering a full rangeof service with the best levels of customer service. From there, they exploretheir strategy in different actions included:Ø Keep track andmanage their inventory levels to match quantities with customers demand asclosely as possible.Best Buy continuous monitoring historical and predicting of consumer demand toadjustment of inventory receipt levels. Agreement with vendors for compensationof cost markdown or sales incentives and agreements with vendors relating toreturn privileges for certain products.Ø Expand theirstores to maximize the customers’ satisfaction. They willcontinue to optimize their store space, renegotiate leases and selectively openor close locations to support the better operations.
They opened short distancestore-to-store to allow closer vendors and provide better quality customerexperiences. Their stores create the best convenient for their customers shopwhen and where they want to.Ø Continuousimprovement to a community responsibility corporation. Manage theirenvironmental impacts, setting sustainability goals and advancing engery-efficientconsumer solutions create long-term value. They are continuously looking forcost-effective solutions to minimize carbon emissions in their operations.Ø Offer high quality services and assistance to their customers.
They are tryingto recruit, train, and engage qualities employees. By this way, they will lowerthe number of turnover and unemployment rate.There are manydifferent competitors, who have more growth opportunities than Best Buy such asinternet-based businesses, technology service providers, and mobile networkcarriers. However, Best Buy still is a winning competitive advantage byrespected their customers value and satisfaction.
Many competitors areinternet-based businesses operate with the limit taxes and internationalretailers with different currencies. Otherwise, Best Buy offers their customersquality products and customer services. In the recently, they cooperate withdifferent mobile network carriers and companies. By this way, their customershave more choices and less competitors. They put their customers value on topof the line. Their store represents an important competitive advantage. Theircustomers don’t have to wait for a week or drive too far to get what they need.Customers can pick up their orders online in any of Best Buy’s stores.
They canalso come in to talk and ask about the products face-to-face experience. Returningand buying products or services would be easy and fast for the customers. Customerfocus is the smart way to winning a competitive advantage for a long-term goal.