They are socially responsible. They also gave scholarships to the students all over the world. In this modern world, where every day new technologies are coming up and frequently they are becoming outdated. Under this scenario, the Best buy company has to keep itself up to date and must have to keep watch on the new technologies. In this way the company can survive under intense competition. They stated that the company is violating the consumer protection law by misleading the people about service plans, supplemental magazine subscriptions etc.
Where the company is enjoying healthy profits, there the company is also facing intense competition. The biggest competitors of Best Buy Company are Dell, Wal-Mart, Circuit City and all those retailers which are supplying those products on reasonable prices.
The company should also bring some changes in their business to stay in the top line. Like, they should also offer their products online as other companies are doing. Consumers then have an option of having the product shipped to their home or picking it up at a local Best Buy store.
The internal forces include Marketing and Management of the company. The company is spending a greater amount on the marketing expanses of the company. They spend millions of dollars on their website to provide people with all the information about their business and description about each and every product they are dealing with.
Mostly they do business-to-business marketing for their business. They also mailed thousands of copies to their target market, with the catalog attached to it. With the changing trend, the company is also planning to open inbound as well as outbound call center.
The catalog will sell computers, cables, and accessories as well as a smattering of consumer electronics. To help in its efforts in bagging big businesses, Best Buy is setting up a call center for inbound and outbound calls.
SWOT analysis will help to examine the condition of the company from internal as well as external. The company is enjoying the leadership in the market because of its highest share. Because of its large operation, the company is able to capture the market and supply the products on spirited prices.
Leveraging its large scale of operations, the company has been able to increase its bargaining power with consumer electronics vendors and offer more competitive prices.
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