Best buy sriram a r

WHAT MAKES

THE BEST BUY?

Where technology meets human needs.

Expert Service. Unbeatable Price.

https://cdn.theatlantic.com/assets/media/img/mt/2015/08/RTR4FZ3G/facebook.jpg?1440519352

How did it all start?...

http://mentalfloss.com/article/29336/origins-11-big-box-stores

The Growth... Concept II

•Dimly-lit Industrial stores to brighter and fashionable outlets.•Positioning as a brand offering the cheapest options.•Dealing in a variety of products and dealers like Whirlpool, Sony and Mytag.

http://abcnews.go.com/Business/sears-retail-star-losing-1b-months/story?id=25084031mall-hall-of-fame.blogspot.com

Concept III

http://abcnews.go.com/Business/sears-retail-star-losing-1b-months/story?id=25084031www.ucview.com

http://blogs-images.forbes.com/modeledbehavior/files/2012/08/300x185.jpg

Sources:

Concept IV

http://images.bbycastatic.ca/sf/projects/brandstore/sony/assets/2016-05/featured-best-buy-associates.png

Marketing StrategiesSegmentation: Demographic & Psychographic

Brand Mantra, Value & Positioning

•Expert Service. Unbeatable Price.•Low cost, good quality.•Credible.•Best Price in the market

Effective Pricing

•Price Matching•Not lowest price.•But matches with 2nd lowest price giver

Setbacks along the wayMarketing Blunders

Tagline: “Making Technology Work for You”

Dubbed as tired, bland, old, uninspired, etc.

Scams:

www.youtube.comwww.wired.com

www.ibechris.com thelair.me

Competition:

corporate.walmart.comwww.forbes.com

Mass shutdown1. 11 stores in UK in 2011.

2. All stores in China

3. Shutdown of its Future Shop Chain in Canada.

4. Exited the consumer electronics market of Europe.

The TransitionTransformation Strategy

“Connected Store” Format

https://www.google.co.in/search?q=magnolia+design+center&espv=2&biw=1366&bih=623&source=lnms&tbm=isch&sa=X&ved=0ahUKEwjnks-j1cjNAhVEvo8KHZ7iA_AQ_AUIBygC#imgrc=oAWbQNIlA7jr2M%3A

Revamping strategies•Dedicated multichannel experience

•Geek Squad•Buy Back and tech support

Effective Consumer Research• Ability to cater to different markets and segments.•Consumer Friendly and consumer aware.•Example: Design of stores catering to Eastern European workers, the major consumers there.

Accolades"Company of the Year" by Forbes

"Specialty Retailer of the Decade" by Discount Store News

In the Top 10 of "America's Most Generous Corporations" by Forbes 

Fortune magazine's List of Most Admired Companies in 2006

Success story19% share in the industry

1300+ stores

USA, Canada, Mexico, China, Turkey and many more.

SummaryThe Story

• Expansion (Concepts II, III & IV

Pros & Cons

• Segmentation• Expert Service, Unbeatable price• Price Matching

• Scams along the way

The revamped phase

• Connected Stores• Consumer research.

DisclaimerThis presentation was created by Sriram A R, IITM during a marketinginternship under the guidance of Prof.Sameer Mathur, IIM Lucknow(www.IIMinternship.com)

Sriram A R

Prof. Sameer Mathur