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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