Marketing Strategy of Best Buy

1538 words 7 pages
Syed Raheem
Dr. Sonja Pollard-Mitchell
MKT 301: Principles of Marketing
3 March 2010
Marketing Strategy at a Big Box Electronics Store: BEST BUY Consumer behavior is defined in a variety of ways such as “the dynamic interaction of affect and cognition, behavior and environmental events by which human beings conduct the exchange aspects of their lives.” by the American Marketing Association. (2008). In a simpler form, consumer behavior can be explained as the actions of consumers and the different approaches a person may take to decide what to buy and the decision making process. The decision making process can be effected by many factors all related to a person or persons lifestyle. Determining that behavior can be confusing and
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Best Buy has been able to maintain its large scale of operations by increasing its bargaining power with consumer electronic vendors and offer more competitive prices. Best Buy has expanded its installation and repair services to consumers through several venues--both on a stand alone basis as well as mixing these offerings in its retail outlets, through Geek Squad. Best Buy Company is also socially committed and believes in educating people about technology. They are socially responsible company. This kind of behavior gives them good publicity, which is also a good marketable tool these days. The company spent $13 million in teach Awards for the school to aware them from the new technologies about the classrooms. They also gave scholarships to the students all over the world. “Best Buy stores have awarded over $13 million in scholarships to nearly 11,000 students nationwide”. In this modern world, where every day new technologies are coming up and frequently they are becoming outdated.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 out for the new technologies. In this way the company can survive under intense competition. The biggest competitors of Best Buy Company are Dell, Wal-Mart, HH Gregg and all those retailers which are supplying those products on reasonable prices. The company has also brought some changes in their business to stay in the top line. Like, they

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