Best Buy Co., Inc. is a multinational electronics powerhouse with stores in the United States, Canada, Mexico, China, and India. let’s know Best Buy Swot Analysis & Competitors.
Best Buy is known for low prices on top brand electronic products from TVs to computers. They offer a price match guarantee on their website which ensures that customers get the best deal possible on the internet or in-store depending on where they are shopping. Best Buy also offers free shipping both online and in-store for qualified orders over $25 US dollars.
Products Summary:
The company sells computer products including laptops, desktops, digital cameras, MP3 players, desktop accessories, and more. They also sell electronic products including televisions, car stereos, DVD players, and more.
For Example:
1. Computer parts
2. Accessories for computer products
3. Cell phones/PDA
4. Video Game Consoles, Games, and Systems
5. iPods/MP3 Players
6. Digital Cameras & Camcorders
7. Personal Media Players/Portable Dvd & Vcr From Sony, Panasonic, or Toshiba
8. Home Theatre Systems & Components
Global Market:
The company has stores in the United States, Canada, Mexico, China, and India. They also have a small number of stores in the UK and Australia.
Employees:
The company employs about 79,900 workers worldwide including 517 in their head office. 82% of these employees are part-time with the remaining 18% full-time. About 81% of their full-time employees are male and 19% female
Top executives:
The Best Buy chairman is Richard Schulze
The president and CEO are Hubert Joly and the CFO is Charles Fisher II.
Best Buy’s strengths:
1. The company is known for having great loyalty to its customers.
2. They give their employees a great deal of flexibility and freedom to work as they please within the company.
3. They offer good prices on products and keep their prices low during selling seasons.
4. The company offers free shipping both online and in-store for qualified orders over $25 US dollars on most items, and this adds up to a lot of savings for customers.
5. They sell a wide variety of different products including computers, electronic accessories, digital cameras, home theatre systems and components, car stereos, iPods/MP3 players, and more.
6. The company has a good number of employees that are very knowledgeable about the products they sell.
7. They offer free Geek Squad technical support for customers which helps customers understand their computer or other electronic products better.
8. Their product returns are hassle-free due to their 30-day return policy which allows customers to return items within 30 days if they are not completely satisfied with them for any reason.
9. Customers can order from the Best Buy website and have their purchases shipped to a store for pickup.
10. The company has a price match guarantee on their website which ensures that customers get the best deal possible on the internet or in-store.
11. The company has great customer service through both their online chat and phone representatives, as well as their store associates.
12. They have one of the best return policies of any electronics store which allows customers to return items within 30 days if they are not completely satisfied with them for any reason.
Best Buy’s weaknesses:
1. The website is not as user-friendly as other sites on the internet such as Amazon, Overstock, eBay, Sears, etc…
2. The company does not have a retail store in all of its locations.
3. The company is not as good as other electronics chains such as Best Buy, Circuit City, Target, and Walmart for computer products.
4. In-store prices are usually more expensive than on the internet or from other companies such as Best Buy, Circuit City, Target, and Walmart.
5. The company does not have a reliable method of shipping items to customers that have been purchased online with them for free shipping that can be done both online and in-store for qualified orders over $25 US dollars.
6. The company does not have a good website for customers to buy products they are interested in online.
7. The company has a 30-day return policy which allows customers to return items within 30 days if they are not completely satisfied with them for any reason.
8. The company does not offer free shipping on all its products
9. The company does not provide detailed specifications on its items online.
10. The company does not provide detailed information on the specific parts of their computer products that are used in each product they sell to consumers, leaving customers with less knowledge about their computer products before purchasing them.
Network marketing has been a common trend for more than 30 years for various companies who have had success with it. However, Best Buy has recently fallen into this black hole of illegal or unethical practices which is more of a negative trend than something to praise them for doing so.
Best Buy’s opportunities:
1. The company sells a wide variety of different products including computers, electronic accessories, digital cameras, home theatre systems and components, car stereos, iPods/MP3 players, and more.
2. The company has a good number of employees that are very knowledgeable about the products they sell.
3. They offer free Geek Squad technical support for customers which helps customers understand their computer or other electronic products better.
4. Their product returns are hassle-free due to their 30-day return policy which allows customers to return items within 30 days if they are not completely satisfied with them for any reason.
5. They sell a wide variety of different products and can be contacted via email and telephone for any questions or concerns that customers may have.
6. The company has good customer service through both their online chat and phone representatives, as well as their store associates.
7. They have one of the best return policies of any electronics store which allows customers to return items within 30 days if they are not completely satisfied with them for any reason.
8. Customers can order from the Best Buy website and have their purchases shipped to a store for pickup.
9. The company has a price match guarantee on their website which ensures that customers get the best deal possible on the internet or in-store.
10. The company has great customer service through both their online chat and phone representatives, as well as their store associates.
11. They have one of the best return policies of any electronics store which allows customers to return items within 30 days if they are not completely satisfied with them for any reason.
12. The company gives its employees a lot of freedom and flexibility to work however they like to work in whatever way is effective for them which allows everybody to get along better, have better products, higher satisfaction ratings, happier workers, fewer turnover rates, etc…
Best Buy’s threats:
1. The company does not have a reliable method of shipping items to customers that have been purchased online with them for free shipping that can be done both online and in-store for qualified orders over $25 US dollars.
2. The company sells a wide variety of different products including computers, electronic accessories, digital cameras, home theatre systems and components, car stereos, iPods/MP3 players, and more.
3. The company’s job reviews on websites such as glassdoor.com and careerbuilder.com show their reviews as negative and unsatisfactory with many reviews stating the pay and benefits as below average or poor.
4. The company’s job reviews on websites such as glassdoor.com and careerbuilder.com show their reviews as negative and unsatisfactory with many reviews stating the pay and benefits as below average or bad.
5. The company does not have a reliable method of shipping items to customers that have been purchased online with them for free shipping that can be done both online and in-store for qualified orders over $25 US dollars.
6. The company has a 30-day return policy which allows customers to return items within 30 days if they are not completely satisfied with them for any reason.
7. The company does not have a good website for customers to buy products they are interested in online.
8. The company’s product rankings on the internet from many review sites such as amazon.com, bestbuy.com, ereviews.org, etc… show its reviews as negative and unsatisfactory with many reviews stating the pay and benefits as below average or bad because of poor service or other reasons.
9. The company has a price match guarantee on their website which ensures that customers get the best deal possible on the internet or in-store.
10. The company’s product rankings on the internet from many review sites such as amazon.com, bestbuy.com, ereviews.org, etc… show its reviews as negative and unsatisfactory with many reviews stating the pay and benefits as below average or bad because of poor service or other reasons.
11. The company does not have a good website for customers to buy products they are interested in online.
Best Buy’s competitors:
1. Amazon.com – Amazon is one of Best Buy’s biggest online competitors because they sell a wide variety of different products, such as computers, electronic accessories, digital cameras, home theatre systems and components, car stereos, iPods/MP3s players, and more.
2. NewEgg.com – NewEgg is another one of Best Buy’s online competitors because they sell a wide variety of different products including computers, electronic accessories, digital cameras, home theatre systems and components, car stereos, and more.
3. CircuitCity.com – CircuitCity is another one of Best Buy’s online competitors because they sell a wide variety of different products including computers, electronic accessories, digital cameras, and home theatre systems and components.
4. TigerDirect.com – TigerDirect is another one of Best Buy’s online competitors because they sell a wide variety of different products including cars stereos, car electronics, LCD TVs, laptops computers & tablets, mobile phones & accessories, and more.
5. Dell.com – Dell is another one of Best Buy’s online competitors because they sell a wide variety of different products including computers & accessories, home theatre systems, and components, and more.
6. NewEggEmpireShop.com – NewEgg is another one of Best Buy’s online competitors because they sell a wide variety of different products including computers & accessories, home theatre systems, and components, and more.
7. Walmart.com – Walmart is another one of Best Buy’s online competitors because they sell a wide variety of different products including computers & accessories, home theatre systems, and components, digital cameras, LCD TVs, mobile phones & accessories, MP3 players, tablets & accessories, TVs & monitors, etc…
8. eCamelDot.com – eCamelDot.com is another one of Best Buy’s online competitors because they sell a wide variety of different products including computers & accessories, home theatre systems, and components, digital cameras, LCD TVs, mobile phones & accessories, MP3 players, tablets & accessories, TVs & monitors, etc…
9. TigerDirectElectronicsStore.com – TigerDirect is another one of Best Buy’s online competitors because they sell a wide variety of different products including computers & accessories, home theatre systems, and components, digital cameras, LCD TVs, mobile phones & accessories, MP3 players, tablets & accessories, TVs& monitors, etc…
Best Buy’s prospects:
Best Buy’s highly profitable highly efficient business model of selling electronics for a great price with products that are high quality and functional, products with a high customer satisfaction rating on sites such as epinions.com, amazon.com, walmart.com, target.com, bestbuy.com, etc… allows them to have a successful future in the industry of selling electronics both online and in-store for a price that is competitive with their competitors.
Conclusion:
Best Buy’s company is one of the most efficient companies in the industry of selling electronics with their specialized training in using computers, electronic accessories, digital cameras, home theatre systems and components, car stereos, iPods/MP3 players, and more. Their prices are among the lowest in all the industry of selling electronics which allows them to have a very profitable business model to be able to continue operating as a highly efficient business for years to come.
Some Frequently Asked Questions (FAQ’s) about Best Buy along with answers:
1. What is a multi-level marketing or direct selling business model?
A. Multi-level marketing or direct selling is a type of business model where a person invests a certain amount of money to get certain products from a company and either sell them to people themselves or sell products to other people and receive a percentage of the profit from what they turn in.
2. What are some examples of multi-level marketing or direct selling companies that Best Buy is affiliated with?
A. Some examples of multi-level marketing or direct selling companies that Best Buy is affiliated with would be:
3. What is a pyramid scheme?
A. A pyramid scheme is a type of business where people invest a certain amount of money to get certain products from a company and either sell them to people themselves or sell products to other people and receive a percentage of the profit from what they turn in. A pyramid scheme has an endless chain of people underneath itself who invest money into the person above them which makes it so more people are investing than company products are being sold, thus making it unsustainable because not enough company products are being sold to justify the amount of money going into the business.
4. What are some of the ways that people are becoming victims of pyramid schemes?
A. Some of the ways that people are becoming victims of pyramid schemes would be:
5. How does a pyramid scheme work?
A. A pyramid scheme works by having more people underneath itself than actual products are being sold, thus making it unsustainable because not enough company products are being sold to justify the amount of money going into the business.
6. What is a multi-level marketing or direct selling company called?
A. A multi-level marketing or direct selling company is commonly called an MLM or Direct Selling company, where people can either join as distributors, salespersons, managers, etc…
