Problem
Company - Best Buy
Explain: Retail Market Strategy
1) Target Audience - Who is their target audience? How does this compare to the competition?
2) What image do they want to convey?
3) How do they attempt to position themselves in the minds of consumers in the market?
4) What is their current image in the industry and in the minds of consumers?
5) Is this image working for them?
6) How does this compare with the image of competitors?
7) How do they make use of technology (web and ecommerce, supply chain management, information systems, etc.)?
8) How has technology affected the way they conduct business?
9) What is their global presence and strategy?
10) What countries have they entered?
11) How successful have they been expanding into these countries?
12) What obstacles have they faced in these countries?
13) What is their location strategy?
14) Why have they chosen this strategy?
15) What is their approach to managing human resources? (if this info is available)
16) Describe their merchandising strategy -
a) how they buy,
b) what they buy,
c) breadth vs. depth of merchandise, etc.
d) How is it reflected in their financial strategy?
17) What is their pricing strategy and how does this affect their profitability?
18) Describe their approach to advertising and sales promotions. Has it been effective for them?
19) What challenges does your retailer face in terms of the retail strategy variables just described? Do some appear to be working better than others?