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Best Buy Essay

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I think Best Buy really needs a new strategy by innovating to cope the competitive threat. The competitive environment is becoming more and more threatening given the increasing number of new players who come in the industry with new strategy to gain significant market shares. The industry has changed and is becoming more innovative with technologies that have nothing to do with the strategy put in place by BestBuy even though the company manages to adapt over time to the market changes and new strategies used by competitors to gain existing as new market share. A competitor like WalMart is not something to neglect in the electronics industry because of its "Everyday low price" slogan that consist to offer products at low cost. Electronic is
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The business and marketing world is a very risky and difficult career. You don’t know what decisions can drastically change your entire company. I will be talking about the fact that Gamestop can possibly go down the same hill as BlockBuster. Now a days, everyone is always talking about the new video games and how they are willing to wait outside of the store until the game gets released. The good thing is that with all of the new technology, they won’t have to suffer the long waits.

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The threat of substitution is high. With physical retailers like Walmart and Target to online retailers like Amazon are giving GameStop a run for their money. Video games are hard to differentiate so this forces GameStop to try and reinvent their services to compete against other retailers. The company should look at other retailers such as Best Buy and Amazon to see how they are retaining and attracting new customers to their platform. One of the few advantages that GameStop has is offering an exclusive limited edition of video game merchandise that can only be sold at their participating stores.

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As discount stores such as Walmart and PC makers such as Dell began to compete with Best Buy, new services such as in-home installation were needed to create value for customers. Now, just as change in competition created an opportunity for Geek Squad, it is also leading to another level of competition as Staples has introduced EasyTech services and Office Depot has introduced Tech Depot services. The economic situation for electronics continues to improve as prices decline and demand increases. (McGraw Hill, 2017)

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History Roommates at Lehigh University Richard Hayne and Scott Belair founded urban Outfitters in 1970. The two were just getting back from doing internships and volunteer work after completing their freshman year of college. Coming back for their sophomore year, the two discussed ideas of a store that sells inexpensive clothes and accessories for dorm rooms. The two open Free People Store in Philadelphia investing $5,000, the store sold inexpensive wore clothes, drug paraphernalia, candles, shirts, and jewelry. Successfully staying in business the two changed the name from Free People Store to Urban Outfitters.

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Why are these changes necessary for Target to grow and succeed? Well, the answer is very simple. There has been a radical and drastic change in the demands of consumers, competitors, and the market. In addition to those changes there is many other online competitors such as Amazon, Walmart, Best Buy, JC Penney, Victoria Secret, and many others that are doing everything they need to be the best in online sales. The changes other competitors are doing is demanding Target leaders to make changes and necessary adjustments on their online sales.

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Case Analysis: J. C. Penney Company, Inc. Founded by James Cash Penney in 1902, J. C. Penney Company, Inc. has grown into a major mid-tier retailer. Focusing on providing goods and services for middle-income families, Penney’s competes in several segments. Although men’s and women’s apparel accounts for nearly half of all sales, Penney’s has a diverse portfolio including cosmetics, hair salons, home furnishings and appliances (J. C. Penney Company, Inc., 2015). As one of the oldest retailers in America, Penney’s has recently struggled to maintain the loyalty of existing customers while attempting to attract new ones. Historical Background Penney’s faced a hyper-competitive environment following the recession of 2008.

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Dollar Tree should continue to distinguish itself by the continuous buyout of firms that give them a competitive advantage and investing in technology. One of the main strategies that have led to the growth of the business is that Dollar Tree has been able to acquire other stores giving it a competitive edge. Acquiring stores instead of setting up one is one of the risk-free methods of market entry. Buying an existing business is profitable as it the new firm absorbs customers from the previous company. This should allow them the company to not spend a lot on their advertising budget.

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The Target Corporation is an American retail company founded in 1902 in Minneapolis, Minnesota. Originally named Goodfellow Dry Goods, the company was later renamed to Dayton's Dry Goods Company in 1903 and finally becoming the Target Corporation in the year 2000. Over the years, the Target Corporation grew and expanded its retail operations and by the 1970s, it had become a well-known and respected discount retailer by becoming the first retailer to offer a private label credit card to its customers. In the 1980s through 1990s, the Target Corporation invested heavily in technology and supply chain management, which allowed it to expand its product offerings and improve the customer shopping experience. In the years to come, the Target Corporation

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1. Best Buy hired Sharon McCollam, who before accepting the job, has visited many stores in order to determine what were consequences the company is facing and what needs to be changed. Fortunately, after McCollam has been hired, she has help Best Buy in many ways such as saving budget, replace a better IT system in Best Buy, examine cleanliness of the stores by using “white gloves”. I don’t think they are over doing it because after the changes have made, Best Buy has improved magnificently. This has proven that Best Buy has used evidence-based management since according to the book, evidence-based management is “translating principles based on best evidence into organizational practice, bringing rationality to the decision-making process.”

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Introduction Imagine being excited for a much needed promotion. Confident that it is you that will be receiving it considering the fact that your boss has been dangling it for some time now. Then all of the sudden that promotion that you wanted is suddenly given to the guy who has only been working for a month. And you are left to work the same position for the rest of your life working there. That's how most women and minorities feel.

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Discussion Board #2 Reply 1 Johan Rivera Liberty University Bishop, Thank you for sharing important and valid information about the Best Buy Company. Taking in consideration the information provided about the financial statement of the company, it can be determined that the company is in a steady path to a bright future and continuously growth. As you mentioned, the company is well established in the United State territories. However, in the Standard & Poor’s Net Advantage database, the company decided in March 2015, to consolidate Future Shop and Best Buy stores and websites in Canada under the Best Buy brand. This resulted in permanently closing 66 Future Shop stores and converting 65 Future Shop stores to the Best Buy brand.

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Gaming is one the fastest (if not the fastest) growing forms of entertainment in this day and age. While GameStop may not have a real competitor at the moment, the rise of the gaming industry will almost certainly resort to others taking the initiative and properly challenging GameStop in the gaming market. Opportunities With the constantly booming Video game market, it has a large scope of expansion to work with. With gaming continuously growing as a form of entertainment, GameStop should seize the chance while it is theirs to take. The launch of the "next-generation consoles" (Sony's PlayStation 4 console and Microsoft's Xbox-One) back in November has continued to enhance the already massive gaming market thus leading to more business for GameStop.

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As Americans, overproduction and over-consumption are just ways of life. People head out daily and buy and buy until they have "overbought". A "Buy Nothing Day" would be valuable in America because it would raise awareness of over-consumption, explain how marketing tricks people to overbuy, and show people how to buy for their precise needs. Consumers are the most crucial point in any developed economy, and it is them who determine the production rate. If a "Buy Nothing Day" was put into action, it could also be a day of learning.

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The “Buy Nothing Day” like the internationally observed Earth Day is an attempt to raise awareness and reverse on of the growing issues in the World currently. Our society today is focused on over consumerism: the practice of purchasing goods/products extensively which has cultivated numerous threats to the planet and those who live on it. The effects on natural resources, the environment, and the consumers themselves due to over consumerism make the implementation of a “Buy Nothing Day” beneficial in order to increase awareness on the problem and begin to reverse it. Consumerism is what drives our world forward, but it is also something that can destroy it if we are not careful to raise awareness on the effects of consumerism.

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