Best Buy Business Plan

Best Buy Business Plan-66
It also restored a much-loved employee discount that had been suspended and embarked on an ambitious program to retrain its employees so they could answer questions about entirely new categories of electronics, such as virtual reality headsets and smart home appliances.“The associates in our stores are much more engaged now, much more proficient,” Mr. Customers had always loved Best Buy’s Geek Squad, its army of specially trained tech support experts who could be hired to mount TVs and install other appliances at a customer’s home.

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Best Buy also struck deals with large electronics companies like Samsung, Apple and Microsoft to feature their products in branded areas within the store.

Now, rather than jamming these companies’ products next to one another on shelves, Best Buy allows them to set up their own dedicated kiosks.

It’s lucky that several large competitors have gone out of business, shrinking its list of rivals.

And it’s lucky that the vendors who make the products it sells, like Apple and Samsung, have kept churning out expensive blockbuster gadgets.“They’re at the mercy of the product cycles,” said Stephen Baker, a tech industry analyst at NPD Group.

So it started an adviser program that allows customers to get free in-home consultations about what product they should buy, and how it should be installed.

The service started as a pilot program last year and is now being rolled out nationwide.

Here are the keys to Best Buy’s turnaround, according to Mr. The company’s systems were outdated and many stores were losing money.

Many of the products that drew customers to stores, such as new CD and DVD releases, were becoming obsolete.

But Best Buy’s rebound has been surprisingly durable.

Revenue figures have beaten Wall Street’s expectations in six of the last seven quarters.


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