Renew Blue: Best Buy's Winning Strategy?

            
 
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Please note:

This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.



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Case Details:

Price:

Case Code : BSTR444 For delivery in electronic format: Rs.400;
For delivery through courier (within India): Rs. 400 + Rs. 25 for Shipping & Handling Charges

Themes

-
Case Length : 14 pages (Excluding the cover page, but including Additional readings & references)
Period : ......
Pub Date : 2013
Teaching Note : Available
Organization : Best Buy Co., Inc
Industry : Electronic Retail
Countries : USA

Abstract:

Best Buy, the largest electronic retailer in US as of 2013, was founded as an audio specialty company Sound of Music in 1966 by Richard Schulze and Gary Smoliak. In 1983, the company's name was changed to ‘Best Buy'. It was the first electronics retailer to establish a superstore. Best Buy began its e-commerce retail business by launching bestbuy.com in 2000.

Due to rapidly changing technology, the interest of customers in purchasing huge TVs, PCs, and CDs had started to wane and interest in high-end gadgets like mobiles, tablets, etc was on the rise. To make matters worse, the US was hit by recession and customers were looking for low prices, which online retailers were able to provide. It was at this time that Brian Dunn became the CEO of Best Buy.

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He came out with a strategy called ‘connected world', where the stores were remodeled and the latest electronic gadgets were displayed at the stores. These stores had knowledgeable sales staff to assist the customers. The initiative had a positive impact on the company. But in the next few quarters, sales and comparable sales started to decline and Best Buy began facing competition from retailers like Wal-Mart and H H Greg. It became a victim of “showrooming”, where customers visited the stores to see the products, compared the prices online, and bought from whichever retailer was offering the lowest price. In early 2011, Best Buy's market share dropped to 22%.

Issues:

»Impact of recession on electronics retail
»The changing dynamics of retail industry in the US
»Growing importance of online retailers
»Pros and cons of technology in retail business
»Strategies to be followed during recession
»Challenges a market leader can face
»Turnaround strategy

Contents:

  Page No.
Introduction 1
Potenial Audience 2
Teaching Guidelines 3
Answers 4

Keywords:

Best Buy Inc, Electronics retailer, US, Comparative store sales (COMPS), Brian Dunn, Hubert Joly, Richard Schulze, Bestbuy.com, E-commerce, Renew blue, Five-pronged strategy, Connected stores, Restructuring plan, Customer service

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