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China culture vs us culture
China culture vs us culture
China culture vs us culture
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Best Buy is a multinational retailer of customer hardware& electronic firm from the United states and keeps running in the Canada, United Kingdom, Mexico, Turkey, China and also in United State. Built up as the sound of music in 1966 as a sound forte store by Richard M. Schuzle , it was late changed to Best Buy Co., Inc. By the top managerial staff in 1983 and its now the most driving purchaser gadgets retailer in the United State . Best Buy firm serves and offers to shopper gadgets and additionally an extensive variety of important stuff, for example, music, PC programming, cell phones, DVDs, Blu-ray plates, computer games, advanced cameras and additionally home machines.
The analysis will be based on United State and Chinese business culture.
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The chairman and general manager of Best Buy China, Lu weimig disclosed that they were confident with the store model they had, which will differentiate them from competitors and consequently help them win the consumers heart. The company had shut all the branded store in 2011.
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In order to understand the cultural theory, I will study on issue and specific business framework theory. 2.2 Issue identification: Best Buy Co.Inc
The customers of china are entirely unexpected from shoppers of United States in purchasing conduct. It is expressed that the Chinese buyers have a higher intellectual age understanding, bring down level of life fulfillments when contrasted with United States customers. "“The lesson we learned is that we got too far ahead of the Chinese consumer in how business is run in China”, said Brian Dunn, Best Buy's Chief Executive. He said the organization's had had been to open huge box stores with settled costs that were staffed totally by Best Buy's blue-shirted workers. Mainly, Best Buy entered the Chinese gigantic market in 2006 with an absence of information of the nearby shopper's way of
Target stores, inc.is a sister company of Dayton Hudson Corporation and started in the year 1962 the same year as two other large retail stores Wal-mart and Kmart. Target has always operated with the motto “ Expect More and Pay Less” target is the third in the big three in U.S. falling behind Wal-Mart and Kmart.a major part of target's success comes from its ability to bundle bargain prices with fashionable name brand merchandise with excellent customer service. Dayton’s department store started looking into Target as a discount chain in the year of 1962 when the company saw a rising in public demand for lower priced merchandise in a family friendly and convenient environment. The name target along with the bulls eye logo were selected for the company's visual impact also to show that target aims at offering
BestBuy really needs to know the expectations of consumers to be able to align on the same distribution line than its competitors that continue to cut its market shares by offering the same products at very competitive prices. There is no doubt about the threat that may represent specially Wal-Mart for BestBuy, its "Every day low price" slogan speaks for itself. Today, quality’s problem is used as a marketing argument, but it’s not over true even though Walmart some low quality products. We have to notice that most of the producers of nowadays ’technologies are Asian countries as proof, IPhone and well-known brands technologies have always been manufactured in China. So the quality problem is not really the problem BestBuy is facing because there is no doubt that Wal-Mart and BestBuy have the same suppliers since everyone claims to offer high quality electronics. The first thing to do is to figure out how Walmart makes the difference by lowing its fixed and variables costs to better maximize profit even though offering low cost product. I think BestBuy needs to review its employees ‘training budget since they already have a good knowledge about the product they offer. As cited on page 22-4, even though its revenue grow, at the same time its net income and operating
Best Buy operates in an oligopolistic market where there are significant barriers to entry and few large firms dominate the market by selling identical goods. Best Buy is a non-collusive oligopolist, existing in a strategic environment where firms do not cooperate, yet are interdependent due to the fact that a firm’s action affects the market. Recently, Best Buy experienced an increase in demand, increasing its revenues and profits.
Another potential source of competitive advantage is Best Buy’s Geek Squad. While this has been a successful line of business for Best Buy, this too could become obsolete. Already an expensive part of Best Buy, Geek Squad costs would most likely increase if they wanted it to be more widely used. The likelihood of Best Buy overcoming this is arguably even less than its likelihood of competing with Amazon’s quick inventory - between 30 and 40%. With technology changing and a trend towards more user-friendly interfaces and products, consumers may not require the help of Geek Squad representatives to assist with their product, as they can figure out any issues on their own or by searching online for troubleshooting or product help blogs, customer reviews, etc.
Walmart is one of the most successful franchises of all time and continues to take fire from multiple angles, whether it’s about the costing of jobs, the wages, the health insurance, the small business destruction, or the environmental impact, but can always back itself up by negating those claims with facts that proves that it is beneficial to the community.
Additionally, brand equity, the company’s reputation, and Best Buy’s internet presence and website are also valuable intangible resources. In fact, the article mentioned that Best Buy has the 11th largest e-commerce website worldwide. Best Buy’s core competency lies within the company’s focus towards “customer-centricity attained thorough the in-depth data analysis and systematic customer segmentation.” To restate that, Best Buy differentiates themselves from their competition by providing expert advice and service at prices that compete with competition.
The company had to be the second largest retailer shop in the US; it has many advantages that come along. The customers well acknowledge the company and its brand have been well established.
The roots of Best Buy Co., Inc. can be traced back to St. Paul, Minnesota. This is where founder Richard Schulze opened the doors of his Sound of Music store in 1966. Understanding a demand for consumer audio components and systems in the St. Paul area, Schulze managed to provide a combination of great prices and excellent service, thus building a strong customer base, which quickly prompted an expansion into home appliances and video products.
Few companies create such controversy as Walmart has done with its approach to maintaining low costs for everyday items. People either love Walmart because of this approach to keeping prices down or hate it due to the effects it has on the economy. There are a lot of arguments surrounding the minimum wage and employee rights at Walmart. There seems to always be a news article about some employee protest about the wages or how they are treated. Walmart is viewed as an enormous firm that does not take care of its employees because of its minimum wage, treatment of its employees, and how it deals with lawsuits.
Best Buy, one of the biggest consumer electronics retailers in the world, provides products from smartphone, computers to large electronic appliances. It aims at offering a large variety of products with outstanding customer service at a comparably economical price. Yet, it has been facing internal and external challenges in the recent years. Bottom line and the share price are slightly catching up after a fall in 2013 but still barely satisfying the shareholders and customers are changing their purchasing habits which may threaten its future.
Best Buy’s History & Main Characters: Best Buy is Minneapolis-based and is North America's leading specialty retailer of consumer electronics, personal computers, entertainment software and appliances. Throughout Best Buy's 37-year history, the company has maintained the tradition of making life fun and easy for customers and employees, while providing a significant return to partners and investors. It has 80,000 employees and over 550 stores in the U.S., in addition to the brands Best Buy Canada, Future Shop and Magnolia Hi-Fi. Their leadership is led by Dick Schulze, Founder and Chairman, Brad Anderson, Vice Chairman and CEO, Al Lenzmeier, President and COO, and Darren Jackson, Executive Vice President of Finance and CFO. Chairman Dick Schulze founded Best Buy in 1966 with the Sound of Music, an audio component systems store in St. Paul, Minn. In 1973, Vice Chairman and CEO Brad Anderson joined Sound of Music as a salesperson. The company quickly expanded into video products and computers, was renamed Best Buy in 1983, and became a public company in 1985. Best Buy’s revenues for fiscal year 2003 were $20.9 billion and net earnings of $622 million. It was ranked number 91 on the Fortune 500 in 2003 (Bestbuy.com). Best Buy stores are redefining the way customers shop by offering an unparalleled assortment of affordable, easy-to-use entertainment and technology products and services available through its network of more than 550 retail stores in 48 states and online at BestBuy.com. Best Buy is scheduled to open 60 new stores in fiscal 2003 and is on track to have 650 stores by fiscal 2005. Magnolia Hi-Fi is a high-end electronics retailer specializing in audio and video solutions for homes, ...
The collaboration and carefully connected network was consistent with a culture that allowed the retail kingdom to remain flexible, profitable, and prosperous for two decades (Mehrmann, 2009). Their 4S business model – service, selection, savings and satisfaction where the customer has a choice of wide variety of merchandise, received 110% back if they found a better deal, 30-day money back guarantee and the customer service of high trained sales professional help the company establish a competitive advantage. Their point-of-sale systems facilitated quick transactions and took care of their inventory (Wells
The phenomenon of impulse buying is becoming increasingly commonplace in developed countries. Our culture of consumption makes us less likely to resist temptation and consider the consequences before purchasing things. The impacts could be varied dramatically depended on where it takes place. For instance, the things that you purchase impulsively could be a bar of chocolate; however, it could also be a Louis Vuitton handbag and the consequences would be much severe. Hence, a lot of researchers are interested in studying the causes of this phenomenon in terms of different parameters such as age and gender. In relation to gender, researchers attempted to find whether there will be a gender difference in impulse buying and the possible
Everyone likes shopping, but everyone has their own way of spending when they go shopping. I love shopping, but I hate being at the mall, if I don’t need to be there then I won’t be there. I’ve noticed that when I have money, I do not buy anything, and when I do not have money I want everything I see. From my experience I’ve observed that there are people who shop smart, people who are just plain addicted to shopping, people who join another person while shopping, basically called window watchers.
In today’s era “INTERNET” is playing a significant role in our daily life. People can walk through the internet to one who is actually living on the different side of the planet, can send mails round the clock, search information & even buy things online. With this invention of internet there is a shift in traditional way of shopping. Now there is no need to open a physical store. One can be active at any time and place and purchase products and services. The number of users of internet is increasing day by day which means that online shopping is increasing. Various characteristics of online shopping is making it more convenient for the customers, as compared to traditional way of shopping such as the ability to view and purchase goods and