The Health of Best Buy

Best Buy has grown steadily and improved its business and customer’s experience in many ways throughout its journey from 1966 until 2011. The company’s main objective is to focus on making the customers visit to the store as pleasant and as informative as possible. The company is on its steady path of revolution and innovation by implementing customer driven and technology powered strategies. When any new business is setup, it faces its preliminary phase challenges and so has Best Buy but now the business is booming in the world of technology. It’s well known to be a one stop shop for all technological needs.

In these challenging times where technology changes on daily basis, companies are striving hard to focus on customers’ expectations and needs. This has increased expectations from the managers who are constantly trying to come up with new ideas and innovation to survive in the retail business. The health of any business is dependent on the way they are different from their competitors. In order to increase sales the company is completely dependent on uniqueness and the best way to satisfy the customers. Best Buy is committed to provide customers with a unique experience. In order to serve the customers to their best ability, Best Buy has changed its business model from Product Driven to Customer Driven.

Best Buy offers a variety of products from several different brands. It is not very easy to run an electronic store that offers such a vast a variety of products. It carries everything from basic washer dryers to highly technical laptops, printers and scanners. Therefore the nature of the business requires highly skilled and technical people to assist the customers better. This is a challenge for the managers who have to pr...

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...liminating shrinkage in this area.

Although Best Buy has grown in their management technology there is still room for improvement in areas to reduce overhead, shrinkage, and even technology. Shrinkage is still a problem even with the asset protection devices in place at Best Buy. There are still people out there with creativity to distract the door associate and walk out of the door with several thousands of dollars of electronics in hand.

Works Cited

Best Buy . (2011, 2 16). Retrieved 2 19, 2011, from Best Buy Competitiors Analysis from Hoovers.

Wagner, R. (2099). The Elements of Great Managing and Power of 2: How to Make the Most of Your Partnerships at Work and in Life. Gallup, Inc.

Walberg, R. (2011, February 25). Retrieved February 24, 2011, from Money Central: http://articles.moneycentral.msn.com/Investing/StreetPatrol/BestBuyIsABigTimeBargain.aspx