Swot Analysis of Best Buy

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Ben Nihart MGMT351-07 SWOT Analysis Best Buy SWOT Analysis Best Buy Vision Statement: To be at the intersection of technology and life. Strengths: * They have a physical location, which some people prefer over the online route. * They have a very knowledgeable tech staff, Geek Squad. * Have a diverse group of tech products from computers to cameras, to washers and dryers to cd’s and dvd’s. Weaknesses * Customer Service, in a poll conducted in 2010 1/3 of Best Buy customers left unsatisfied. * Very vulnerable as a stand-alone electronics vendor. * Have high overhead costs from maintaining stores and employees. Opportunities * Expansion into other countries. * Expansion into other products other than electronics. * Possible expansion in their product line. * Developing a strategy to compete with online sites such as Amazon and Ebay. Threats * The digital age of music, movies, etc. Lessens need to purchase “hard copy” of these. * Other competitors; Circuit City, CompUSA, Amazon.com, even Wal-Mart, Target, etc. * Possibility of losing customers to wholesale business. I think that for the most part Best Buy has lived up to their mission statement, because they are at the intersection of technology and life. I believe this to be true because they offer some of the newest technology in their store and it is place where people can actually interact with salespeople in real life. So much is lost in the digital age when someone can purchase something with a few clicks of a mouse. That being said I believe that Best Buy must focus a little more on their online sales to avoid being overtaken by sites like Amazon and Ebay. By doing this they will be holding true to their mission one hundred

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