Retail Management Assignment Help
The objective of this graded project is to apply what you’ve learned throughout the subject. You’ll select a retailer from the list provided and research, examine, and report your findings in the following three areas: 1. Strategic Analysis 2. Store Layout, Design, and Visual Merchandising 3. Internet Retailing
You will be asked to consider what you’ve studied and apply it to a specific retailer by answering the questions for each section. Your answers to these questions will be put together to constitute your project for this course.
Be sure to answer each of the questions as completely as possible, using the information in your textbook, information from your research, and any other information you’ve learned to support your positions.
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I. Strategic Analysis:
The retailer chosen for this graded project is "Best Buy". The Best Buy Co. Inc. is an company having its operations and presence in multiple nations and is into the business of retailing of consumer electronics. The strategic analysis for the same requires certain questions to be answered which are as below:
1. Current climate & situation for best buy, industry in which it operates, economic and environmental factors affecting it, competitive pressures, environment volatility and change in industry because of e-commerce and technology:
The company Best Buy is among one of the leading companies operating in the sector of retailing of consumer electronics, products of home offices, software of entertainment, appliances and services ancillary to it. Theeconomic climate for the company was unfavourable in the starting of the year 2008 as it can be observed from the price of the stock of the company plummet (Oasis Consulting, 2009).However, with respect to the current climate of the company, the economic conditions are favourable as can be observed from the rise in the stock price. The company operates in the Industry of Retail where there is immense competition existence. However, with a market capitalisation of over and above $16 billion, the company Best Buy is the dominant and major player in the industry. The company is trying to incorporate the policies where it can overcome two major economic and environmental factors such as meeting the position where in the fall of the spending of consumers can me met and the second one is facing and dealing with high amount of competition. The fact that the competition of the company reduced to certain extent when Circuit City went out of the business in the year 2009, but other discount retailers strengthen their presence such as Wal-Mart and Target and retailers of internet viz. eBay and Amazon.
The fact that has to be given attention is that the Competition forces are many which have difference in significance on the company on the basis of strategies viz. the Internal Rivalry have high strategic significance along with the Bargaining power of suppliers whereas the threat to new entrants, threat of substitute products and bargaining power of buyers have low strategic influence. The consumers are not present at a single location and so the company have to continuously frame a policy wherein the change in demographics along with the buying preferences, consumer behaviour issues and image issues have a positive effect on the retailer. Moreover, with the introduction of new technology and ecommerce there have been immense changes in the industry's way of operation and the players operating within it have changed and amended their processes.
2. Change & evolution of best buy, its primary business, business model, corporate strategy & goals, profit making goals:
The company since its foundation in the year 1969, have undergone many changes with respect to its operations and businesses. Initially started as a single home and car audio specialised store, the company had its expansion like chain store, then to a single superstore, subsequently changing to a warehouse like store. The primary business of the company is consumer electronics. The company entered into the online retailing business by launching the website www.bestbuy.com in the year 2000 (Bloomberg Businessweek, 2018). The goals of the company Best Buy is offering the customers lowest prices with a wide range of products and expansion of the company into international markets. The most popular strategy used by the company Best Buy is the Customer-Centricity Operating Modelwherein the customers are treated by meeting the end to end solutions in a unique manner.
3. Corporate analysis: profitability, its future projections, expansion & financial compari son with other retailers:
The company's annual report for the year 2018 reflects the fact that the company have achieved profit optimization of a total $1.6 billion reflecting the fact that the company have improved their performances. The company have projected the rise and increase in the purchase of its stock from the global market so as to achieve the increased percentage of total purchases. The company have also framed plans and policies so as to meet any unfavourable economic conditions as because the company have an increased sensitivity to changes in the conditions of economy impacting the spending of the consumer. The company Best Buy recently was heading towards bankruptcy but because of the management rigorous policy there have been a major turnaround. The company have framed policies of expansion by way of cost cutting, clearing up the balances reflecting in the balance sheet, paying attention on the customer services (David Trainer, 2018). The company Best Buy comes out to be better company than other retailers in the industry because of its commitment to improvements in core fundamentals in the long run. The company have its major focus on Capital Stewardship wherein the company started shutting down stores, exited some regions entirely and focused on internal cost control.
4. Financial analysis of best buy and its two competitors:
The two competitors chosen for the analysis are Walmart and Costco. The analysis is done as below:
The analysis conducted above using the annual report of the financial statements of all the three companies for the fiscal year ended 2018 reflects the fact that the company Best Buy is at much better position when compared to the other two companies. The company Best Buy have policies plans and actions which are profitable for the company and also the company operation mode is smooth. The company Best Buy is at the optimum position of profitability and therefore should just maintain that position so as to have sustainability.
5. Analysis of the competition of best buy:
The company's major competitors are Costco, Sam's Club, Staples, Target Corporation, Walmart, Kmart, etc. The company is in strong competitive position (Neil Saunders, 2018). The company's policies of using its assets for helping in enriching people life by way of technology have made him feel on the top in spite of so many competitors in line. The competitive strength of the company Best Buy is its dynamic policies and plans wherein they can put to action with immediate so as to meet the consumer and market demands and needs. There were earlier certain strategies that were not working and thus was leading the company to bankruptcy but now the company have altered them. The competitive threat to best buy was the policies of Amazon but the major one that is still in existence is advancement of technology.
6. Retail Market Strategy:
The target audience for the company are the consumers across the world i.e. global market. The competitors of the company Best Buy does not have such a huge target group. The company continuously comes up with marketing plans and strategies to maintain a good image in the minds of the consumers. This image actually works for the company. The company makes immense use of the technology by way of web and e-commerce by way of maintaining business online. They have presence by way of being multinational.
7. SWOT Analysis:
Strength: dynamic policies
Weakness: advancement of technology takes time
Opportunities: multinational demands and consumers
Threats: entry of new highly technology freak company
As a CEO, the strategies that I should be keeping for pursuing future goals are the dynamic policies for meeting unforeseen contingencies. The best opportunity that I would be capitalising will be using the latest and advance technologies by spending on them heavily as because they will have then immense return and can even help in attainment of monopoly.
II. Store Layout, Design And Visual Merchandising:
The store layout, design and the visual merchandising are in line and consistent with the exterior of the store and the location. The store itself reflects the fact the store is huge and trying attract the consumers at large. The ambience of the store is consistent and me a consumer feels that all my expectations are met. The improvements that I would like to suggest are few i.e. highlighting the banner of the company more effectively.
The fixtures used by the company in its stores are very much sufficient as because they completely highlights the merchandise, structure space and captures a mood. The fixtures are again in line with the overall ambience of the store. The fixtures portray the image of a company with the advancement of technology.
The stores signage is effective in selling its merchandise. The retailer has not used any theatrical effect but have made the store more creative by using the space of wall for selling its product. The sales staff definitely uses the language for suggestive selling. The staff is very much friendly and helpful. The image of the staff therefore is consistent and is line with the image of the store.
The store layout draws people throughout the store because of its attractive designing. This layout facilitates purchases. The layout used is best and could not have been better.
The retailer have techniques for attainment of space by using cubes. The displays are very attractive and have an organised merchandise.
Overall, upon visiting the store, the consumers will feel motivated and will have a great experience in shopping.
I. Internet Retailing:
1. Shopping Experience:
The internet handling of the store is amazing and while I compare the experience of the company’s online shopping to shopping in a local store its easy, simple and effective.
2. Advantages And Disadvantages:
· Time Saving
· Energy Saving
· Physical Examination of products not possible
· Suggestive Selling not possible
3. Analsyis Of Internet Shopping Experience:
Price: Same as The Local Store
Suggestive Selling: Not Possible
Website Features: Wide and Effective
Design of Website: Attractive
Ease of Website: Easy To Navigate
Closing Of the Sale: 24 Hours Shopping Facility
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