Business Sector
Best Buy Co., Inc. is a multinational retailer of consumer electronics, technology products, entertainment products, and services. The company also operates in the industry of home office products, electronic appliances, entertainment software, and other services related to electronic and consumer products. Best Buy thus operates in the retail industry but has its target market on electronic products.
Products Sold
Best Buy sells consumer electronic products that include audio and video equipment like television sets, audio players, audio systems, and car stereos. Home and office products sold by the company include personal computers, cellular phones, calculators, telephones, and photocopy machines. Entertainment software sold include gadgets such as video games, computer software, DVD movies, and other electronic hardware and software. Home appliances sold by the company include products such as refrigerators, dishwashers, air conditioners, washing machines, and dryers. Additionally, the company offers other services such as computer repair, installation support, and other related services.
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Competition
The primary competitors of Best Buy are consumer electronics retailers such as Target, Walmart and Amazon. The bigger competition that the company experiences comes from internet-based companies such as Amazon, eBay, and Dell. Walmart is one of the largest discount retailer and the company is able to maintain its low-cost strategy. Best Buy does not have a direct competition and maintains its niche of dealing in consumer electronics. However, other rival companies sell most of the products in its categories.
Geographical Location
Best Buy has its headquarters in Richfield, Minnesota in the United States. It has its operations in the United States, Canada, Mexico, Europe, and China (Birkinshaw & Haas, 2016). The company controls its portfolio of retail stores in the different locations through the use of different websites under 11 diverse brand names. In the United States, Best Buy operates as the largest retailer of consumer electronics.
References
Birkinshaw, J., & Haas, M. (2016). Increase your return on failure. Harvard Business Review , 94 (5), 88-93.
