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Problem Statement: Lack of strategic goals has caused Best Buy to underwhelm their shareholders. Financial performance is lacking because of online retailing and the concept of “showrooming.” New competition such as Amazon has caused consumers to use Best Buy as an avenue for browsing instead of making purchases from the electronic retailer. To compete with online retailers and other electronic stores, Best Buy needs an improved business model that adheres to a customer base that has a desire for the convenience that e-commerce presence.
Goal Statement: In an effort to increase the value of Best Buy, the company will pursue an initiative with its competition to ensure that consumers see a reason for using Best Buy. Amazon provides an avenue into the world of e-commerce that customers prefer to do their shopping through. Best Buy’s strategy will consist of using their recent partnership with Amazon as a means to use an omnichannel approach for its consumers. The ability for consumers to return products that were purchased on Amazon allows for Best Buy to take advantage of the cost savings that are possible with reverse logistics. It also creates more foot-traffic in their retail locations and poses as a warehouse for the e-commerce giant. Other potential solutions involve allowing customers to pick up their products at Best Buy location. The focus of the new business model will be still strictly consumer-centric and the added value of partnering with Amazon will highlight the company’s subsidiary products such as Insignia.
Write 1 page of detailed Intermediate Metrics and Conclusive Metrics for implementation of the goal