Best Buy Company Strategic Plans Analysis

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Best Buy Company Strategic plans
Introduction
Best Buy Inc. is an American multinational electronic retailer based in Richfield, Minnesota. The company engages in consumer technology services and product provision. Best Buy operates through two segments of the business that are international and domestic (McWilliams,2004). The international segment comprises of countries outside the United States of America, such as Canada and Mexico. Best buy strategic plans are to provide consumers with advanced technological electronics by exploiting the latest innovations to support growth and e-commerce strategies.
Post Covid-19 Growth Strategy
The Covid-19 pandemic hit Best Buy so hard that they had to close their stores in various places where they are located. The management decided to meet the customers through home advisory services appointments since their stores were closed after the pandemic stroke in March 2020. In less than three months, Best buy resumed its operation, and there was an increase in customers compared to the first quarter of the pandemic. With time Best Buy management has adapted to the pandemic and has scheduled everything on a timely basis to support growth (Loeb, 2020). Training has been offered to the home counselors and geek squad that is mostly involved with the needs of the customers by answering their questions once they call.
Also, Best Buy's future growth will be contributed by the product mix the company has to offer to its customers. Many people have embraced technology which makes it possible for the company to use technology to improve their products and also as a comparative advantage strategy (Repko,2021). The large number of people working from home due to the pandemic has increased, leading to an increase in product demand such as standing –desks and high-tech chairs. The strategy will enable the company to acquire a new consumer base while improving the company's performance.
Although customer shopping trends changed, e-commerce sales had increased by 242% compared to 2020 when customers stayed at home. A certain percentage of customers picked their merchandise from the stores, although the company scheduled time slots for customers to pick them. Most of the customers who may be willing to shop with Best Buy might find it challenging to pick their products in their stores . Management's growth strategy is mainly targeted at growing the company to counter competition(“Zacks Equity Research”).
E-commerce Strategy
Nowadays, accessibility of the online shop is an essential and competitive aspect that every business should embrace Best Buy included (Paz et al. 2021). Over time internet has been able to change people used to live, carry out businesses and interact with family and friends. Advertisements, promotional activities, and marketing have changed due to the internet. The internet shift has sparked e-commerce experimentation in Best Buy stores. The e-commerc...