Well what can I say, just take another look at the title of this article and it is clear to see that Best Buy is not kidding around, they are out to dominate the market in as many areas as they can. What started as a small audio specialty store in 1966 has developed into a full-blown onslaught offering audio, electronics, appliances, and even musical equipment now. Best Buy should just change their marketing slogan to "Playtime Is Over", because it is clear that they are not playing in any kiddy pool, they are diving into the deepest water that they can get to, and their swimming in it gracefully!
Best Buy was founded in 1966, and they were then known simply as Sound of Music. It was not until 1983 when the company changed their name to Best Buy. It's a solid name for a store that wants to get our financial attention quickly; we are always looking for the "best buy" that we can get for our heavy purchases.
Over the years, Best Buy has diversified their offering and grown exponentially; they have added many different niches to their repertoire, going from just selling audio products, to offering music CD's, DVD's, video games, cell phones, computers, and even appliances. Some select stores have even begun to offer music equipment such as guitars, keyboards, etc. Makes sense, Sam Ash and Guitar Center are dominating and making a killing in that market, so why shouldn't a successful store such as Best Buy get in on some of that action?
The company had some strong competition in Circuit City a few years back. The two companies battled it out for many years, before Circuit City finally tapped out to Best Buy's submission hold of sales that they had on the competition's numbers. Since then, there hasn't been much competition directly against Best Buy; that will probably change, but for now, one would have to suggest that Best Buy is an unstoppable force that will continue to push the envelope and attract consumers to their stores. Another smart marketing move on Best Buy's part was their invention of coupons - Best Buy coupons are now hugely popular and act as both an acquisition and retention tool.
Let's face it folks, Best Buy is a great retailer. They have a smart marketing strategy and they refuse to cater to only one crowd. People go to Wal-Mart to "look around" all the time. Very few people go to Best Buy to "look around", they go to make purchases, and big purchases at that. That's why every November, you will see Best Buy unleashing some serious discounts for the annual Black Friday sale. People will continue to line up and wait for the doors to open, because Best Buy is what it says it is, the best buy.
|About Author Henry Williams :|
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Article Added on Monday, March 19, 2012