Best Buy SWOT Analysis, Competitors & USP

Published by MBA Skool Team, Last Updated: April 26, 2020

SWOT analysis of Best Buy analyses the brand by its strengths, weaknesses, opportunities & threats. In Best Buy SWOT Analysis, the strengths and weaknesses are the internal factors whereas opportunities and threats are the external factors.

SWOT Analysis is a proven management framework which enables a brand like Best Buy to benchmark its business & performance as compared to the competitors. Best Buy is one of the leading brands in the lifestyle and retail sector.

The article below lists the Best Buy SWOT, competitors and includes its target market, segmentation, positioning & USP. Let us start the Best Buy SWOT Analysis:

SWOT Analysis of Best Buy

For Best Buy, SWOT analysis can help the brand focus on building upon its strengths and opportunities while addressing its weaknesses as well as threats to improve its market position.

Best Buy Strengths

The strengths of Best Buy looks at the key aspects of its business which gives it competitive advantage in the market. Some important factors in a brand's strengths include its financial position, experienced workforce, product uniqueness & intangible assets like brand value. Below are the Strengths in the SWOT Analysis of Best Buy :

1. Global Presence in China, Mexico, Puerto Rico, Canada apart from being a leader in USA
2. Reach to high customers through online media
3. Wide range of products in consumer durable including own brand products

4. Skilled workforce and salesforce with approx 180,000 employees

5. One of the largest music instrument distributor in US and can leverage on that brand name

6. Strong performance service plan

Best Buy Weaknesses

The weaknesses of a brand are certain aspects of its business which are it can improve to increase its position further. Certain weaknesses can be defined as attributes which the company is lacking or in which the competitors are better. Here are the weaknesses in the Best Buy SWOT Analysis:

1. Brand recall is limited outside USA

2. High competition in consumer durable category


Best Buy Opportunities

The opportunities for any brand can include areas of improvement to increase its business. A brand's opportunities can lie in geographic expansion, product improvements, better communication etc. Following are the opportunities in Best Buy SWOT Analysis:

1. Expanding into lifestyle segment
2. Attracting more customers by leveraging through online media

3. Penetration into the emerging economies to increase global visibility

Best Buy Threats

The threats for any business can be factors which can negatively impact its business. Some factors like increased competitor activity, changing government policies, alternate products or services etc. can be threats. The threats in the SWOT Analysis of Best Buy are as mentioned:

1.Presence only in consumer durables so can be easily substituted

2. Brand recall as different brand names present

3. Change in govt policies to affect operations


Best Buy Competitors

There are several brands in the market which are competing for the same set of customers. Below are the top 3 competitors of Best Buy:

1.Circuit City

2.Fry’s Electronics

3.HHGregg

Hence this concludes the Best Buy SWOT analysis.

Continue reading more about the brand/company.

About Best Buy

Best Buy Overview
Parent Company

Best Buy

Category

Consumer electronics

Sector

Lifestyle and Retail

Tagline/ Slogan

Best Buy

USP

Customer centric style

Best Buy STP
Segmentation

Style and image conscious people

Target Market

Young population and corporate level people

Positioning

Customer centric store


This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.

Browse marketing analysis of more brands and companies similar to Best Buy. This section covers SWOT Analysis, Competitors, Segmentation, Target Market, Positioning & USP of more than 2500 brands from over 20 industry sectors.

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