Marketing Strategy of Best Buy analyzes the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). These business strategies, based on Best Buy marketing mix, help the brand succeed in the market. Let us start the Best Buy Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
Following is the distribution strategy in the Best Buy marketing mix:
Best Buy branded stores’ building exteriors have typical light brown colour with the entrance designed in such a way that it looks like a blue box emerging from the structure. It around 1400 such Best Buy stores in USA and around 200 stores in Canada and Mexico.
It operated in Europe until 2012.
Best Buy Promotion & Advertising Strategy:
The promotional and advertising strategy in the Best Buy marketing strategy is as follows:
Best Buy utilises social media very well and advertises through Facebook and Twitter. Apart from this, its offline promotion strategy includes use of signs and flyers. Needless to mention, word of mouth plays a crucial role in expanding its business. Also the awards Best Buy has won from nationally and internationally recognised institutes adds to its value building and does indirect promotion as well.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of Best Buy.
Employees at Best Buy find the place to be a fun place to work with and don’t mind over time in such an environment. The company has for them celebration parties which creates avenues to gel up on an informal level. According to reviews of the employees, it is a best place to work if you are tech savvy and working is very diversified.
Best Buy was earlier known as the “Sound of Music” and originally started off as an Audio Specialty Store. Best Buy stores have become “One-Stop-Shop” solution for electronics across the world and has begun in some urban neighbourhoods Electric Charging Stations. The logo of Best Buy is yellow in colour which is to be found at every store and the building exteriors are typically light brown in colour with entrance in blue colour. It also has cell phone specialty sections in its stores. What sets it apart from its competitors is the customisation of is stores according to the demographics of the area and lighting, store signage, fixtures, etc. are changed to do the same. Apart from this, it has online stores or websites to shop.
Best Buy was earlier provides at some of its stores even personal shopping assistant which can be booked in advance. It also has Geek Squad brand which offers computer repair, warranty service and accidental service plans. This completes the Best Buy marketing mix.
About Best Buy:
Best Buy Co., Inc., an American multinational, headquartered in Richfield, Minnesota is a consumer electronics retailer. It was founded in 1966 as an audio specialty store by Richard M. Schulze. Best Buy operates in two segments, i.e., Domestic and International.
The Domestic segment comprises of operations in US and that of International includes Canada, Europe, China, Mexico and Turkey. It has a wide range of product portfolio under it.
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