Since most undergraduate college students today are of the Millennial generation, we focus particular interest on this case on this cohort as a target market for Best Buy. This section presents how Best Buy specifically views Millennials as an important market segment for the retailer. We first consider Best Buy's view of Millennials as an important consumer target market (see the video of Mr. Smith below). We then review available knowledge related to Millennials as consumers to help us evaluate Best Buy's understanding and of this important cohort and to predict whether or not the Renew Blue strategy will likely prove successful with Millennials.
The following question was posed to the Best Buy Vice President of CRM in October 2014: How does Best Buy view Millennials as a potential target market?
Available Information About Millennials and Retail
We are fortunate as the Millennial cohort has generated a great deal of interest with consumer marketers in recent years. Thus, there is a great deal of retail consuming generally, and knowledge about Millennials specifically that we can consider in evaluating Best Buy's Renew Blue strategy specific to the Millennial cohort. It is imperative that you carefully review the following information to help provide evidence in support of your conclusion as to the likely efficacy of Renew Blue with Millennials over the course of the next 1-2 years. Further, please be sure to update this literature review prior to completing the assignments associated with this section.
Based on the information above and your own search of the literature, please develop a comprehensive, defensible, and actionable description of the Millennial market segment as it related to retailers like Best Buy. At a minimum, please be sure to include relevant segmentation categories in this description including geographic, demographic (age, gender, income, etc.), psychographic (lifestyle, self-concept, self values, etc.), benefits (convenience, economy, prestige, etc.), and behavioral (occassion, loyalty, etc.).
Please next evaluate how closely Best Buy's view of Millennials reconciles with with your own description that is based on the weight of the evidence in the literature. Please note that this requires an argument with a conclusion along the lines of, "Best Buy's understanding of the Millennial target market can be rated as a # on a scale of 1 (Very Poor Understanding) to 10 (Complete Understanding)." Your argument in this section will inform the necessary argument for the next task.
Please then formally evaluate Best Buy's Renew Blue strategy vis-a-vis the Millennial cohort as a target market. Please note that this requires an argument with a conclusion along the lines of, "Best Buy's Renew Blue strategy vis-a-vis the Millennial target market can be rated as a # on a scale of 1 (Very Poor) to 10 (Excellent)."
Finally, please develop a set of strategic recommendations to improve the Renew Blue strategy for Millennials to articulate to Best Buy marketers. Please be sure to include supporting rationals, evidence, and the necessary tools to implement your recommendations (e.g., necessary marketing research, measures of success, and various tactics to achieve the stated measures of success).