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Dr. Steve Taylor

Best Buy Case Study

Best Buy's Strategic Marketing Response - The Renew Blue Strategy

Best Buy has a formal marketing strategy in place to deal with their current and emerging marketing situation. This strategy is named "Renew Blue." We asked Matt Smith two questions to describe in as much detail as competitively allowable the Renew Blue strategic initiative.

Question: Please describe in as much detail as possible Best Buy's current general marketing strategy?

    • Current distinctive competency?
    • Current target markets (primary and secondary)?
    • Can you identify their primary needs as exchange partners?
    • Positioning strategy to B2C consumers?
    • Positioning strategy for B2B partners?
    • Areas of emphasis for marketing tactics in terms of the 4 P's?
    • What are your current measures of marketing success (e.g., sales, market share, brand, relationship, etc.)? Are short-term profits more or less important than market share?

 

Question: Renew Blue is Best Buy's strategy to compete in today's marketplace.

    • Please describe the Renew Blue strategy as a marketing strategy (overall goals, STP, 4 P's, etc.).
    • Do you have any milestones vis-à-vis goals to assess the efficacy of this strategy?
    • Please describe how it is going to this point in terms of your current measures of marketing success (e.g., sales, market share, brand, relationship, etc.)?

  Student Problems:

  1. Please formally evaluate the Renew Blue strategic initiative.Please note that this requires an argument.
    * A useful conclusion would be something along the lines of "Best Buy's Renew Blue initiative rates on a scale of 1 (Very Poor) to 10 (Excellent) as a #.
    * Please note that you MUST explain what "good" and "bad" mean in this context.
    * Please include a visual argument map per the critical thinking introduction to this case.
    * Please be sure to provide evidence supporting your premises based on the information that has been presented to you in this case as well as anything additional you can find in the marketing academic and practitioner literatures.

  2. Please also a formal critically thought out argument predicting how well you expect it to success in terms of marketing measures of success over the next 1-3 years.
    * A useful conclusion would be something along the lines of "Best Buy's Renew Blue initiative likely level of marketing success rates on a scale of 1 (Very Unlikely) to 10 (Very Likely) as a #.
    * Please note that you MUST explain what "success" mean in this context.
    * Please include a visual argument map per the critical thinking introduction to this case.
    * Please be sure to provide evidence supporting your premises based on the information that has been presented to you in this case as well as anything additional you can find in the marketing academic and practitioner literatures.

This is not your opinion, rather, a marketing-based evaluation.

2017-06-13T15:03:22.356-05:00 2017