Mark 4441 - Larissa Medeiros - Assignment 1 PDF

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Student name: Larissa Medeiros Mark 4441 - 001

Id:300294368

Best Buy is a multinational retailer that sells electronics and services to customers. According to the Best Buy website, their " purpose is to enrich lives through technology." They believe in the " unique combination of tech expertise and human touch to meet their customers' everyday needs, whether they come to BestBuy online, visit the stores or invite into their homes ." (About Best Buy 2021). One of the Best Buy services is related to the geek squad program, which is a general sense could be understood as an extended warranty. The geek squad team is formed with agents trained to install and set up tech and also be able to repairs it. As state in their 2018 annual report. " Geek Squad Agents extend the life of products through repair services."

They can "provide 24/7 support for all a customer's

technology, no matter where or when they bought it." (Best Buy, 2018) Even though this program has many options and could be a good choice for the customers, the company struggles to sell these services. With the new strategy focusing on e-commerce, the geek squad division also needs to re-think its strategy. This company is a great choice because it has a lot of potential for marketing research. The management decisions problem related to the geek squad program is, could be what can be done to change the perception around the extended warranty sold by Best Buy. The marketing research decisions would be what people think about extended warranty, what is their understanding related to the Best Buy geek squad program, what is the most important in a warranty, which product should be a long warrant. Since They focus on growing existing customers, so once they re-think their strategy base on the management decisions problem and marketing research decision related to the geek squad program, they can be able to understand the customers' need and sell it more.

To be able to continue with this research is needed collect information, for that the source that will be used is the Best Buy reports, LinkedIn groups, their associations, the preexistent survey, articles already published, and books. To achieve the result expected, the ideal candidates for the focus group is existing customers, around 35-60 years with different background. To qualify to the focus group is necessary did purchase in the last 3 months for products like laptop, desktop computers, tablets, cell phone, game console, TV's and home theatre, major appliances, smart home and networking. Those products are the ones that the geek squad program is related to. With this focus group, we could understand how they feel about extending the warranty, which products they believe that is worth buying with the extended warranty, what the extended warranty needs to cover in those products, the arrange price they are interested in paying for it. Once we interpreted the focus group, we will be able to drive survey research where we could understand on a large scale what needs to be changed around the geek squad service, which products we need to focus their service, the arrange price and for how long they should cover.

Reference:

About Best Buy. Best Buy Corporate News and Information. (2021, May 7). https://corporate.bestbuy.com/about-best-buy/. Best Buy (2018) . Annual report 2018. https://corporate.bestbuy.com/wpcontent/uploads/2018/06/FY18-full-report-FINAL.pdf Repko, M. (2021, February 25). Best Buy is speeding changes to adapt to a postpandemic consumer: Smaller-and fewer-stores ahead. CNBC. https://www.cnbc.com/2021/02/25/best-buy-is-speeding-changes-to-adapt-to-apost-pandemic-consumer.html. Taylor, J. in D. M. (2008, November 17). On Best Buy's success and being decisioncentric. JT on EDM header image. https://jtonedm.com/2008/11/19/on-best-buyssuccess-and-being-decision-centric/....