Best Buy Market Segmentation

Category: Best Buy, Market, Retail

Last Updated: 06 Jan 2022

Pages: 2 Views: 920

Best Buy Canada Ltd is a fully owned subsidiary of Best Buy Co. Inc with its headquarter in Burnaby, BC. Best Buy Co. Inc acquired the Canada-based electronics-chain Future Shop Inc in 2001. The company opened its first Canadian Best Buy store in Mississauga, Ontario the following year. 1 Today, with more than 51 stores across Canada, Best Buy Canada has become the fastest growing and the largest retailers and e-tailers of consumer electronics, entertainment products, accessories and services in Canada.

2 There are many reasons to which we chose Best Buy Canada as our research subject. First of all, it is a very well known retailer and can be easily related to. Secondly, the company fits well in our research structure and many of the concepts in marketing applies to Best Buy Canada as well. Lastly, we believe Best Buy Canada is largely an ethical and socially responsible company that has brought positive impact throughout our community. Best Buy Canada’s mission statement and objective is "To improve people's lives by making technology and entertainment products affordable and easy to use”. The four core values of the company are “Having fun while being the best”, “Learning from challenge and change”, “Showing respect, humility and integrity” and “Unleashing the power of our people” 4 In addition to being the biggest retailer of consumer electronics like big screen TVs, computers, cameras and entertainment products in Canada, Best Buy Canada also has many exclusive brands such as Insignia, Dynex and RocketFish etc . covering a wide range of electronic products and accessories.

Geek Squad – a 24 hour computer repair and tech support taskforce, enables Best Buy to offer its customers convenient installation and repair services. Since Best Buy Canada itself does not produce any real products, we are interested in the way Best Buy runs its retail business in the consumer electronics market. We are also interest in how Best Buy Canada attracts different groups of people with different needs and analyze its marketing strategy for staying competitive in the market.

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