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Tea Building Research Essay

2471 words - 10 pages

Week 5 Learning Team; Conduct Research Part I, II, and III
April 22, 2013

Week 5 Learning Team; Conduct Research Part I, II, and III

Best Buy is one of America’s most recognized stores, but may be the last in a dying breed of brick and mortar electronic retailers. Technology is the product which Best Buy built its products on (smart phones, tablets, laptops, computers, navigation systems, automobile sound systems, large screen televisions, wireless connections), but may also be one of the reasons the company is restructuring. “Best Buy Co., Inc. today confirmed that it has, as part of its Renew Blue transformation efforts, eliminated approximately ...view middle of the document...

This also increases traffic through e-commerce for Best Buy by re-establishing itself as the electronic company of choice. Best buy’s partnership with various cell phone companies shows the significance of importance Best Buy places on growing its cell phone department. Cell phone sales of any electronic store can have quite an impact on the success of that store in the modern world; the scope and magnitude of the impact is crucial to Best Buys’ success.. Through research questions, hypothesis development, variable acknowledgement, a research design, and instruments for data analysis Best Buy will be able to build upon its current customer base, and influence new customers to its business.

Research Question, Hypothesis, and Variables
Research Questions
Consumer questions:
• What factors determine “value” for the consumers in cell phone service?
• Would consumers refer friends and family to Best Buy?
• What services would they like to see added to their current cell phone service?
• Is the customer experiencing any issue with their current cell phone service?
• How often does the average consumer change cell phones?
• How often does the average consumer change cell phone providers?
Non-consumer questions;
• How can Best Buy compete with various cell phone provider packaged pricing?
• How can Best Buy market to cell phone consumers to gain interest in what Best Buy offers?
How Best Buy intends to build its reputation as a cell phone provider may be too broad of a question to be answered. A list of questions will help determine the options consumers seek in cell phone providers, and how Best Buy compares. The hypothesis is… if Best Buy can gain information on what drives consumers to select particular cell phone hardware and services, can compete with pricing strategies, and offers all of this through knowledgeable sales staff, Best Buy can become the cell phone provider of choice through product (hardware and service) selection. Understanding what the competition offers also gives Best Buy a competitive edge to build customer loyalty.
The cell phone industry is widespread, competitive, and growing. Best Buy must use its partnership with various cell phone manufacturers, and providers to its advantage to compete against the various companies it partners with (AT&T, Verizon, T-Mobile, Sprint, and Cricket). Pricing can be a variable which comes into play. While Best Buy may offer the physical phone, they do not offer phone service (although they do sign people up with the various service providers in-house).
Recently, Best Buy has ended a partnership with a company based in London, England. “The electronics retailer Best Buy agreed on Monday to pay $1.3 billion for full ownership of a fast-growing American cell phone joint venture from its British partner, the Carphone Warehouse Group” (Scott, 2011). The joint...

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