Marketing plan part 1

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Seneca College *

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MARK2033

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Marketing

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Feb 20, 2024

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MARKETING PLAN PART #1 Introduction to Marketing MRK108NZG Professor’s Name: MR. Keith Hebblewhite Date: Tuesday, June 23 ,2020 Name of Firm: Best Buy Co Inc Type of Product: iPhone 11 Table of Contents 1 | P a g e

Page number Executive Summary 3 The Firm 4 Mission Statement 4 Objectives 5 Strengths of the Firm 5 Weaknesses of the Firm 5 Ethics 6 Social Factors 6 Ethnic Factors 7 Technological Factors 7 The Competition 8 Conclusions: Opportunities 9 Conclusions: Threats 9 Industry Customer 10 Works Cited 10 Executive Summary Best Buy Co Inc is company provides electronic products and services 2 | P a g e

and their main goal is customer service and increasing the amount of customers to increase their sale and growth their business .Best Buy Co,inc has three main purpose of Improving lives , Exceeding expectations, Stimulating growth . The main purpose of this report is to increase the sell of iPhone 11 in Best Buy Co Inc by offering great deal to customers with purchasing the phone with special plans and internet packages . Best buy is one of the largest retail stores but it has many competitors such targets, amazon , Alibaba , Walmart and much more in this industry . Most of the customers of iPhone are young people and old people who are age 65 and older based on the research . Biggest competitors of iPhone are LG , Samsung , Google ,Asus in the industry . The Firm 3 | P a g e

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Existing firm Best Buy Co Inc is company that provides electronic products (technology) and services To customers visiting its store by the support of best buy agents in the store, or using its website or mobile application. ( BBY.N - Best Buy Co Inc Profile ) Industry it is associated with: Retailing Sample of firm’s existing products: Galaxy S20 (Samsung), iPhone 11 (apple), Pixel 3 (Google), ZenFone (Asus) Mission Statement Best Buy’s mission statement is “ we’re a growth company focused on better solving the unmet needs of our customers—and we rely on our employees to solve those puzzles .” The emphasis of this mission statement is on the customers and how the company impacts on them with services that are a cut above the rest. 1. Improving lives . 2. Exceeding expectations 3. Stimulating growth 4 | P a g e

(Msa, Best Buy Mission Statement 2020: Best Buy Mission & Vision Analysis 2020) Objectives : our goal is to identify what our customers want and do our very best to fulfill their needs in selling electronics products that they customers need . ( Best Buy culture ) the purpose of this marketing plan is to increase the sell of Iphone 11 in bestbuy by providing good plans with purchase of the smart phone to make customer much more satisfied by purchasing their iphone 11 at good price with good plans. Strengths of the Firm : 1. Largest consumer retailer 2. Strong management team 3. Established support services 4. Persistent strong financials ( Best Buy SWOT & PESTLE Analysis: SWOT & PESTLE 2019) Weaknesses of the Firm :  1. High overhead costs  2. Increasing inventory levels  3. Dependence on domestic markets ( Best Buy SWOT & PESTLE Analysis: SWOT & PESTLE 2019) 5 | P a g e

Ethics : At Best Buy we’re committed to operating our business ethically to ensure that both customers and employees are treated fairly and in accordance with our Company Values. I will integrate social responsibility into marketing plan. having social responsibility cause focusing efforts on attracting consumers to make positive difference with their purchase. (Investopedia, Why Socially Responsible Marketing Matters 2020) There will be some customers that don’t like apple brand and want to get the same offer at other brand and are not happy with best buy for not offering this . The External Environments Social Factors : Social factors are very important and effective in influencing in buying decisions of customers .these can be family which can effect on family members opinion by talking to parents and receiving their advices .another factor can be reference group which is the group the individual wants to get associated with . lastly, the roles and status which the individual is positioned has effects on buying behaviours. (Learning, Principles of Marketing ) Ethnic Factors : 6 | P a g e

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List at least 2 trends in Ethnic Factors that may affect your business decisions Apple Is Mostly White and Male, According to Its First Diversity Report. Apple, the latest tech company to reveal its workforce demographics, said Tuesday that its U.S. staff is 55% white, 15% Asian, 11% Hispanic and 7% black. Two percent of workers are multiracial, and another 9% did not declare their race (Luckerson, Apple Diversity Report: Mostly White, Male 2014) Technological Factors internet can be really effective to inform people about their grate deal at best buy for iPhone 11 by developing marketing strategy businesses can understand consumer behavior and conduct a macro environment analysis and develop marketing strategies accordingly. (Shaw, Technological Factors Affect Business Environment 2018) 3 Technological Factors that will affect apple and their customers:  Competitors find little struggle in recreating many of Apple’s products.  Growing demand for mobile technology will make the personal computer a less attractive product.  Apple’s quite restricting native Operating Systems can limit the scope of what is possible on their devices (mkhabelE, Makos, & Kitawa, Technological Factors Affecting Business 2016) The Competition : 7 | P a g e

They’re few competitors that best buy has which are target , Walmart , staples , sears which amazon , eBay , Alibaba are the big of them. Target and Walmart are those firms that dominate in this industry . ( Top 6 BestBuy.com Competitors - Try These Best Buy Alternatives! 2020) Top3 competitors can be amazon , target and Walmart . Amazon product lines include several media (books, DVDs, music CDs, videotapes, and software), apparel, baby products, consumer electronics, beauty products, gourmet food, groceries, health and personal-care items, industrial & scientific supplies, kitchen items, jewelry and watches, lawn and garden items, musical . ( List of Amazon products and services 2020) Target operates in five product categories that contribute from about 15% to 25% of total revenue: beauty and household essentials (including pet supplies), apparel and accessories, food and beverage, home furnishings and decor, and hardlines (electronics, software, sporting goods, toys). ( Target Corporation: Company Profile ) Walmart offers meat, produce, deli, bakery, dairy, frozen foods, floral, and dry grocery; health and beauty aids, household chemicals, paper goods, and pet supplies; electronics, toys, cameras and supplies, photo processing services, cellular phones, cellular service plan contracts, and prepaid service; fabrics and crafts, stationery and books, automotive accessories, hardware and paint, horticulture and accessories, sporting goods, outdoor entertaining, and seasonal merchandise; apparel, shoes, and jewelry; pharmacy and optical services; and home furnishings, housewares, and small appliances through discount stores, 8 | P a g e

supercenters, and neighborhood markets. (Ltd, Walmart's Products, Services and Hiring Processes 2019) Conclusions: Opportunities for firm from External Environment There will be opportunity to ship iphone 11 to external environment with good price that can’t be comparable with their own environment based on the price. Conclusions: Threats to firm from External Environment One of threats to firm from external environment growing technological capabilities of other items. The Trade disputes, especially between the U.S. and China is trade of this firm (Lombardo, Apple Inc. PESTEL/PESTLE Analysis & Recommendations 2019) The Industry’s Customer Industry Customer 9 | P a g e

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A general description of the customers served by apple industry are young people including male and females both and old males around 65 years old and older are people who spent most of their money of apple products . (65 & older spent more on Apple devices than any other demographic group in the United States last year, Who is buying Apple products? Old men. ) Citations, Bibliography References: BBY.N - Best Buy Co Inc Profile. (n.d.). Retrieved June 23, 2020, from https://www.reuters.com/companies/BBY.N Msa. (2020, June 11). Best Buy Mission Statement 2020: Best Buy Mission & Vision Analysis. Retrieved June 24, 2020, from https://mission- statement.com/best-buy/ Best Buy culture. (n.d.). Retrieved June 24, 2020, from http://www.welcometobestbuy.ca/retail/culture.html Best Buy SWOT & PESTLE Analysis: SWOT & PESTLE. (2019, March 16). Retrieved June 24, 2020, from https://www.swotandpestle.com/best-buy/ Home. (n.d.). Retrieved June 24, 2020, from https://www.bestbuy.ca/en-ca/help/blt372c78db41358a01/bltcca0c1698295f11 4 10 | P a g e

Investopedia. (2020, April 14). Why Socially Responsible Marketing Matters. Retrieved June 24, 2020, from https://www.investopedia.com/ask/answers/042215/why-social-responsibility- important-marketing.asp Shaw, A. (2018, April 26). Technological Factors Affect Business Environment. Retrieved June 24, 2020, from https://www.marketingtutor.net/technological- factors-affect-business/ Lombardo, J. (2019, June 09). Apple Inc. PESTEL/PESTLE Analysis & Recommendations. Retrieved June 24, 2020, from http://panmore.com/apple- inc-pestel-pestle-analysis-recommendations MkhabelE, C., Makos, J., & Kitawa. (2016, July 09). Technological Factors Affecting Business. Retrieved June 24, 2020, from https://pestleanalysis.com/technological-factors-affecting-business Luckerson, V. (2014, August 12). Apple Diversity Report: Mostly White, Male. Retrieved June 24, 2020, from https://time.com/3104025/apple-diversity- report/ Target Corporation: Company Profile. (n.d.). Retrieved June 24, 2020, from https://www.vault.com/company-profiles/retail/target-corporation List of Amazon products and services. (2020, May 10). Retrieved June 24, 2020, 11 | P a g e

from https://en.wikipedia.org/wiki/List_of_Amazon_products_and_services 65, M., & Older spent more on Apple devices than any other demographic group in the United States last year. (n.d.). Who is buying Apple products? Old men. Retrieved June 24, 2020, from https://money.cnn.com/2015/10/29/technology/apple-customers/index.html Learning, L. (n.d.). Principles of Marketing. Retrieved June 24, 2020, from https://courses.lumenlearning.com/suny-marketing-spring2016/chapter/ reading-social-factors/ Top 6 BestBuy.com Competitors - Try These Best Buy Alternatives! (2020, March 31). Retrieved June 24, 2020, from https://techboomers.com/bestbuy- competitors Ltd, A. (2019, March 18). Walmart's Products, Services and Hiring Processes. Retrieved June 24, 2020, from https://www.ukessays.com/essays/management/walmart-business-products- and-services-management-essay.php 12 | P a g e

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