1 / 29

Brand Repositioning

Brand Repositioning . By: Lauren Armbrust , Mat Goldberg, Jesse Silverman, & Michael Tahan. Mission. The Best Buy mission states, “We improve people’s lives by making technology and entertainment products affordable and easy to use” . Brand Overview. Brand Status High quality products

lily
Download Presentation

Brand Repositioning

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Brand Repositioning By: Lauren Armbrust, Mat Goldberg, Jesse Silverman, & Michael Tahan

  2. Mission • The Best Buy mission states, “We improve people’s lives by making technology and entertainment products affordable and easy to use” Armbrust, Goldberg, Silverman, & Tahan (2012) “Midterm Report”.

  3. Brand Overview • Brand Status • High quality products • Weak customer loyalty and visitor frequency • Overwhelming storefront • High Price • Market Share loss • Circuit City • New generation of customers • Competitors • Wal-Mart • Amazon Armbrust, Goldberg, Silverman, & Tahan (2012) “Midterm Report”.

  4. Current Perception Graph High Customer Experience Poor Post-sale Service Great Post-sale Service Low Customer Experience

  5. Repositioned Perception Graph High Customer Experience Poor Post=Sale Service Great Post-Sale Service Low Customer Experience

  6. Who we’re targeting Lauren College students (ages 18-24) Modern moms (30 – 40s) and their children Individualistic Fun-loving On-the-go & employed Modern Motivated Excited and Curious Creative and Innovative Learner Desire to connect with their children, friends and family • Individualistic • Bloggers and social media participants • upper-middle class demographic • Fun-loving • Modern • Unique • Familiar with electronics • Alternative • Creative and Innovative • Expressive • Learner

  7. College Students Lauren In fall 2011, a record 19.7 million students attended American colleges and universities, constituting an increase of about 4.4 million since fall 2000… I need something that’s affordable and capable of running different programs. And if it breaks I need to know I have somewhere to get help fast. “What type of computer do they favor? Laptops, of course. In only two years, laptop ownership on campus has surged from 52.8 percent of the student population to 75.8 percent.” http://arstechnica.com/gadgets/2007/09/american-students-awash-in-gadgets/

  8. About targeted Moms and their kids Lauren More than 89% of moms use the Internet at least twice a day, studies have shown… “There were an estimated 85.4 million Moms in the United States in 2009.” http://www.infoplease.com/spot/momcensus1.html

  9. Moms at work, their kids & education’s role… Lauren Approximately 70% of moms in the United States are in the workforce…Meaning more moms have a disposable income and less time at home with their kids based on this http://www.google.com/imgres?um=1&hl=en&newwindow=1&client=firefox-a&rls=org.mozilla:en-US:official&biw=1199&bih=587&tbm=isch&tbnid=GDYxBXN9gzHYfM:&imgrefurl=http://www.csmonitor.com/USA/Society/2012/0511/Share-of-working-moms-nearing-all-time-high-but-ha

  10. Schools with internet access Lauren Between 1994 and 2003 nearly 100% of all schools in the United States had set up some kind of internet access. Since then, more schools require students become familiar with computers and using them in their everyday lives and education. ://www.edweek.org/media/2005/05/05/35tracking-c3.gif&w=440&h=375&ei=WN-vT-62GKKs2gWczMDpCA&zoom=1&iact=hc&vpx=272&vpy=137&dur=1875&hovh=207&hovw=243&tx=119&ty=135&sig=100359532777053129522&page=1&tbnh=122&tbnw=143&start=0&ndsp=18&ved=1t:429,r:1,s:0,i:74

  11. Student spending on technology Lauren In affording for the latest trends in technology, 50% of students have been spending between $100-300 on technology needed for education. Our research tells us why targeting college students (and their moms) is beneficial in our re-positioning strategies based on the exponential growth in their influence on our market share. http://www.google.com/imgres?um=1&hl=en&newwindow=1&client=firefox-a&rls=org.mozilla:en-US:official&biw=1199&bih=587&tbm=isch&tbnid=gMMTL2KG2nQqHM:&imgrefurl=http://campustechnology.com/articles/2007/10/snapshot-student-technology-spending-in-higher-educa

  12. Market Segment Lauren http://wwwdelivery.superstock.com/WI/223/1566/PreviewComp/SuperStock_1566-569893.jpg

  13. Why the kids are important.. Lauren Research shows just how much time children ages 0-8 years spend with technology. In a typical day: 70% of the polled group of children spent an average of 2 hours a day watching TV. 57% spent 1.5 hours with music 17% with video games for over an hour 17% played about 1 hour of computer games. http://www.google.com/imgres?um=1&hl=en&newwindow=1&client=firefox-a&rls=org.mozilla:en-US:official&biw=1199&bih=587&tbm=isch&tbnid=rdrt11cyv6qplM:&imgrefurl=http://adage.com/article/adagestat/statistics-children-s-media-habits-show-tv-king/230623/&docid=

  14. What’s driving these behaviors? BLOGS & OTHER MEDIA Lauren

  15. Other resources such as GOOGLE Lauren In the age of blogs, Youtube, Google and smart phones to access them, more and more people have the power to find fast solutions in a matter of moments. Moms, students and young children can now navigate the ether world rather easily. We want our stores to reflect this trend…

  16. Apple as most popular brand in elementary schools For teachers and their students, we offer fun and active tutorials. Being a carrier of Apple products like this notebook will help us pull customers in these segments in to our stores so they can learn about the technology that is becoming more and more a part of everyday life.

  17. Product • Customer needs & wants • High quality products • Guidance and direction • Individualized and creative outlets • Product changes • Enhanced customer experience • Geek Zone • Personalized engravings and design covers • High-quality employees trained on concentrated products Armbrust, Goldberg, Silverman, & Tahan (2012) “Midterm Report”.

  18. Product • Improved post-sale services • Bundled products with services: free 1 year consultant • Follow up communication • Warranty • Point of differences and values • Learning experience • Individualized products • Unique services • Personalized attention • Interactive opportunities

  19. Best Buy: The New Interactive Mall-Distribution • E-Commerce and Retail Stores • -Multi Channel Marketing (In store pickup, Research) • -Dual Distribution-Selling directly to universities and students at same time students (Group and individual) • Selective distribution-limit comp, lower dist. costs • Partner with colleges • -Test the Experience at 5 “test stores”

  20. Easy to use tabs Large Visuals Deals Geek Squad Services

  21. New store layout to reflect latest trends…

  22. Departments within the store

  23. Price • Bundle pricing • Laptop plus a 1 year consultation and 6 month spyware • Maintain consistent prices • Geek Zone • 6 months free with Reward card membership • 1.5 year membership - $50 • Penetration strategy • Product personalization – free

  24. Promotion Strategies • Inbound Marketing (Heavy use of Social Media, Geek Squad Youtube Videos) • Outbound (TV Advertisements, Online Advertisements (Banner Ads)) • Best Buy Rewards program to encourage repeat purchases • Point of purchase displays • Community Relations • Customer Centricity • Point of Sale • Product placement

  25. Best Buy Rewards Program • Receive free Geek Squad classes for first 6 months • Earn points to receive discounts on merchandise • Free to join • Special offers for members

  26. Inbound/Outbound Marketing Inbound - Continue strong presence on Social Media (twitter, facebook, and Geek Squad Supportopedia) • Weekly Geek Squad video tutorials on Youtube • Customer Centric, Bundling Products together • Mobile Marketing • Continue strong presence of website Outbound • Television Ads (Competitive and Reminder) • Online Banner Ads

  27. College Students and Community • Develop strong relationship with community especially colleges and their students • Offer deals and contests to increase consumer purchases and stimulate demand • Offer discounts on technology for education • Customizable technology to appeal to college students • Gain brand awareness with charity events, cause marketing

  28. Market Goals • Open 5 Test Stores in different parts of the country • Record at least 50% more profit in these stores compared to regular Best Buy stores. • Begin renovating approximately 100 of the 850 North American Stores. • If this change proves successful with overall total revenue rising 30%, then more stores will be renovated both domestically and internationally.

  29. Evaluation • Increase brand awareness within first year • First year-Hope to have a 20% increase in customers Measure this by the amount of classes taken and overall sales, Rewards Zone memberships, and Geek Zone memberships • Positive increase construction of new stores • Negative push for more outbound marketing

More Related