It is acknowledgeable that there are diverse factors that are currently taken to consideration in marketing strategies. This is in relation to how various business offer diverse services that are essential in guaranteeing competitive advantage. It is evident that there are diverse strategies that different businesses have developed to ensure that they have a competitive advantage over other business that are in the same business. It is due to this reason that they is a need to establish the relevant changes that need be analyzed based on the performance of a business over other business. Based on this reason, it is important to ensure that there is a multivariate analysis conducted in a business to identify the gaps that need be filled. This should be done through the formulation of chart that identifies the diverse challenges that should be addressed and analyzed based on the performance of major competitors. Through this, it will be possible to identify the challenges that are being experienced and the impact that they have on the business. Through identifying the challenge, it will be possible to draw strategies that will improve the performance of the business. The analysis is to be conducted based on elements that will be varied against the competitive advantage that the major competitor has over the business under focus. Through analyzing the challenges and the need for improvement of the practices that are currently in play, it will be possible to draw up on the various recommendations that will be essential to improving the business.
MULTIVARIATE ANALYSIS FOR STORE EXPERIENCE
Through properly analyzing the various performance ratings that have been put in the performance chart, it is evident that there the Amazon offers the ultimate customer experience. This is based on the effort that the store has put to ensuring that it meets the needs of its diverse clients which in turn is helpful in making it the best. This is based on the various priorities that the store has put to guaranteeing that it beats its competitors. It is evident that the success that the Amazon has acquired has been due to the experience that it has in the business that it is involved. This is through providing a customer care support system that allows the clients to be actively involved in the business. This is through making the diverse recommendations that are essential in meeting the clients need. Amazon acknowledges the significance that a good and essential customer care service has in boosting its performance. Based on this recognition, it has made it a top priority that is evidently established in its customer care performance that has been rated by a rating of seven. Pricing is also an essential factor that has made the diverse clients opt for the Amazon. Through looking at the pricing of different products and services that are available through Amazon, it is inevitable no to note the amazing prices (Friedman 55). The prices are constantly updated and regulated to ensure that they meet the current economic changes. It is acknowledgeable that inflation and the current economic condition is not constant and there is a need to fix the various product prices based on the current economic condition. Through this, it will be possible to establish a good client based that is in search of affordable prices. The chart establishes that the Amazon has a rating of ten in term of pricing compared to Best Buy. This is based on the rating and the efficiency that the store has in providing products to its clients. Despite the challenging economic times, Amazon has been able to maintain affordable prices. It is acknowledgeable that most clients go through various stores and vary the prices to establish which store offers the most affordable prices. It is based on this that different clients have opted for the Amazon in spite of the slightly higher prices that the Best Buy store may have compared to Amazon. Being an established business entity that has been in business for long, the Amazon has been able to acquire a loyal customer base that has also been essential in facilitating its high ranking. In spite of the few components that have been highlighted in the multivariate chart, Amazon has been able to appropriately market its products; this is because they believe in the quality of products that they offer. Thus, the various components are emphasized to guarantee that most clients opt for the Amazon rather than Best Buy. This is despite best buying being in the market for long. It is evident that there is need for improvement that should be conducted by Best Buy to ensure that it beats its competitors. This is through analyzing that its competitors such as the Amazon have diverse strategies that out to their in terms of marketing their products. If Best Buy had a more established customer care service, it would be capable of receiving the honest opinion of their clients. It is through the client’s opinion that a brand is capable of analyzing the diverse factors that are required in guaranteeing the success of their business (Friedman 27).
1. Convenient Mode of Payment
A convenient of payment is essential in any business. It is acknowledgeable that both stores are diverse and target a large consumer base with clients from different parts of the world. There has also been the establishment of different modes of payment that clients use. It is based on this analysis that both the focus store that is Best Buy, and the Amazon have established modes of payment that are convenient for its clients. Through considering the modes of payment that the stores have, it is evident that they are both convenient and that results in the rating, which is of a nine (Plunkett's Retail Industry Almanac 35). This is because they have considered all modes of payments that are suitable for its client base. Clients can access the various available payment options that have been highlighted on the stores website. Through this, the clients are made aware of the mode of payment are available and can select the mode is convenient for them.
2. Customer Care
Customer care is an essential aspect that is required in a business. This is due to the significance that it has in ensuring that the customers are given the service that they require. Through customer care, it is possible for the stores to ensure that all the necessary adjustments are made to facilitate the success of the business venture. It is due to this reason that Best Buy has ensure that it has facilitated the establishment of a customer care unit that meets its diverse clients’ needs. This is despite it being challenged by the Amazon that has a customer care rating of seven. Best Buy has been credited with a rating of six since it has not been able to establish an effective and efficient customer care system compared to the Amazon. This is despite the Best buy which is the focus store being established in the market compared to Amazon. It is acknowledgeable that the Best buy has been in the market for close to fifty years but has not acquired an effective customer care service that meets its status as a world-class facility
3. Service delivery
Service delivery is a factor that is a significant factor that should be considered in any established business. To guarantee that there is effective service delivery, it should be ensured that the business entity adapts to the various needs that are in the market thus meeting its client’s needs. The client’s needs change with time and it is important to ensure that the different needs are identified (Plunkett's Retail Industry Almanac 56). Through this, it will be possible to ensure that the customers are satisfied with the services that they are receiving. Through the ranking that has been provided, it is evident that there are changes that are required to facilitate Best Buy in meeting the needs of its clients. This is because Service delivery has an important ranking that should be adhered. The Amazon has been credited to have a rating of ten compared to Best Buy that has a rating of six. Through analyzing Amazon as a company, it has identified the significance that this factor has. This can be clearly identified through its, website where it has ensured that it outlines its various services and ensures that the clients are contented with the services they receive. Through the rating, it is evident that Best buy should ensure that it makes adjustments that will facilitate its growth.
4. Variety of Products
Established stores such as Best Buy and Amazon should ensure that they stock a variety of products. This is because they are worldwide based where they serve different clients around the world and have stores in different countries. Thus, it is required that the products stocked are of variety. This is because every client is unique and is in the store to meet different client’s needs. In consideration to this, it is evident that the Best buy store has a limited amount of variety compared to the Amazon thus the rating it has of six. The Amazon seems to have a higher ranking since it has come to acquire a lot of popularity since it has a wide range of products that are not limited to it store. This is evident through its diverse marketing strategies where they have facilitated the shipping of orders that they may not have at their stores to different clients. Through considering this factor among many others is the reason why Amazon has been credited with a performance score of eight. Thus, it is evident that the continuous be significant competition that Best Buy faces with competitors such as Amazon (Schepp, Brad, and Debra 46).
Pricing is a significant factor that any client considers before making a purchase. This is due to the significance that it has in influencing the store that different clients consider. It is acknowledgeable that most clients opt for stores that offer quality products at affordable services. Through this, it is possible for them to effectively shop without being worried about the products being overpriced or buying cheap products that are of poor quality. It is due to this reason that the Amazon has ensured that it has the best prices compared to Best Buy since it has a large client base. It prices are relatively lower compared to Best Buy but still maintain high quality, it is due to this reason that Best Buy has been credited with a rating of Seven out of ten. This is because, despite there being a variety of products, the best quality ones are of high prices. This is unlike the Amazon that has maintained quality over price where clients are guaranteed of affordable prices regardless of the lower prices that they may offer (Pride, William, and O C 32). It is among this reason that the Amazon has continuously maintained a higher score ranking based on performance.
Values are very essential in any business entity; this is because they are very essential in ensuring that customers are properly handled. This is in terms of the services that are offered, the pricing of items and royalty programs. It is acknowledgeable that these are aspects that should be properly considered to guarantee that the Best Buy store becomes an established store. Through his, it will be possible for it to compete effectively among other stores that are coming up.
Good packaging is an after sale services that significantly the number of sales that are made. This is because clients require that thy get value for their money where they are guaranteed of good packaging after the purchase of products. Online buying and the shipping of products is a trend that has come to be common in many established stores. Thus, it is essential that the Best Buy store make the relevant changes that will ensure that it acquires a new and larger customer base than it already has. Through this, it will be possible for it to beat its competitors that may be posing competition in terms of packaging.
Variety of products
It is required that the Best Buy store being in the market for long it makes the necessary adjustments that will ensure that a variety of products. This is because a variety of products is essential in guaranteeing the different clients meet their needs. This is through them having access to different products that they may be in looking for. Through considering this factor, it will be possible to attract customers that may have otherwise opted to make purchase in different stores.
Effective Customer Care Services
A good customer care is essential in any service delivery business. This is due to the significance that it has in guaranteeing that the customers are prioritized. This is through listening to the diverse client’s needs and making adjustments that will guarantee that the success of the business ventures. Its competitors such as Amazon have evidently made the relevant changes required in making the store profitable (Friedman 67).
Convenient modes of payment
The mode of payment is a significant factor in any business. This is because it required that each business have a mode of payment that will facilitate convenience. The Best Buy store is an established store that has stores in different countries around the world and serves different clients. Therefore, it is required that the most used and convenient modes of payments are established. Through this, clients can comfortably pay for the products they have purchased.
Friedman, Mara. Amazon.com for Dummies. Hoboken, N.J: Wiley, 2004. Internet resource.
Plunkett's Retail Industry Almanac 2009. “The Only Comprehensive Guide to the Retail Industry.” Plunkett Research Ltd, 2008. Print.
Pride, William M, and O C. Ferrell. Marketing. Australia: South Western Cengage Learning, 2010. Print.
Schepp, Brad, and Debra Schepp. Amazon Top Seller Secrets: Insider Tips from Amazon's Most Successful Sellers. New York: AMACOM, 2009. Internet resource.