BestBuy - Case Study Example | Topics and Well Written Essays - 500 words

BestBuy - - Case Study Example Best Buy Company has made it a priority to center their marketing and trade operations by better recognizing and identifying the consumer approach dynamics to electronic retail purchasers. Consumer behavior are those acts of individual consumers that directly involve obtaining and using economic goods and services including decision that are determined in this acts. It can also be identified as the behavior that the consumers exhibit in planning, purchasing, and using goods as well as services. The knowledge of consumer behavior implemented by Best Buy Company has helped it in securing consumers a process known as consumer royalty. To attain this, the company started by making consumer profiles. The company then trained its employees to focus on specific customers, rather than product and modify them to the needs of the customers. This understanding of the consumer behavior helped the company. The implementation of this model helped the company get a better feedback in what the consumers really needed. The company started to target their products to the consumers by analyzing how their purchase decisions are made. Through â€Å"customer centricity,† the company is able to identify different customers, and groups of people depending on their desires, roles, and lifestyles. This enabled the company to focus on the consumers’ needs. Through the knowledge of consumer behavior, the company understood the customer as the most important asset of the company. They therefore drove forward to ensure their consumers obtained optimal satisfaction with the products that they developed. This move created a great impact in Best Buy Company to make it the largest electronics retailor. One of the advantages that â€Å"customer centricity† brought about to the Best Buy Company is that it brought knowledge to the company of the decisions and their needs. This helped improve best buys

Economic Development Essay Example | Topics and Well Written Essays - 750 words - 3

Economic Development - Essay Example Population growth is presently considered as a vital event in relation to economic development. The aspect is often regarded as a major determinant of the pace of development witnessed within an economy or a specific region. Based on a similar perspective, the article named â€Å"Falling Fertility† emphasized on reviewing the study conducted by Thomas Malthus during the late 1790s signifying population to be a vital event in the economic development process. As mentioned in the article, it was predicted by Thomas Malthus during 1798 that the growth rate of the population might outdo the food supply of the world in the upcoming era. However, the article states that the predictions made by the author were termed as undependable.Furthermore, the article states the fact that the author connoted that with the rapid growth in the process of industrialization there was fall in the rate of fertility in the then ‘developing countries’ such as France, Europe, America, and B ritain. According to Malthus (1998), it was observed that when people became prosperous with the virtues of industrialization, the families became smaller in terms of the total number of members. On the flipside, Thomas Malthus also noted that when families reduced, people became wealthier. Taking the inspiration from Thomas Malthus’ study, a similar scenario has been depicted in the article published through ‘The Economist’ replicating the aspect that it is with the increasing rate of industrialization that families tend to shrink.