Industrial analysis looks into the consumer electronics of U.S-based Company called Best Buy. The post begins by giving a background of the product mix. Some of the items included, in the post include, televisions, wireless handheld gadgets, cameras, audio/video devices among others. Apart from the online platform, the company also have physical shops that ends up selling personal care items, clothing and home appliances. The background of the company provides an overview of the business thus giving the first insight into the business. The industry assessment section provides the light outlook of online business.
The assessment indicates that the industry is doing well. It is important to note that the assessment section provides that nature of the industry. The section notes that the status of the industry is good and strong. Importantly, the section notes that the ingredients for growth have been continual innovation and the advance in technologies. Additionally, the assessment also indicate the market conditions such as the need for consumer electronics has made people responsive to the company and products offered. Particularly the assumptions given in Industry Analysis denotes the factors that shape the current industry.
The post has gone a step further to provide the four most important features shaping the industry. It is an exemplary aspect in the post to provide the industry characteristics. At this point, one would understand what the discussion is all about in the context of market size, and the growth rate. One of the striking point in the industry characteristic is the stages in industry life cycle. The section goes a step further to provide the number of the companies in the industry, customer by volumes and even the easy of industry entry and exit. Looking at the distinct features provided in the section gives great hope to any person who would to venture in the business. It is impressive for the post to look at the target market and the customer base.
Secondly, the target market has also been divided according to the prospective buyers it contains. Looking at this division offers a better outlook of the business at the best group to target for the like-minded businesses. From the look standard, retail and small business buyers offers a great market advantage. On the other hand, the easy of industry entry, as well as, exit are challenging due to huge investment required. The post recognizes the need for investing heavily in technology and great innovation trends. Some of these technologies include wearables and mobile-social-could-based technology.
Additionally, the post notes the product, as well as, service characteristic pertinent in the industry. This aspect is important in the industrial analysis since it provides an overview of the activities being undertaken in the business. The post has gone an extra step in offering the scale of economies which is an important consideration in the industry, in the context, of reducing the operating costs and the buying power. With all these elements in the industry assessment any person reading the post will understand all aspects of the industry. Besides, the post has gone an extra mile in giving the statistics. These statistics prove to be important since they offer an overview of the industry in numbers.
The driving forces of the industry have been given considerable input in the initial post of industry analysis. All of these driving forces pay a critical role in the driving the online retailing industry forward. After reading the post, one would understand that successful online retailers are adept to the technological changes. Some of these technological advances such as cloud-based services, computing and online transaction are some that provide substantial growth of the industry. Furthermore, it is important to note that technological changes stirs product innovation and even consumer interests in the products. The second favourable driving force is product innovation that leads to industry growth due to consumer interest in the items being offered for sale.
Online retailing undergoes the transformation with the technological advances since they result into new product lines available for the customers. With the technological advances in place, the online retailer will have products such as virtual reality, and wireless entertainment product mix. The realization, in this case, is important since it provides a link between the available products and the technological changes taking place. Another important driving force for Best Buy is the exit of some of the legacy retailers.
Some of these retailers offered consumer electronics and have since exit thus decreasing the competition. The market share for the remaining companies increases with the exit of these companies. All these aspects identified in the industrial analysis offer a great insight in the issues pertinent to online retailing. Finally, it is important to note that in the concentrated competition, some of the companies tend to differentiate especially in situations where the competitors are more than willing of accepting the lower margin in consumer electronics. The industrial analysis provided, in this case, has taken into consideration all the aspects of the online platform. The work done is impressive and detailed. After reading the discussion, the industry features have been given using the best articulation in the context of issues discussed.
The post has been informative with the industry analysis focusing on the inherent elements making the company successful while at the same time looking at the favourable elements that make the companies to survive. However, it would have been appropriate to elaborate some of the points raised. Some of these strong points need further explanation in tandem with the insight raised.