Assignment on digital marketing geek squad a new business for a new environment

Untitled Nguyễễn Khánh Linh – HS171437 FPT UNIVERSITY FACULTY OF BUSINESS ADMINISTRATION =====000===== ASSIGNMENT ON DIGITAL MARKETING [GEEK SQUAD – A NEW BUSINESS FOR A NEW ENVIRONMENT] Submitted to[.]

Nguyễễn Khánh Linh – HS171437 FPT UNIVERSITY FACULTY OF BUSINESS ADMINISTRATION =====000===== ASSIGNMENT ON DIGITAL MARKETING [GEEK SQUAD – A NEW BUSINESS FOR A NEW ENVIRONMENT] Submitted to: Lecturer’s Name: Nguyen Thi Hong Hanh Submitted by: Student’s Name: Nguyen Khanh Linh Student ID: HS171437 Course Title: Marketing Principles Course Code: MKT1701 Date of Submission: 10/02/2022 0 Nguyễễn Khánh Linh – HS171437 Hanoi - 02/2022 TABLE OF CONTENTS INTRODUCTION REPORT’S CONTENT A QUESTION 1: WHAT ARE THE KEY ENVIRONMENTAL FORCES THAT CREATE AN OPPORTUNITY FOR ROBERT STEPHENS TO START GEEK SQUAD? B QUESTION 2: WHAT CHANGES IN THE PURCHASING PATTERNS OF (A) ALL CONSUMERS AND (B) WOMEN MADE THE ACQUISITION OF GEEK SQUAD PARTICULARLY IMPORTANT FOR BEST BUY? C QUESTION 3: BASED ON THE CASE INFORMATION AND WHAT YOU KNOW ABOUT CONSUMER ELECTRONICS, CONDUCT AN ENVIRONMENTAL SCAN FOR GEEK SQUAD TO IDENTIFY KEY TRENDS FOR EACH OF THE FIVE ENVIRONMENTAL FORCES (SOCIAL, ECONOMIC, TECHNOLOGICAL, COMPETITIVE, AND REGULATORY), IDENTIFY TRENDS LIKELY TO INFLUENCE GEEK SQUAD IN THE NEAR FUTURE D.QUESTION 4: WHAT PROMOTIONAL ACTIVITIES WOULD YOU RECOMMEND TO ENCOURAGE CONSUMERS WHO CURRENTLY USE INDEPENDENT INSTALLERS TO SWITCH TO GEEK SQUAD? CONCLUSION REFERENCES 0 Nguyễễn Khánh Linh – HS171437 INTRODUCTION In recent years, the rapid development of technology has created a lot of technological products But that also makes it difficult for everyone to keep up with changes in technology especially computers, software, and technology The rapid evolution of technology is creating not only opportunities but challenges as well Robert Stephens once said, “ As long as there is innovation there is going to be new kinds of chaos” Indeed, it will be harder for everyone as more and more new technology products are created Consumers will find it difficult to operate and install the products And it may take time to read the user manuals So Robert Stephens founded Geek Squad in 1994 to help the consumers who find it difficult or could not understand to use technology Geek Squad Agents were identified by their badges, black slacks, white shirts, break-away ties, and trademark GeekMobilesTM, which were all humorous and irreverent The famous orange, black, and white Geek Squad logo became a well-known emblem of tech assistance in the areas it serviced in a short period Agents drove black and white Volkswagen Beetles, dubbed Geekmobiles, with a logo on the door and charged predetermined charges for services, regardless of how long they took to complete With this strategy, Geek Squad became a huge success And in 2002, Best Buy, a large consumer electronics store, paid $3 million for Geek Squad In 2004, Geek Squad was launched across the United States and Canada, ultimately extending beyond its computer-related roots to provide assistance with anything from appliance repairs to the vehicle, home theater, and smart home installs 0 Nguyễễn Khánh Linh – HS171437 0 Nguyễễn Khánh Linh – HS171437 QUESTION WHAT ARE THE KEY ENVIRONMENTAL FORCES THAT CREATED AN OPPORTUNITY FOR ROBERT STEPHENS TO START THE GEEK SQUAD? There are key factors that created an opportunity for Robert Stephens to start Geek Squad: changes in technology and inadequate consumer skills Despite the fact that he is a software engineer, he began his career repairing and installing televisions and computers Meanwhile, he met a lot of individuals who acquire technological equipment, but only a handful of them utilize them effectively His experiences as a consultant led him to realize that most people needed help with technology The rapid development of technology products such as computers, software, technology, communication, and entertainment began changing quickly and very complicated Robert Stephens once said, “ As long as there is innovation there is going to be a new kind of chaos” Indeed, that caused problems for consumers to install, operate, and use many of the electronic products available today Besides, they not want to spend time reading or could not understand the user manuals I believe that the majority of consumers are unable to set up things purchased in stores, and this provided Robert with a fantastic chance 0 Nguyễễn Khánh Linh – HS171437 QUESTION WHAT CHANGES IN THE PURCHASING PATTERNS OF (A) ALL CONSUMERS AND (B) WOMEN MADE THE ACQUISITION OF GEEK SQUAD PARTICULARLY IMPORTANT FOR BEST BUY 0 Nguyễễn Khánh Linh – HS171437 a All consumers The purchasing patterns change as new and more complicated technology products became available First, consumers would be excited about and purchase products that they could install and operate Best Buy had observed very high return rates for most of its complex products because the consumers can not make them work Second, consumers begin to see service as a critical element of the purchase, many of them needed help with viruses, spyware, lost data, and crashed or inoperable computers They also care about types of maintenance such as password management, operating system updates A decrease of return rates by 25%-35% of their products b Women In the past, many electronic manufacturers and retailers primarily focused on men Women’s purchasing patterns also changed as they become more and more interested in personal computing and home entertainment Women expected personal service and installation after the purchase Consumer Electronics Association expected this trend to continue and predict that expenditures by women will exceed expenditures by men in the near future They also demand personalized treatment during the purchasing process and beyond As a result, the Geek Squad was critical for Best Buy in delivering the services that customers sought and deserved QUESTION BASED ON THE CASE INFORMATION AND WHAT YOU KNOW ABOUT CONSUMER ELECTRONICS, CONDUCT AN ENVIRONMENT 0 Nguyễễn Khánh Linh – HS171437 SCAN FOR GEEK SQUAD TO IDENTIFY KEY TRENDS FOR EACH OF THE FIVE ENVIRONMENTAL FORCES ( SOCIAL, ECONOMICS, TECHNOLOGICAL, COMPETITIVE, AND REGULATORY), IDENTIFY TRENDS LIKELY TO INFLUENCE GEEK SQUAD IN THE NEAR FUTURE There are so many trends likely to influence Geek Squad in the near future The first thing to manipulate the Geek Squad is social Trends show that women will outspend men due to an increase in interest in electronic products From internet access to internet speeds, the customer is the one driving technology to go forward in every aspect of their lives When there are so many consumers who purchase the electronics products out there, excellent customer service is becoming increasingly in demand This is a good thing for the Geek Squad since when a computer breaks down or becomes contaminated with a virus, it needs to be fixed right away We are more open to trying new things and having new experiences, including with technology The more individuals who explore technology, the more people will require assistance with it Of course, economic forces will have an impact on Geek Squad, as they would on all other enterprises It makes no difference how wonderful service is if people cannot afford to utilize it Nowadays, Computers, communication, and entertainment technologies account for a growing amount of discretionary spending Certain microeconomic developments, such as a growth in female consumer spending and a decrease in the cost of electrical items, should have a beneficial impact on the Geek Squad In the near future, technological factors will most likely have the greatest impact on Geek Squad Everyone’s lives have 0 Nguyễễn Khánh Linh – HS171437 gotten intertwined with the internet The more technology products are launched, the more complex most electronics products are There are rapid changes in the electronic product features, standards, and capabilities Businesses are challenged to be on top of their game when it comes to addressing customer expectations by competitive pressures Consumers are eager to turn elsewhere if their requirements are not addressed More and more channels are springing up such as discount stores, online stores And also a growing range of technical support services are available such as Walmart and Office Depot’s Tech Depot To set themselves apart from the competition, the competition provides new ideas and upgrades to their service Any firm or organization's marketing and larger business decisions are influenced by regulatory factors Regulation is a set of rules that businesses must follow in order to protect themselves and their customers, as well as to maintain fair business practices The regulatory environment for intellectual items like movies, music, and software is always changing Geek Squad is responsible for keeping track of these developments and ensuring that its services comply with current legislation 0 Nguyễễn Khánh Linh – HS171437 QUESTION WHAT PROMOTIONAL ACTIVITIES WOULD YOU RECOMMEND TO ENCOURAGE CONSUMERS WHO CURRENTLY USE INDEPENDENT INSTALLERS TO SWITCH TO GEEK SQUAD ? Geek Squad has had tremendous success, but there are still opportunities for them to expand as a business and entice new customers to use their services To that, the company needs to expand its business market, then more and more people will become aware of the company It expands market coverage by attracting new clients to the brand In addition, the company should also use social networking using social media to raise public awareness such as Facebook, Twitter Nowadays, social networking is very developed so it is not difficult for people to see the advertisements appearing on their newsfeed, Discounts and promotions should also be promoted to the followers They should also put ads on the online marketing campaign like Youtube because every day millions of people watch videos so the company’s ads are very easy to see Therefore, the percentage of customers who want to use Geek squad's services will increase significantly Besides, the company should also offer advertising contracts for celebrities As everyone knows, celebrities have great influence globally, if fans know their idol has a Geek Squad advertising contract, they will consider using the company's services to support their idols 10 0 Nguyễễn Khánh Linh – HS171437 CONCLUSION It can be said that today's technological equipment industry is growing, leading to the essential needs of customers And there are also many electronic products that have been launched on the market That also makes it difficult for buyers to install and use technological equipment So Geek Squad plays an important role in providing diagnoses issues in and repairs all consumer electronics, as well as appliances Geek Squad has adequate resources to continue operations The firm has created a large base of consumers and can generate bigger profits thanks to its presence in the United States, the United Kingdom, and other regions 11 0 Nguyễễn Khánh Linh – HS171437 REFERENCES ● https://www.nap.edu/read/10545/chapter/3 ● https://www.slideshare.net/lolipopicock/geek-squadcompleted ● https://en.wikipedia.org/wiki/Geek_Squad ● https://www.managementstudyguide.com/brandextension.htm ● https://www.bestbuy.com/site/geek-squad/history-of-geeksquad/pcmcat1494529157815.c?id=pcmcat1494529157815# ● https://ivypanda.com/essays/geek-squad-incs-internal-andexternal-analysis/#:~:text=Conclusion,and%20can%20make %20higher%20profits 12 0 ... CASE INFORMATION AND WHAT YOU KNOW ABOUT CONSUMER ELECTRONICS, CONDUCT AN ENVIRONMENTAL SCAN FOR GEEK SQUAD TO IDENTIFY KEY TRENDS FOR EACH OF THE FIVE ENVIRONMENTAL FORCES (SOCIAL, ECONOMIC, TECHNOLOGICAL,... Squad plays an important role in providing diagnoses issues in and repairs all consumer electronics, as well as appliances Geek Squad has adequate resources to continue operations The firm has... Buy, a large consumer electronics store, paid $3 million for Geek Squad In 2004, Geek Squad was launched across the United States and Canada, ultimately extending beyond its computer-related