91传媒

Still tops in its niche, Best Buy is struggling to stay ahead of discount and online rivals. Who better to come up with creative business solutions than 91传媒 students?

Can 91传媒 save Best Buy?

淭hat your company,� business professor Caroline D橝bate �93 told this spring teams and coaches in the MB 107 course. 淭ake a look at that stock value,� she said, pointing to a down-sloping line. 淵ikes!� Then she asked, 淎nyone want to guess what company that is?�

Turns out it Best Buy, the world largest consumer electronics chain, which had better-than-expected holiday-season sales but still faces an uphill battle to fend off discount and online rivals. Certainly, Best Buy isn檛 sitting still. Maybe you saw its Super Bowl ad, starring actress Amy Poehler as a retail employee nightmare. Or heard that the company will match online prices beginning in March.

淵our job,� she informed the 120 students, 渋s to add 10% to Best Buy operating profits by year-end 2016. Coordinator of the introductory, case-study-based business course, now in its 31st year, D橝bate said, 淲e檒l have a dry run in mid-March. Then on April 26 at the Courtyard Marriott, you檒l be presenting your business plans to executives.�

At these presentations, the mostly first-year students get immediate feedback, including a grade, from real-life business execs like Christopher Graves, global CEO of Ogilvy PR; Deborah Monosson, president and CEO of Boston Financial & Equity; and David Marks, chief investment officer of Cuna Mutual Group. It intimidating and invigorating, and it a great introduction to the business world. 淭he relevance of this experience for our students is huge,� says D橝bate. 淲hether from current students or alumni, I often get the same response: 業檓 so glad I took that course.櫇

D橝bate faculty colleague Catherine Hamilton recommended that students use the 渟trategy diamond� of markets, customers, and geography. 淏ased on these three variables,� she said, 渉ow do you differentiate a Sony TV at Best Buy from one on Amazon or at Walmart? That your challenge, and it a big one. Best Buy reminds me of Borders, and as you know it not in town anymore.�

淲hat the fundamental goal of every business and organization?� asked professor Mark Youndt. 淭o create value in the market place攖he difference between willingness to pay and cost. One way or another, your team has to figure out how to increase the willingness to pay or create value.�

Rebecca McCourt �14, one of the two student coordinators, along with Tyler Orfao �13, had some more basic advice. 淧ut in the hard work now so you can get the most out of your dry run,� said the business major and computer science minor. 淚t easy to put off the work because the executive presentations seem so far away. But if you treat the dry run as the real thing, you檒l just have some minor tweaks, and you檒l have a great presentation.�