Essay Example on Geek Squad: Surviving Trends in the Market

Introduction

Geek Squad is a subsidiary of Best by company, an American multinational consumer of electronic gadgets with its headquarter in Minnesota. Robert Stephen founded the Geek squad company after completing his studies in computer science in Chicago after winning the art institute scholarship. This paper, therefore, discussed the possible trends in the environment that likely affects the operation of Geek Company and the option that the company should take in order to survive in the market.

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Social factors

Social factors refer to the way people behave in a given society. It also encompasses religious beliefs and the norms and beliefs in a given community. This belief affects the consumer behavior of people in that community, and therefore it is an element that should be considered as far as the growth of the company is concerned. Notably, these social factors change with time; therefore, companies should adjust to meet the changing needs of the people. According to the environmental analysis of Geek Company, it is noted that there is a growing trend in the use of Television, video blogging, and individual referral (Henry, 2018). With these changes, the company should take advantage to maximize the promotion of its services using Television because it reaches many people within a short time. The company should also extend its services even to include free training and demonstration on the use of electronic gadgets like Television and computers in order to win the customers' trust and therefore attracting more customers.

Economic

The state of the economy affects the customer's consumption behavior. When the economy is good, it means the per capita income is increased. The increased per capita income increases the ability of an individual to consume more goods or services. The trend analysis on the state of the economy in America reveals that there is a positive growth in people's income by 2 percent and an increase in savings by 5.8 percent. Moreover, the overall economy in the United States is growing, and due to competition, the companies are now focusing on cost reduction. In order to survive the current state of competition, Geek Company should consider partnering with other electronic companies in other countries in order to penetrate new markets. The company should also rebrand its products and services to focus more on customer changing needs. Furthermore, the company should consider reducing their prices in order to win more customers (Matzler,Veider, & Kathan, 2015)

Technological

Change in technology affects the efficiency and effectiveness of providing products to customers. A company that is quick to adapt to the new technology is able to attract more customers. An environmental scan reveals that there is a growing trend of use of social media like Facebook, and addressable TV. From the video, to patronize the market, Geek Company should maximize the use of E-commerce in marketing its services and also create a page on social media platforms like Facebook and Twitter (Devine, 2012). This will help to reach more customers and also allows links with the customers. The company should also embrace the team viewing technology where they can fix the problem of the customer without necessarily having to be there physically, and this will enhance their service delivery and therefore attracting more customers (Pine, & Gilmore, 2017)

Competitive

Competition within the industry determined the market share that a company derived for itself. Companies compete for many factors that include prices, branding, and quality and after-sales services. Geek Company should consider rewarding their loyal customers by organizing an annual party and free trips to them. This will motivate other consumers to consume the same product. The company should also provide extensive services like a warrant in order to appeal and attract more customers. (Sawhney, Goodman, & Keerthivasan, 2017)

Regulator

These are the policies and rules that control and guide the way companies operate. Companies are regulated by the government's laws and regulations. It is the responsibility of companies, therefore, to conform to those policies in their operation to avoid any disturbance. Greek companies should consider promoting some of the government agendas in their operations in order to work hand in hand with the government. The company should also embrace and obey all the regulations pertaining to technology in order to remain trusted in the market and maintain the loyalty of customers.

Conclusion

Change is one of the major factors that affect the viability of the company. In regard to this technological industry, more changes are yet to experience that includes the development of electric Motor vehicles, addressable TV and, the use of team viewing techniques in providing services to customers. Greek Company initially developed with the intention of providing only computer services, but it later expands to include Television repairs. The company further expands its services to include the provision of after-sales services like installation, disk clean up, defragging, providing ant-viruses, and retrieving lost data. It is apparent, therefore, that the company becomes so popular because of its proper customer service and quick adaptability to changes in the environment that includes and not limited to the social, economic, competitive, regulatory, and technological environment. Therefore, adapting to changes in the environment is the key to the success of the developing company.

References

Devine, F. (2012). Get Me the Greeks. https://www.viddler.com/embed/79975ec0/?f=1&autoplay=0&player=full&disablebranding=0

Henry, C. (2018). Leadership and strategy in the news. Strategy & Leadership, 46(5), 54-59. https://doi.org/10.1108/sl-05-2018-139

Matzler, K., Veider, V., & Kathan, W. (2015). Adapting to the sharing economy. MIT Sloan Management Review, 56(2), 71. https://doi.org/10.1016/j.bushor.2016.06.006

Pine, B. J., & Gilmore, J. H. (2017). Distinctive experiences. Journal of Shopper Research, 1(1), 60-65. https://doi.org/10.1145/3064774

Sawhney, M., Goodman, P., & Keerthivasan, G. (2017). Best buy: Creating a winning customer experience in consumer electronics. Kellogg School of Management. https://doi.org/10.4135/9781526459923