Best buy and staples are big giant American retail companies. It’s their responsibility to buy supplies in the most suitable and economical way and pass it on to the consumers.
Key Takeaways
- Best Buy focuses on consumer electronics, while Staples specializes in office supplies and furniture.
- Both retailers offer electronics and tech products, but Best Buy provides a wider range of options.
- Staples offers printing and copying services, which Best Buy does not provide.
Best Buy vs Staples
The difference between best buy and staples is their products. Best buy sells electronics, cell phones, computers, video games, and tech, focusing on consumer electronics. On the other hand, Staples focuses on office supplies and office-related products. They sell via retail channels and even business-oriented delivery options.
Best buy got established on 22nd August 1966 in Minnesota, United States. James Wheeler and Richard M. Schulz founded it. It was an audio focussed store known as Sound of Music.
It offers print services too. Staples has a wide selection of products and even uses advertising slogans.
Comparison Table
| Parameter of Comparison | Best Buy | Staples |
|---|---|---|
| Main product | Electronics | Office Supplies |
| Rank | Best Buy is ranked 100 among the top global brands. | Staples is ranked 313 in the list of top 1000 brands. |
| Location | Best buy has limited stores. | Staples is operational in many locations. |
| Technology | Best buy is a major retailer of software and hardware. For tech issues best buy offers aid in tech issues. | Staples offers IT services through easy tech. |
| Type of Company | Public | Private |
What is Best Buy?
It was an electronic store that used to sell stereos. In 1967, the sound of music got acquired by the Bergo company and Kencraft Hi-Fi company.
They offer a warranty, computer repair, and service plans for accidents. They have an online community where members can discuss experiences regarding the products and get answers from experts.
Best buy even have a few House Brands:
- Platinum: Products include cell phone accessories, cables, and digital equipment.
- Dynex: Products include power cables, webcams, and Blu-ray players.
- Pacific Sales: They are available in select Best Buy stores. They cater to high-end appliances.
- Init: Products include media storage and furniture.
- Insignia: HDTVs, mini-refrigerators, and adapters.
Marketing Strategy:
The marketing strategy of best buy prioritizes the four Ps(Product, price, place, promotion). It has helped Best buy to become a huge brand.
Product strategy: The Best buy product portfolio offers six separate categories of products. Some of the categories are consumer electronics, home appliances, and entertainment.
Pricing Strategy: Best buy provides affordable common electronic goods. The prices are lesser than the competitors.
Place Strategy: Best buy has over 1400 stores in the United States. It has over 200 stores in Mexico and Canada.
Promotion Strategy: Best buy uses social media well. They advertise through Twitter and Facebook. They even use flyers and signs to promote their brand.
Financial Strategy:
Best buy is focusing on building a leading position, and the company incorporates technology in meaningful ways.
What is Staples?
The idea of staples was born from the frustration of relying on local shops for basic stationery and printing needs. At the time, Stemberg was thinking of various business proposals too.
The first staples store got opened in 1986 in Boston. It had financial backing from Bain Capital (a private equity firm). From 1991, Staples started expanding overseas and opened its first store in Ontario the following year. In 1996, after ten years, Staples surpassed three billion dollars in sales and became a member of the fortune 500.
Marketing strategy:
The marketing strategy of staples focuses on the four P’s (Product, price, place, promotion). It helps the company to have an advantage over the competitors and achieve business goals.
Product strategy: Staples’s product portfolio focuses on furniture, office supplies, appliances, and business services. Their portfolio aims to meet the needs of corporations and consumers.
Pricing Strategy: The prices offered to consumers are reasonable. They have products priced at low, mid, and high levels. It is suitable for customers who prefer lesser costs.
Place Strategy: They have over 1500 locations in the United States and over 200 stores globally. Staples even supports online shopping via their website and not any other online platform.
Promotion Strategy: Slogans have added to their popularity. Examples of some of the slogans are “That was easy.” “Yeah, we’ve got that.” and their “Easy button.”
Financial Strategy:
They have expanded to over 500,000 products online and expect to triple their inventory. Staples have been reinventing and launching many online advertising campaigns.
Main Differences Between Best Buy and Staples
- Best buy has around 977 locations worldwide and a strong online presence. Staples has 2000 retail locations worldwide and a strong market presence.
- The headquarters of Best buy is in Minnesota. The headquarters of Staples is in Massachusetts.
- https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3027023
- https://dl.acm.org/doi/fullHtml/10.1145/953460.953498
Last Updated : 13 July, 2023
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Chara Yadav holds MBA in Finance. Her goal is to simplify finance-related topics. She has worked in finance for about 25 years. She has held multiple finance and banking classes for business schools and communities. Read more at her bio page.
It’s fascinating to see how both Best Buy and Staples have utilized the marketing mix principles to grow and promote their services.
The article provides valuable information on the history, and marketing strategies of both Best Buy and Staples.
I never knew that the first Staples store was opened in 1986 in Boston and it had financial backing from Bain Capital.
The comparison table is very informative as it provides a clear and concise view of the differences between Best Buy and Staples.
I appreciate the breakdown of the marketing strategy, differences, and financial strategies of both Best Buy and Staples.
Interesting to know that Best Buy started off as a small retail store and has expanded to over 1400 stores in the United States.
It’s interesting to learn that Staples has expanded to over 500,000 products online and expects to triple their inventory.
It’s interesting to read about the history, market strategies, and difference between Best Buy and Staples. Excited to learn more about this subject.