In 1966, Richard M. Schultz Gary Smoliak opened an audio specialty store name Sounds of Music, which in 1967, grossed over a 173,000 thousand dollars after acquiring Kencraft Hi-Fi Company and Bergo Company [ (Funding Universe, 2010) ]. The company went public 1969, which lead the way for three additional sore opening s in the twin city areas, in addition to creating the first employee stock option program. Sound of Music, grossing over a million dollars in revenue in 1970, became the first supplier of laser discs and video by manufactures Panasonic, Magnavox, Sony, and Sharp in 1979 [ (Funding Universe, 2010) ]. The company in 1983 became Best Buy after a 1981 tornado, which lead to the annual “Tornado Sale” promotional events [ (Funding Universe, 2010) ]. The company also expanded its product lines to include home appliances and consumer electronics. In the 1990s, Best Bu y accomplished 1 billion dollars in revenue in 92, while becoming the retailer to offer DVD hardware and software [ (Funding Universe, 2010) ]. In the 2000 era, Best buy discontinued compact cassettes and offered products through there new online store, while acquiring high end electronics supplier, Magnolia Audio Video [ (Funding Universe, 2010) ]. Growth
Best Buys, Inc growth strategy in the 20th century incorporated acquiring profitable specialize companies to add to its subsidies. The acquisition of profitable specialty commodities continuously added a stream of cash flow for the current year but had little impact in the following years. Internal Strength
The Best Buy stores offer superior employee knowledge of products brands and offer comparative analysis to make the buying process simpler for consumers. Along with a no pressure and obligation sales approach, the consumer is at ease knowing they have control over the situation and can purchase at will. Giving consumers the ability to take control over the sales process aligns with Best Buy incorporated customer...
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