Case History on Best Buy
Best Buy, Inc. Case Study: Case History
Clayton Bender, Justin Swanson, Kaitlyn Krause, Michelle Chambers, Elmon Tanielian
Company Background:
Best Buy Co., Inc. operates as a multinational retailer of consumer electronics within the services industry. Founded in 1966 under the name Sound of Music, Inc., Best Buy underwent a name change in 1988. It was founded by Mr. Richard M. Schulze and is headquartered in Richfield, Minnesota. Best Buy operates under a Board of Directors but is a publicly traded company owned by stockholders. The company operates retail stores and call centers and conducts online retail operations under a range of brand names such as Best Buy, Best Buy Mobile, The CarPhone Warehouse, Five Star, Future Shop, Geek Squad, Magnolia Audio Video, Pacific Sales and The Phone House. Best Buy is the 11th largest online retailer worldwide and ranks #468 on the Forbes Global 2000 (Global 2000 Leading Companies, 2012).
The mission of Best Buy, though not directly outlined as such, can be summed up by a quote from the CEO. "Our formula is simple: we’re a growth company focused on better solving the unmet needs of our customers—and we rely on our employees to solve those puzzles. Thanks for stopping” (About.com). Best Buy’s vision is, “To make a meaningful and lasting impact on the quality of life in the countries and communities we serve.” Best Buy has four primary values that govern decision-making processes; unleash the power of our people, learn from challenges and change, show respect, humility and integrity, and have fun while being the best (Code of Business Ethics, 2013).
Best Buy’s Market Philosophy:
Best Buy operates in all 50 states, districts and territories within the United States. Various brand names under the Best Buy Inc. umbrella exist throughout the geographic area including Best Buy, Best Buy Mobile, Geek Squad, Magnolia Audio Video and Pacific Sales (Best Buy 10k Report, 2012). In the US alone, Best Buy reaches nearly 1
Clayton Bender, Justin Swanson, Kaitlyn Krause, Michelle Chambers, Elmon Tanielian
Company Background:
Best Buy Co., Inc. operates as a multinational retailer of consumer electronics within the services industry. Founded in 1966 under the name Sound of Music, Inc., Best Buy underwent a name change in 1988. It was founded by Mr. Richard M. Schulze and is headquartered in Richfield, Minnesota. Best Buy operates under a Board of Directors but is a publicly traded company owned by stockholders. The company operates retail stores and call centers and conducts online retail operations under a range of brand names such as Best Buy, Best Buy Mobile, The CarPhone Warehouse, Five Star, Future Shop, Geek Squad, Magnolia Audio Video, Pacific Sales and The Phone House. Best Buy is the 11th largest online retailer worldwide and ranks #468 on the Forbes Global 2000 (Global 2000 Leading Companies, 2012).
The mission of Best Buy, though not directly outlined as such, can be summed up by a quote from the CEO. "Our formula is simple: we’re a growth company focused on better solving the unmet needs of our customers—and we rely on our employees to solve those puzzles. Thanks for stopping” (About.com). Best Buy’s vision is, “To make a meaningful and lasting impact on the quality of life in the countries and communities we serve.” Best Buy has four primary values that govern decision-making processes; unleash the power of our people, learn from challenges and change, show respect, humility and integrity, and have fun while being the best (Code of Business Ethics, 2013).
Best Buy’s Market Philosophy:
Best Buy operates in all 50 states, districts and territories within the United States. Various brand names under the Best Buy Inc. umbrella exist throughout the geographic area including Best Buy, Best Buy Mobile, Geek Squad, Magnolia Audio Video and Pacific Sales (Best Buy 10k Report, 2012). In the US alone, Best Buy reaches nearly 1
Cited: Global 2000 Leading Companies. (2012, April). Retrieved from Forbes: http://www.forbes.com/companies/best-buy/ Best Buy Balance Sheet Best Buy, Inc. (2012). Best Buy 10k Report. Richfield: Best Buy. Best Buy, Inc. (2013, January 22). About Us. Retrieved from Best Buy Canada: http://www.bestbuy.ca/en-CA/about-best-buy-canada.aspx?path=9825360f7559258208ae2438cb28c580en99 Best Buy, Inc Brandon, J. (2007, April 4). Rethinking the Time Clock. Retrieved from CNN Money: http://money.cnn.com/magazines/business2/business2_archive/2007/03/01/8401022/index.htm Conlin, M Kerrigan, H. (2012, April). Results-Only Work Environment Goes Public Sector. Retrieved from Governing: http://www.governing.com/topics/public-workforce/gov-results-only-work-environment-goes-public-sector.html The Associated Press Zimmerman, A. (2012, 10 12). Best Buy to Match Online Prices. Wall Street Journal. Exhibit 1: Best Buy’s Domestic Sales Allocation (Best Buy 10k Report, 2012) Exhibit 8: US Promotional Focuses Broken Down in Quarters (On Best Buy Media Network, 2011)