Best Buy was founded in 1966 by the current CEO Richard M. "Dick" Schulze. Based out of Eden Prairie, Minnesota the corporation currently has 446 stores and earned over 83 million in total revenue last year. Best Buy carries a wide variety of products consisting of Major Appliances, video and audio equipment, computers, software, music, and wireless technology. When analyzing this corporation it is important to pay close attention to its current and future services and products, any problems with the corporation, the future direction Best Buy is headed, what can be done for the corporation, and what it can do for you as a consumer or employee.
Best Buy is currently the number one computer retailer throughout the U.S. and offers multiple promotions. In December of 1999, Best Buy signed an agreement with Microsoft to offer yearly and monthly contracts through MSN, Microsoft's internet service provider. This pact was an advantage for both companies. Microsoft helped Best Buy develop their website and promote eCommerce. They also bought 200 million in Best Buy stocks raising the price from $1.49 a share to $49.95. Best Buy in return is offering MSN to the 200 million customers that pass through its doors on a yearly basis. One of the largest money makers for Best Buy is its three year product service plan (PSP). The PSP is almost pure profit, and has formed into something very lucrative for the company. It is offered on almost all of the products in the store, and management is instructed to put a huge emphasis on its sale. Best Buy also offers the in home delivery and installation of video and major appliances. Because of this agreement with Microsoft, Best Buy's eCommerce is an excellent source for customers to purchase anything in the store on line. Netflix a major source for renting DVD's online has teamed up with Best Buy to enable the customer to buy the DVD movie of choice right from the Best Buy website. BestBuy.com also offers the consumer the option to...
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