The Micro Environment
Best Buy’s mission statement is “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.” Their company perspective is the following “Our vision is to make life fun and easy. Our business strategy is to bring technology and consumers together in a retail environment that focuses on educating consumers on the features and benefits of technology and entertainment products, while maximizing overall profitability. We believe our stores offer consumers meaningful advantages in store environment, product value, selection and service, all of which advance our objectives of enhancing our business model, gaining market share and improving profitability.” Best Buy strives to continue its growth and innovation in order to come up with new ideas and new ways to intrigue their customers and also new ways for their employees to work as a team and work together. One of their goals is to offer solutions for entertainment and technology that will meet their customers’ needs, “end-to-end.”
Best Buy’s core competencies is simply to make technology and entertainment products affordable and easy to use for their customers. “We're world-class in store experience, customer orientation, inventory management, executing new store concepts, and rallying our people around common goals, as well as, marketing, merchandising and related disciplines.” Some areas of improvement that Best Buy is currently undergoing are to be greener. In order to do so, they have to add more green vehicles when it comes to transportation and also stocking more green products in their stores so they can educate their customers about the impacts they may have by purchasing green products.
Best Buy’s top three main competitors include Wal-Mart, Target, and RadioShack. Wal-Mart not only engages in