A Report On Bust Buys

The company's objective is to discharge the responsibility as leaders in its trade by acting with complete integrity, by carrying out its work to the public good and to the quality of life in the community, to provide unrivalled value to its customers in the quality of the goods it sells, in the competitiveness of its prices and in the range of choice it offers.

Best Buy Co., Inc. is the largest electronics retailer in United States with international presence in Mexico, Canada and China. Best Buy Co., Inc. is headquartered in Richfield, Minnesota and currently operates more than one thousand brick & mortar stores. Founded in 1966 as “Sound of Music”, Best Buy Co., Inc. evolved from a small regional audio specialty store to a multinational consumer electronics retail chain within a short span of time. The company’s current name “Best Buy” was adopted in 1983 with an aim to emphasize a greater consumer electronics branding. Best Buy Co., Inc. went public in 1987 when it got listed on the New York Stock Exchange.

Their short term objectives would be increasing sales. The vision would centre around employee co-ownership with the happiness of partners as the ultimate purpose. The mission is the satisfaction of employees. Finally, the value would be to represent the best possible choice, as a result of providing the best quality, trust and customer service.

• Continual improvement to the quality of its product by offering value-added initiatives such as:

To be client-driven and maintain consistency in delivering the quality products and services in the most cost-effective

Our mission is to provide consumers with innovative products to increase efficiency and productivity while proving to have less impact on our environment and help our customers do so as well. We wish to prolong our current economic growth and protect our planet in the process. The integrity of our company is based on the quality of our products, our satisfied customers, the integrity and conscientiousness of our employees and our sincerity to innovative development and evolution.

The consumer electronics giant, Best Buy, was first established in 1966 with a single location and a staff of three in St. Paul, Minnesota, selling audio equipment targeted at 18-25 year old males. Initially Sound of Music/Best Buy grew through acquisition, expanding to nine locations in the Twin Cities area by 1978. The name, Best Buy, and expanded product line, ranging from audio and video equipment to large appliances, were a result of a “best buy” sale of damaged inventory at bargain prices in 1981. In the mid-1980s, Best Buy launched superstores similar to those of their main competitor, Circuit City and expanded by 15 stores between 1985-86. In 1989, Best Buy launched itself as a

Richard M. Schulze founded Best Buy with business partner James Wheeler when they opened “Sound of Music,” an audio specialty store located in Saint Paul, Minnesota in 1966. In 1967 Sound of Music acquired Kencraft Hi-Fi Company and Bergo Company, which led to a second and third store opening near the University of Minnesota and in downtown Minneapolis. The Sound of Music ended its first year with gross sales of $173,000(USD). In 1969 Sound of Music stock was first traded as a publicly held company and in 1970 they hit the $1 million mark in annual revenues. In 1983, Sound of Music’s board of directors approved a new corporate name: Best Buy Co., Inc. The name resembled its marketing strategy: Whatever the product, it

Their goal is to focus on environment protection and ensure that the right products are placed in challenging markets. Apart from that, they want to boost the profitability and at the same time enhance the flexibility and efficiency of production. Moreover, they aim to increase their customer base and also delivering better satisfaction to the current customers. (para. 3, 4)

Addressing the needs of its employees. Meeting the needs of the employees and maintaining a profit margin.

The company aims at improving their sales to ensure that there is a high return on the investment and maximize the profits that the company targets to accomplish.

In 1966, Richard Shulze opened a small business in St. Paul, Minnesota called Sound of Music. In the next 17 years Shulze's small store rapidly grew into a multi-million dollar outfit. In 1983, Sound of Music changed its name to Best Buy Co., Inc and the first superstore was opened in Burnsville, Minnesota. With the new name the store also began carrying more name brands, appliances, VCRs and offering central service and warehouse distribution. Throughout the nineties Best Buy became pioneers in offering the newest technology such as DVDs and high definition TVs. In 1999, Best Buy and Microsoft combined to cross promote each other and also offered a two for one stock split. Now in 2005, almost 40 years after the first store

• Put in place a more Scientific Approach to identify best opportunities for new business.

The overall goal of the business is to make a profit through efficient management. As it’s not an independent business organisation (because it depends on reliable assets), their goal is to use their present assets to generate continuous profits.

This will help the company to deliver product and services that satisfy customers, hence increasing profitability.