Best Buy International Analysis

4591 WordsNov 28, 201019 Pages
The Company 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…show more content…
The International segment includes: All Canada operations under the brand names Best Buy, Best Buy Mobile, Future Shop and Geek Squad. All Europe operations under the brand names The Carphone Warehouse, The Phone House and Geek Squad. It also includes all China operations under the brand names Best Buy, Geek Squad and Five Star. All Mexico operations under the brand name Best Buy and Geek Squad and lastly all Turkey operations under the brand names Best Buy and Geek Squad. Domestically, store operations are organized by store brand. U.S. Best Buy store operations are separated into districts and are under the management of a retail field officer who oversees store performance through district managers. District managers meet regularly with store managers to discuss different things such as merchandising, new product introductions, sales promotions, customer loyalty programs, employee satisfaction surveys and store operating performance. Internationally, Best Buy has different product lines located in nine European countries. The Carphone Warehouse and The Phone House stores employ sales associates that provide independent advice on the best service and hardware suited to each customer. Their goal is to have the customer leave the store with a fully active phone and a service contract.

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