Business Summary of Best Buy Co. Inc. Essay

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.

In the similar time period Japanese Yen has been in the third position with a turnover position of 20.8% in the year 2005. The overall financial market currency structure has seen a decline in the turnover position of the US Dollar to 85% from a strong position of 88%. Similarly a decline has been in the position of the Japanese Yen to 17.2% from an acceptable turnover position of 20.8%. While considering the trend of these two currencies during the period starting from 2007 and ending at 2010, it is to be noted that minute changes were seen in the two different currencies with regards to their share in foreign currency market. The US Dollar witnessed a continued fall to 84.9% from its previous 85.6% however, the Japanese Yen saw a rise from its previous position of 17.2% to an increase of1.8% that is 19%. During the same time period the US dollar and Japanese Yen were the second most traded paired currencies and was traded at around 14% of the overall foreign currency market second to the US Dollar and Euro pair. Conclusion The foreign exchange market has seen considerable changes owing to the global financial crisis. It is to be seen how different factors like economy and global politics further impact strong currencies like the US Dollar and other competing currencies such as the Japanese Yen.

Best Buy Co., Inc. is a multinational retailer of technology and entertainment products and services in the U.S., Canada, and Mexico. The multinational retailer sells both products and services through more than 1,600 retail, mobile stand- alone, and smaller express stores under the Best Buy, Best Buy Express, Best Buy Mobile, Five Star, Future Shop, Geek Squad, Magnolia Audio Video, and Pacific Kitchen and Home Sales banners. Its stores sell a variety of electronic gadgets and wearables, tablets, movies, music, computers, mobile phones, and appliances. On the services side, it offers design, delivery, installation, repair, maintenance, technical support, and subscriptions for mobile phone and Internet

Their logistics has several problems ranging from their inventory has an excess queue time and the turnover is very low. As for their sales which have been stated previously, has been slowly declining due to online competitors such as Amazon. Best Buy needs to take some sort of measure to differentiate themselves from low priced competitors like Amazon and increase their market share in those markets. The implementation of the “store within a store” for Samsung and Microsoft will need to be strategically placed in the store, maybe some possible rearrangement of the stores layout. If you have ever been in a Wal-Mart, you may have noticed the strategic layout.

In the international segment each of the nine European countries run their operations at a smaller level than the Best Buy branded stores but the rest of the branded stores in those territories run an operating model similar to that used in the U.S. stores. The only differences would be in Canada and China where Best Buy runs and supports two principal brand companies. In Canada the Future Shop stores “Have commissioned sales associates who take a proactive role in assisting customers and driving

- Best Buy stores offer the Best Buy Mobile store-within-a-store feature and access to Geek Squad services.

Best Buy Inc. is the largest consumer electronic retail store chain in the United States. Best Buy Inc. is now a multinational business, headquartered in Richfield, Minnesota, with many stores in United States, Canada, Mexico and Europe. It was founded in 1966 as an audio specialty store by name “Sound of Music”. It was renamed in 1983 as “Best Buy” after the famous “Tornado Sale” in its Minnesota store. It was listed on New York Stock Exchange (NYSE) in 1987 and Standard and Poor (S&P) 500 in 1999. It was named “Company of the year” by Forbes magazine in 2004. Hubert Joly serves as the current CEO and the chairman of the company.

Best Buy Co., Inc. is an American multinational consumer electronics corporation headquartered in Richfield, Minnesota, a Minneapolis suburb. It operates in United States, Puerto Rico, Mexico, Canada, and China. The company was founded by Richard M. Schulze and Gary Smoliak in 1966 as an audio specialty store; in 1983, it was renamed and rebranded with more emphasis placed on consumer electronics. Best Buy 's subsidiaries include Cinema Now, Geek Squad, Magnolia Audio Video, Pacific Sales, and Cowboom. Best Buy operates under the Best Buy, Best Buy Mobile, Geek Squad, Magnolia Audio Video, and Pacific Sales brands in the US; the Best Buy, Geek Squad, Cell Shop, Connect Pro, and Future Shop brands in Canada; Best Buy Mobile

Since its start in 1966 Best Buy Co., Inc. has become a leading multi-channel global retailer and developer of technology services and products. The company is headquartered in Richfield, MN and currently has 180,000 employees. Best Buy operates in the U.S., Canada, Mexico,

Best Buy Company, Incorporated (BBY), is a New York Stock Exchange traded supplier of consumer electronic devices headquartered in Minneapolis, Minnesota. Best Buy began as an audio specialty under the name “Sound of Music” founded by Richard Schultze and Gary Smoliak in 1966. Schultze eventually bought out his business partner and in 1986 rebranded the store under its current moniker and began to expand beyond its Minnesota roots.

Best Buy has about 1,500 stores nationwide and counts with approximately 125,000 employees in North America. The firm grew to be the world’s largest provider of consumer electronic products and services. Best Buy Co. Inc. has two sub-organizations called Geek Squad and Best Buy Mobile. All general Best Buy’s stores count with the service from the Geek Squad, which was created in 1994, and merged with Best Buy in the year of 2002. The Geek Squad Agents provide computer-related services and solutions through many channels and have added a lot of value for Best Buy since the merge.

This company partners with over 120 factories and some that are located overseas which provide foreign jobs. They work hand and hand with the suppliers on the design, production and testing on all products. They also exceed expectations for a safe and healthy work environment where all workers are treated fairly, respectfully and equally and same to the customers. In my research I also came across that Best Buy also participates in a U.S. and China joint Customs and Border Protection, they are also involved in a program called Custom-Trade Partnership Against Terrorism (C-TPAT) in which I found very intriguing since you never hear of companies doing this or at least I have not, since I am military and while finding this out they will now have more support from me. I would say Best Buy is an organization that takes its social and ethic responsibilities serious and has surpassed my expectations.

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

It has a 3rd most visited website in US. Best Buy is a global leader with stores across the globe. Mainly in Canada, Mexico, and China with around 15000 employees and 400 stores worldwide.

Best Buy Inc. is one of the biggest trade companies that specializes in selling electronics within North America, including Mexico and Canada. Besides providing a wide selection of products, they have an advantage over other competitors because of the superior products through differentiation strategy. Best buy increases their customer value by providing something to their customers not provided by their competitors, and that is the Best Buy’s Geek Squad protection which provides 24 hour in home technical assistance. This company has experimented with different strategies from Concept I to Concept IV. For this reason, the following mini case study will demonstrate its strategies developed which led to its success and how its success is shown in its income statement for the fiscal year of 2016.