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Company History : Richard M. Schultz Essay

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Company History Richard M. Schultz founded best Buy in 1966 originally under the name Sound of Music. Originally, Best Buy started as a small retailer of audio components. In the early 1980s, the company started selling video products beginning with the videocassette recorder. In 1983, the company changed its name to Best Buy Inc. and expanded by opening “superstores” that offered a much wider variety of products. Best Buy’s concept of a consumer electronic “superstore” primed them for a large expansion from the 1980s until around 2000. Today, Best Buy sells a broad variety of consumer electronics ranging from video games, to televisions and appliances in over 1,100 stores as well as an online store with similar inventory to the brick and mortar shops. Along with opening over 1,100 stores, Best Buy acquired many different companies, such as Magnolia Hi-Fi and Geek Squad, to cater to many different needs of the customer. The acquisitions of these companies is in line with their mission statement: “To make life fun and easy” by providing customers with the latest and most suitable technology.
Mission
Best Buy’s mission is to provide a consumer electronic “superstore” that is able to satisfy various needs of the customer. Their acquisition of many brands with different focuses, such as Magnolia Audio Video, Geek Squad, and Speakeasy, show the diverse nature of the companies that Best Buy owns. The companies are then generally combined into one store front to create the
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