Best Buy

BEST BUY 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

Executive Summary: Established in 1966, Richfield, Minnesota-based Best Buy Co. is the largest consumer electronics retailer in the world. As of 2012, the company occupies about a quarter of the market share followed closely by Wal Mart and Amazon. Through the years Best Buy has managed to outperform competitors constantly by adapting its business strategy to consumer needs.(Exhibit 1: Full SCEQ analysis) Complication: Best Buy’s problem lies in the fact that although it still has the largest

the strategies and the goals for future growth in marketing. One of the best ways a company can analysis its sustainability is by understanding its strength, weakness, opportunities and threats (SWOT). Best Buy Co., Inc. the largest consumer electronics retailer is known to be the leading provider of technology products, services and solutions with 1,400 stores and is located in Canada, Mexico and the United States. (Best Buy, 2016) STRENGTHS • Brick and Mortar Retailer • Brand Loyalty in price

Best Buy is widely established as one of the leading consumer electronic stores across the globe, labeled as a category killer retailer within the consumer electronics genre. Target, a discount store, acts as one of the many competitors within the electronics field despite the store having a wider breadth of available merchandise for the customer to consider. Ranging from clothing to furniture to even a section for groceries, Target aims to meet many needs that the consumer may have. Best Buy caters

THE STRENGTHS OF BEST BUY Good customer satisfaction levels, especially with women, who have the most consumer electronics purchases in the United States. An ability to retain customer loyalty. Marketing expertise in the electronics sector. Large footprint in the United States with 1,731 stores. Good relationship with trending brands, Best Buy was the second store in to sell the Apple Watch, after the Apple Store. Successful in e-commerce. Best Buy generates around $3.54 billion annually from its

Background & History: Best Buy Co., Inc (Best Buy in short) is a Minnesota-based large electronic retail store in U.S, Canada and Mexico. As the predecessor of Best Buy, Richard M. Schulze established Sound of Music, Inc. in 1966, which is electronic store focusing on home and car stereo (Gibsons and Billings, 12). Afterwards, with 17-years of business expansion, Richard and his partner altered the company’s name into Best Buy Co., Inc. In the corresponding year, the annual revenue of Best buy reached $9.7

Best Buy is the largest consumer electronics retailer in the United States, averaging 25% of market share. Founded in 1966, Best Buy now contains over 1,500 stores and generates around 40 billion in annual revenue. The corporation’s values are split between its internal core values and its “Unique Customer Promise” (Best Buy). The business pledges to “unleash the power of its people”, “show respect, humility, and integrity” as well as “having fun while being the best” (Best Buy). The promise to customers

performance Best Buy is the largest retailer of consumer electronics in the world. The company has a large of stores in the U.S. and about 2,916 stores in China, Canada Mexico as well as 8 European countries. Best Buy is the 10th biggest online retailer in the united states and more than 1.6 billion users visit the company’s websites or the stores each year. Best Buy currently employs approximately 165,000 people and its world consumer electronics market share is 19 percent. Best buy unlike its competitors

(Best Buy Co Inc.) Industry Analysis ➢ Group map ➢ Barriers to Entry Economies of Scale High Differentiation High Total Capital requirements High Switching Cost (at Individual level) Low Switching Cost (at Business level) High Advertising High ➢ Barriers to Exit Specialized in assets making High Level of Fixed Costs High Commitment Level Low Management Level Low Contractual level of Commitment High ➢ Rivalry Concentration Level High Low Rivalry Rate of Growth Steady Rivalry level is

Brad Smith Background and Problem Statement – Best Buy Company, Inc. is the world’s largest specialty retailer of name-brand consumer electronic products. Product categories include home office, consumer electronics, entertainment software, and major appliance products. The Company currently offers over 6,000 products in these product categories. During fiscal 2000, the Company increased its store count by approximately 15%, with the addition of 47 new stores, including nine small-market