“BEST BUY CO INC”

Abstract

Best Buy Co Inc is a leading American electronic retailer company. Its annual report gives a brief analysis of the companies' vision and mission statement. This vision and mission was not only made but has also practically proved to be successful in achieving it. Best Buy proves itself to be the leader in the market by accomplishing its goals and the way it lives its mission and vision statement. The company further expands in the market by the process of acquisition to expand its business and to achieve economies of scale. This helps the company to gain a larger market share and to gain economies of scope. Multinational companies like Best Buy, expand their global reach by carrying their products and brands in various markets in emerging economies. They then created their market image by creating their brand portfolios to meet the local needs in a better and more efficient way.

“BEST BUY CO INC”

Introduction

Best Buy Co., Inc. is a Fortune 100 company and the largest specialty retailer of consumer electronics in the United States and Canada, accounting for 21% of the market. (Matthew 2006). Best Buy Co is an American company that retails consumer electronics in the United States of America. It holds 19 percent of market. Its operational offices are in Mexico, Canada, China and Puerto Rico but its headquarters are in Minnesota and Richfield. Best Buy's mission statement has been established from a remarkable past. In 1966, Best Buy started its business in a shop known as Sound of Music and then further progressed to open more and more shops but unfortunately in 1981, hurricane struck its most profitable shop. This was a huge setback for the company, but they also kept an exciting sale offer for its customers to recover from such a huge loss. They progressed further by discovering a new formula i.e. huge discounts, myriad store and no commissions was what they advertised.

Discussion

Best buy had grown progressively by the year 1996, but with a computer rollout problem they have not been profitable and this proved to be a great disadvantage for the company as they were left with useless stock worth of millions of dollars. This again led them to a new phase of crisis. This crisis made them realize that they required a standardized and a controlled type of supply chain. Hence, they became the world's best selling consumer electronics to millions of people. Now they own 1300 stores employing 150,000 employees around the world. Their earnings have reached more than $45 billion annually consisting of the most famous and successful brands such as Audio visions, Best Buy, Future Shop, Car phone Warehouse and the Geek Squad. So now, they can successfully prove themselves in the market and with the mission statement saying: "To offer customers a perspective they can trust in the midst of techno stress and make technology live up to its promises for people everywhere”. This is truly a great mission statement because a good statement always ...