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Best Buy Case

972 Words4 Pages

Best Buy
The cooling color of blue with a yellow price tag and black letters that declares “Best Buy” is how the store stands out in a shopping strip. Consumers, looking for the store need only look for the yellow price tag. Best Buy began its journey in 1966 but was known as Sound of Music. Richard M Schulze and Gary Smoliak opened the first store in Minnesota. The company was profitable and in 1970 when Mr. Schulze bought out Gary Smoliak and became sole owner.
In 1981, Schulze was content but began to perceive external factors of the industry were beginning to change. Sound of Music made a profit selling stereos but technology was changing and Mr. Schulze realized that the company’s strategy may be at risk. In 1982, Schulze expanded …show more content…

Three years later in 1987, Best Buy is a recognized name with over 25 stores worth $240 million however, the increase in revenue did not outshine the decrease in profits. After a couple of years, Best Buy introduced the Concept II idea. Concept II decreased the number of sales staff by placing the boxed items on the shelf allowing the customer to select the item and pay for it at the cashier. No need for the salesperson to go and retrieve the item for the customer. The idea was successful and revenue …show more content…

Best Buy sells a disparity of technology products. Televisions, computers, printers, tablets, washers, dryers, vacuums, refrigerators, sound systems both indoor and outdoor, amplifiers, movies, and music. Within the stores are mini stores. A section in the store dedicated to a specific product. For example, phones and service can be rented or purchased at Best Buy. No need for the consumer to drive to a name brand location like AT&T. Customers may be browsing for a television and can opt to update the cell phone. Another store within the store is the appliance and tablet section and the Geek Squad. Each section dedicated to that particular service staffed by employee’s ready to assist and satisfy the customer’s needs. The AFI Strategy Framework has helped the company maintain a competitive

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