This paper provides an overview of Best Buy, a well-known retail company, focusing on its background, mission, operations, and benefits to customers. Furthermore, it examines how the four quadrants of the balanced scorecard apply to Best Buy's operations and performance.
Best Buy is an American multinational consumer electronics retailer founded in 1966 under the name Sound of Music by Richard M. Schulze and Gary Smoliak. The company initially specialized in audio equipment before expanding into other consumer electronics categories. In 1983, the company changed its name to Best Buy Co., Inc. and adopted its iconic yellow tag logo. Best Buy's mission is to enrich people's lives through technology by addressing their evolving needs and providing exceptional products and services. The company
…show more content…
The company focuses on achieving sustainable profitability and delivering shareholder value.
Customer Perspective: Best Buy places a strong emphasis on customer satisfaction and loyalty. The company tracks metrics like customer retention, Net Promoter Score (NPS), and customer feedback to continuously improve its offerings and ensure a positive customer experience.
Internal Process Perspective: Best Buy continuously strives to enhance its internal processes to deliver superior customer service and operational efficiency. This includes inventory management, supply chain optimization, and employee training and development programs to maintain high service standards.
Learning and Growth Perspective: Best Buy recognizes the importance of continuous learning and innovation to stay ahead in the fast-paced technology industry. The company invests in employee training and development programs, fosters a culture of innovation, and encourages knowledge sharing among its workforce.