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Best Buy: Mission Statement

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As discussed previously, Best Buy does not have a formal mission statement; however their goals are very clear and focused with CEO Hubert Joly leading the team. Best Buy has shown signs of vertical integration with the acquisition of similar companies such as Canada’s Future Shop and China’s Jiangsu Five Star Appliance Co., nevertheless they are not displaying any new signs of this. With Best Buy now being the largest company of its kind, they now have different and new competitors such as Amazon, which they are now diversifying themselves in order to compete with Amazon by price matching. However, this may be risky due to Amazon operating on such low profit margins. One way Best Buy has recently improved their diversification as well
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Best Buy was founded in 1966 in Minnesota by Richard Shulze with one store originally called “Sound of Music” in which he only sold home and car stereo equipment before the name changed to Best Buy in 1983. Best Buy is one of the largest retailers internationally that provides technology products, services, and solutions in the US, MX, China, and Canada. Best Buy main competitors are Amazon, Walmart, and Sears. Best Buy “now operates 1,475 stores in the United States and 468 stores in Canada and Mexico” on a daily basis. Instead of having the standard mission statement, Best Buy has a list of Core Values that includes: “Unleash the Power of Our People, Learn from Challenge and Change, Show Respect, Humility, and Integrity, and Have Fun While Being the Best”.

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In addition to selling products they also help customers with their computer problems and they give music lessons. It all started in 1966 when Richard Schulze and one of his partners opened a small store in St. Paul, Minnesota (Best Buy Co., Inc. History, n.d, para.1). Best Buy wasn’t always Best Buy it started off as a home and care stereo store called Sound of Music, Inc (Best Buy

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Global Expansion: Reaching out to new markets and potential customers can help secure Best Buy as a global power house of technology sales. Online growth: With the constant push towards less brick and mortar companies and more online stores Best buy can further reach more customers by appealing to their needs. Threats: Internet based and brick and mortar competitors: Best buy has low competition as far as these are concerned due to their domination of the market. Economic downturn: Best buy should continue to take steps in the case of economic slowdown to ensure the companies stability, such as what they did by lowering their number of employees. Overview and

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(Roose) Best Buy’s corporate responsibilities are the most important to the business and its stockholders. Best Buy seeks to be transparent with customers on which items are eco-friendly as well as improving the company’s operations and supply

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Competitors, customers, and suppliers are the components of Best Buy’s industry environment. With a revenue of $39,895 million as of August 2017, Best Buy is the all-time leader in the electronics and appliances retailing industry. Previously, Best Buy’s number one competitor was Circuit City Store but this company is now out of business. Currently, in the electronic e-commerce competitive ecosystem, Amazon is Best Buy’s primary competitor. Amazon is the largest online retailer in the world and is continuously gaining market share in the U.S.

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Best Buy is a major market sharer and is known for being dominant in retailing electronics. Bestbuy operates 1,231 stores that are spread across the U.S., Europe, Mexico, China, Turkey, and Canada. The company also has intensive cost management and this was shown since 2019 Best Buy's earnings have gone up tremendously because of their effective cost management. Best buys interest expense went from $72 million in 2017 all the way down to $64 in the fiscal year 2020. Additionally, the company offers multiple shopping opportunities as the company encourages customers to shop for longer and to act on their wants and impulses.

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