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Best Buy Swot Analysis Paper

611 Words3 Pages

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”. The current CEO Hubert Joly ensures that with these values, Best Buy will continue to be one of the top electronic retailers. In order to determine what is needed to stay ahead of the competition, Best Buy needs to conduct a SWOT analysis. “Once a company has a firm understanding of where it stands financially, the next part of the internal assessment is conducting a SWOT analysis, which stands for a …show more content…

It offers quality products with unbeatable prices by offering price match against most competitors. Best Buy sell a wide range of famous brands such as Sony, Microsoft, LG, Samsung, Verizon, Sprint, Apple, in Mobile, Computers, Gaming, Appliances, Home Theater, and Car FI departments. It is a diverse company offers In Store and Online Sales. Several locations and always located in or on the outskirts of shopping malls. It is a great working environment that offers great customer service from helping find a product, ask questions concerning a product, offer finance options, provide Geek Squad services such as installation/repairs, and warranty

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