Circuit City Circuit City’s decisions and actions was guided by the company’s mission statement (Farfan, 2017). Pearce and Robinson (2015) state the company’s mission, “describes the firm’s product, market, and technological areas of emphasis, and it does so in a way that reflects the values and priorities of the firm’s strategic decision makers” (p. 23). According to Farfan (2017), the following was Circuit City’s mission statement, "To make sure that we are all working in the same direction, each of us must live and breathe Circuit City's values and use them as a guidepost for our actions and decisions". Furthermore, Farfan (2017) states the following were Circuit City’s detailed corporate values: Respect: Our Associates are our greatest …show more content…
We foster an environment of engagement where associates are invested and involved in the future of the company. What you do matters. Simplify: Use your fresh perspective to look, ask, and learn. We never stop looking at the way we approach our business and ways to simplify processes. Maintain the highest integrity: We expect all of our associates to maintain the highest of ethical standards. Our integrity must never be compromised. Integrity is the foundation onto which all other values are placed. Circuit City’s mission statement and corporate values vanished with the company when it filed for bankruptcy and liquidated all of its assets in 2009 (Farfan, …show more content…
As a part of its expansion strategy, the company opened up discount stores in 1953. And to go even further, in 1961 the company went public in order to finance a nationwide expansion (Romero, 2013). Unfortunately, by moving too quickly almost caused the company to file bankruptcy in 1975 (Romero, 2013). The company had to take a step back and reanalyze its business strategy. According to Romero (2013), “the company closed or sold a number of unprofitable outlets, and by the late 1970s it was ready to start expanding again”. This time, the company began expanding under a new name, Circuit City “superstore”, and a new retail model in which offered its customers assistance from experienced commissioned sales-people with their purchases (Romero, 2013). Then in the 1980’s, the number of Circuit City superstores grew quickly along with the growing consumer demand of retail electronics (Romero,