Best Buy
Executive Summary
Best Buy Company, Inc. is the multinational retailer of consumer electronics in the United States. Together with its subsidiaries, which include Geek Squad, Magnolia Audio Video, Pacific Sales and Future Shop, the company has approximately 4,000 stores located in the United States, Canada, Mexico, China, and Turkey.
Best Buy considers their value added approach to customer service, by creating positive experiences during the initial purchase and afterward, to be the contributor that allows the company to stand out from its competitors. By investing in sales staff training, employees have a clear understanding of the products they sell, and are better equipped to provide consistent and guaranteed quality service. These two factors, customer service and employee training, underwrites Best Buy’s recognized superior service. This unique shopping experience integrates, and engages their customers, creating positive returns for the stakeholders.
The identification of Best Buy’s strategic opportunities and threats within their operating environment are identified by assessing the consumer electronics industry, the competitive environment, and the socioeconomic and macroenvironment.
Distinct competencies, resources and capabilities are processes used to create value and profit for the company. Best Buy has claimed sustained competitive advantage as they have been the ongoing industry leader in the consumer electronics industry.
Superior innovation, quality, and customer responsiveness continue to be the sources of Best Buy’s competitive advantage.
Introduction and Company Overview
Founded in 1966, Best Buy was formerly known as Sound of Music, and is headquartered in Richfield, Minnesota. The company entered the retail electronics market offering audio components, expanding into the video and videocassette recorder market. In 1983, the company changed its name to Best Buy Co. Inc., followed by a change in operations to a “superstore”
Best Buy Company, Inc. is the multinational retailer of consumer electronics in the United States. Together with its subsidiaries, which include Geek Squad, Magnolia Audio Video, Pacific Sales and Future Shop, the company has approximately 4,000 stores located in the United States, Canada, Mexico, China, and Turkey.
Best Buy considers their value added approach to customer service, by creating positive experiences during the initial purchase and afterward, to be the contributor that allows the company to stand out from its competitors. By investing in sales staff training, employees have a clear understanding of the products they sell, and are better equipped to provide consistent and guaranteed quality service. These two factors, customer service and employee training, underwrites Best Buy’s recognized superior service. This unique shopping experience integrates, and engages their customers, creating positive returns for the stakeholders.
The identification of Best Buy’s strategic opportunities and threats within their operating environment are identified by assessing the consumer electronics industry, the competitive environment, and the socioeconomic and macroenvironment.
Distinct competencies, resources and capabilities are processes used to create value and profit for the company. Best Buy has claimed sustained competitive advantage as they have been the ongoing industry leader in the consumer electronics industry.
Superior innovation, quality, and customer responsiveness continue to be the sources of Best Buy’s competitive advantage.
Introduction and Company Overview
Founded in 1966, Best Buy was formerly known as Sound of Music, and is headquartered in Richfield, Minnesota. The company entered the retail electronics market offering audio components, expanding into the video and videocassette recorder market. In 1983, the company changed its name to Best Buy Co. Inc., followed by a change in operations to a “superstore”