Best Buy Case
A BRIEF HISTORY, DEVELOPMENT, AND GROWTH OF BEST BUY CO., INC.
First known by the world as Sound of Music in 1966, Best Buy Co., Inc. began its journey in the world of finance and technology in Saint Paul, Minnesota. A year later after Sound of Music opened its doors to public, the company acquired Kencraft Hi-Fi Company and Bergo Company. The expansion of Sound of Music did not wait and in 1967 two new branches were opened in Minneapolis. Ending the year with superior revenue than what had been expected, Richard M. Schulze and James Wheeler, the founders of Sound of Music, decided to trade as a publicly-held company. The fast growing company opened three stores opened in the Twin Cities area in 1970 and that same year Sound of Music hit the $1 million mark in annual revenues.
On June 14, 1981, a tornado hit the Roseville, Minnesota store. Since the tornado represented a great catastrophe for the habitants of Roseville, Sound of Music in an attempt to support the most damaged areas, responded with a “Tornado Sale.” The “Tornado Sale” was promoted as a “Best Buy”; the sale became so popular that it then became an annual sale. It was until 1983 that the name Best Buy Co., Inc. was approved by the board of directors. The successes of Best Buy Co., Inc. in the previous years lead the company to become a publicly traded stock. It was until 1985 that Best Buy made its appearance in the New York Stock Exchange with an offering of 8.3 million shares. Since its foundation, Best Buy Co., Inc. has aimed to provide its clients with the best products in order to achieve a total customer satisfaction.
BEST BUY CO., INC.’S STATED VISION, MISSION, AND GOALS
Best Buy’s vision is to make life fun and easy. Best Buy Co. offers consumers valuable advantages in store environment, product value, selection and service, all of which advance Best Buy’s objectives of enhancing the business’s model, gaining market share and improving profitability. The company’s business
First known by the world as Sound of Music in 1966, Best Buy Co., Inc. began its journey in the world of finance and technology in Saint Paul, Minnesota. A year later after Sound of Music opened its doors to public, the company acquired Kencraft Hi-Fi Company and Bergo Company. The expansion of Sound of Music did not wait and in 1967 two new branches were opened in Minneapolis. Ending the year with superior revenue than what had been expected, Richard M. Schulze and James Wheeler, the founders of Sound of Music, decided to trade as a publicly-held company. The fast growing company opened three stores opened in the Twin Cities area in 1970 and that same year Sound of Music hit the $1 million mark in annual revenues.
On June 14, 1981, a tornado hit the Roseville, Minnesota store. Since the tornado represented a great catastrophe for the habitants of Roseville, Sound of Music in an attempt to support the most damaged areas, responded with a “Tornado Sale.” The “Tornado Sale” was promoted as a “Best Buy”; the sale became so popular that it then became an annual sale. It was until 1983 that the name Best Buy Co., Inc. was approved by the board of directors. The successes of Best Buy Co., Inc. in the previous years lead the company to become a publicly traded stock. It was until 1985 that Best Buy made its appearance in the New York Stock Exchange with an offering of 8.3 million shares. Since its foundation, Best Buy Co., Inc. has aimed to provide its clients with the best products in order to achieve a total customer satisfaction.
BEST BUY CO., INC.’S STATED VISION, MISSION, AND GOALS
Best Buy’s vision is to make life fun and easy. Best Buy Co. offers consumers valuable advantages in store environment, product value, selection and service, all of which advance Best Buy’s objectives of enhancing the business’s model, gaining market share and improving profitability. The company’s business