Best Buy

Best Buy

Description of Existing Strategy

MISSION

Best Buy has a mission that is fairly straightforward and simple, and that is to be the best and most knowledgeable sales force in the consumer electronics industry. They pride themselves on the knowledge base that their salespeople utilize in order to set them apart from their competition. Although they do not have an official mission statement, they associate themselves with the following: "Our formula is simple: we’re a growth company focused on better solving the unmet needs of our customers—and we rely on our employees to solve those puzzles. Thanks for stopping. "(Farfan, 2012) They lean heavily on their ability to address the consumer’s needs and educate them on the products in hopes that they can create lasting relationships and encourage repeat business. This face to face contact and treatment is a service that Best Buy deems irreplaceable, despite what critics might say about them essentially being a dying breed, due to changes in the marketplace. The current market leans heavily towards the online consumer and tells us that brick and mortar stores are the way of the past and unsustainable. Best Buy could not disagree more; they feel that the service they provide is one that you just can’t get from their online competitors.

Best Buy encourages its employees to hold to a specific set of values that can be found at the beginning of their Code of Ethics. The four values they strive to adhere to are as follows:

1) Unleash the power of our people.

2) Learn from challenge and change.

3) Show respect, humility, and integrity.

4) Have fun while being the best.

They work extremely hard to exemplify these values in their day to day interactions with the consumers. (Project, 2010)

Best Buy’s core competency is its “customer centricity” approach to doing business. This approach is one that puts the customer at the center of everything. The customer is the one and only focus, and the employees’...