Best Buy Co. Inc : Sustainable Customer Centricity Model?

ADMIN 404 STRATEGIC MANAGEMENT

Assignment one

Best Buy Co. Inc : Sustainable Customer Centricity Model?

Executive Summary

Best Buy is a multinational retailer of consumer electronics. It operates as a retail store and online operations under several brand names in multiple countries, USA, Canada, Mexico, China and Europe.

In Canada it operates under Future shop and Best buy names, offering in five revenue categories: Consumer electronics, Computing and Mobile phones, Entertainment, Services and other.

Best buy’s mission is to become the leading multi-channel retailer by serving their customers and making a meaningful difference in their lives.

Introduction and company overview

Incorporated in Minnesota USA in 1966 as Sound of Music, Inc., Best Buy today is a multi-national, multi-channel retailer of technology products, including tablets, computers, televisions, mobile phones, large and small appliances, digital imaging and related accessories. It employs approximately 140,000 full-time, part-time and seasonal employees worldwide, it offers to its employees company-paid, full benefits that vary from location to location.

Best buy’s success relies on the design and execution of appropriate business strategies. Best buy’s current strategy includes transformational change to many areas of business including online and in-store customer experience, employee-engagement, partnership with vendors and cost control, these strategies were adopted since 2012 as a result of shrinking profit margin and declining comparable store sales.

The main competition that Best Buy faces comes from traditional store-based retailer, multi-channel retailers, internet-based businesses, vendors, and other forms of retail commerce that directly affects sales and profit margins.

Mandate

Core purpose or Mission Statement.

Best Buy’s mission is to, “enrich and empower people’s lives through technology”. The way Best Buy does this is by helping customers to discover,...