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How To Turnaround Best Buy Essay

3809 words - 15 pages

Introduction
Best Buy, a 47 year old business, has faced countless challenges over the years. While Best Buy’s reputation has fluctuated, the company has presented several strategies to deal with these problems by creating plans to stabilize and promote growth. Through an in-depth analysis, the following areas were studied performance, environment, and organization. The analysis will assist in examining Best Buy’s strategies and core competences. The objective of this study is an understanding of the challenges and to figure out what makes the organization successful.
The company was founded by Richard Schulze in 1966 in St. Paul, Minnesota and was originally called Sound of Music. In 1970 the $1 million mark was hit in annual revenues. Later in 1983, the name was changed to Best Buy. The company adopted the yellow tag logo in 1989. In 1999, Best Buy partners with Microsoft to increase sales. In 2009, a goal was created to reduce carbon. This was called "20 by 20," a 20% reduction in our absolute carbon emissions in North America by the year 2020. In 2012 there was a $1.7 billion quarterly loss. Currently, Best Buy is a multinational retailer of consumer electronics, computing and mobile phone products, entertainment products, appliances and related services. The Company operates retail stores and call centers, and conducts online retail operations under a range of brand names. With these brands, the company has had almost $50 billion in annual revenue in 2013 that employs over 145,000 people. There are 1,400 stores and locations in the United States alone. The online shopping sector has about 1 billion visitors shoppers annually. With that stated, BestBuy.com is in the top 10 retail websites in the United States. Presently, 40% of the online shoppers choose local store pickup. Of the 40%, over half choose same day pick up. With the pick up in store, more purchases are made. The My Best Buy loyalty program has over 40 million members, which is the largest in the United States. (Best Buy, 2013)
Best Buy has been through five transformative concepts. Concept one, from 1983 to 1989, included naming the store Best Buy, which once was the Sound of Music. At this time there was more floor space that allowed for greater product selection and better prices. Concept two, from 1990 to 1995, included a low-pressure selling environment, a change from commissioned workers to salaried, and worked to appealed to a customer's emotions. Concept three, from 1996 to 2001, included dividing its customers into categories. These categories covered a large range of customers: value-driven shoppers (32%), techno-savvy entertainment consumers (26%), older customers (23%), and pragmatic buyers (19%). Concept two also introduced an extended service plan, which was a hard blow at Circuit City since 75% of profits were from service plans and warranties. Concept four, from 2002 to 2007, was a goal to increase the share of business Best Buy was...

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