Organizational And Hr Management: Best Buy Case Study

1443 words - 6 pages

Case Study of Best Buy, Inc.

Best Buy’s History & Main Characters: Best Buy is Minneapolis-based and is North America's leading specialty retailer of consumer electronics, personal computers, entertainment software and appliances. Throughout Best Buy's 37-year history, the company has maintained the tradition of making life fun and easy for customers and employees, while providing a significant return to partners and investors. It has 80,000 employees and over 550 stores in the U.S., in addition to the brands Best Buy Canada, Future Shop and Magnolia Hi-Fi. Their leadership is led by Dick Schulze, Founder and Chairman, Brad Anderson, Vice Chairman and CEO, Al Lenzmeier, President and COO, and Darren Jackson, Executive Vice President of Finance and CFO. Chairman Dick Schulze founded Best Buy in 1966 with the Sound of Music, an audio component systems store in St. Paul, Minn. In 1973, Vice Chairman and CEO Brad Anderson joined Sound of Music as a salesperson. The company quickly expanded into video products and computers, was renamed Best Buy in 1983, and became a public company in 1985. Best Buy’s revenues for fiscal year 2003 were $20.9 billion and net earnings of $622 million. It was ranked number 91 on the Fortune 500 in 2003 ( Best Buy stores are redefining the way customers shop by offering an unparalleled assortment of affordable, easy-to-use entertainment and technology products and services available through its network of more than 550 retail stores in 48 states and online at Best Buy is scheduled to open 60 new stores in fiscal 2003 and is on track to have 650 stores by fiscal 2005. Magnolia Hi-Fi is a high-end electronics retailer specializing in audio and video solutions for homes, automobiles and businesses. Located primarily in the Pacific Northwest and the San Francisco Bay area, Magnolia Hi-Fi stores showcase a wide array of top-of-the-line home electronics and employ more than 450 employees. With the planned addition of six new stores in fiscal year 2003, Magnolia Hi-Fi will operate 19 locations in Washington, Oregon and California. Future Shop, Canada’s largest, fastest-growing consumer electronics retailer and e-tailer, marked Best Buy’s first international expansion. Based in Burnaby, British Columbia, Future Shop operates 104 stores and FutureShop, its online electronics superstore. Future Shop's 8,000 store employees have earned a reputation of providing excellent customer service and a wide selection of digital products, televisions, computers, music and appliances. Future Shop plans to open eight to 10 new stores in fiscal year 2003.
Best Buy, Inc. strong culture and values consists of the following things as per the definitions in Chapter 18 of the textbook: Strong culture being the organizations core values which are intensely held and widely shared throughout the company. It also usually comes with subcultures as the book discusses also in Chapter 18, which are broken down into...

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