Best Buy is a multinational retailer of technology and entertainment products and services with a commitment to growth and innovation with operations in the United States, Canada, Europe, China and Mexico.Â The Best Buy family of brands and partnerships, which includes Audio visions, The Car phone Warehouse, Future Shop, Geek Squad, Jiangsu Five Star, Magnolia Audio Video, Napster, Pacific Sales, The Phone House, and Speakeasy generates more than $45 billion in annual revenue. Best Buy's workforce consist of approximately 155,000 employees working in retail locations, multiple call centers Web sites, in-home solutions, and product delivery.
The name Best Buy was adopted in 1983 after the company had quickly expanded into video products and appliances from just a music store called Sound of Music, which was founded in 1966 by Richard Shulze in St. Paul, Minnesota. Best Buy became a publicly traded company in 1985 and pioneered a new superstore concept that placed all inventory on the sales floor and featured non-commission product specialist.
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The mission statement of Best Buy is to “Have Fun While Being the Best!” In order for Best Buy to fulfill their mission statement, they follow four main Corporate Values which are: have fun while being the best; learn from challenge and change; show respect, humility and integrity; and unleash the power of our people. Best Buy believes in maximizing the customer's satisfaction by helping customers find the entertainment technology that best meets their needs and that will integrate with their existing entertainment system. These values are incorporated in their company's corporate vision.
Best Buy is also guided by three main Core Philosophies which are:
1. Invite employees to contribute their unique ideas and experiences in service of
2. Treat customers uniquely and honor their differences - as a customer segment
and as individuals
3. Meet customers' unique needs by committing to business practices and that is
- Â Avoid conflicts of interest
- Â Gather and protect customer data and business intelligence in a respectful manner
- Â Promote values based decision-making that takes into account our duties to
Best Buy operates within a multi-business unit structure designed to:
- Maximize efficiencies across multiple business units and service areas;
- Support new business initiatives;
- Advance future digital strategies; and,
- Enhance business unit performance.
The organizational structure at Best Buy consist ofÂ Board of Directors, Chief Executive Officers, President and Chief Operating Officer, Executive Vice Presidents, Senior Vice Presidents, Directors, Managers and many other positions. (see fig. 1.)
Best Buy as an organization operates in segments. The U.S. Best Buy has been organized into eight territories. Â Each territory has districts under the management of a retail field officer who oversees the stores performance through district managers. The District managers' responsibility is to monitor the stores operations and to discuss business such as new product introductions, sales promotions, customer loyalty programs, employee satisfaction surveys and store operating performance. Â Advertising, merchandising, purchasing and pricing as well as inventory policies are generally controlled centrally. Best Buy Stores use an operating procedure called Standard Operating Platform (SOP). The SOP includes procedures for inventory management, transaction processing, customer relations, store administration, product sales and services, and merchandise display. Â (Best BUY Co., Inc.) Best Buy salary & compensation reviews for salaried employees include all signing and year-end bonuses, vacation time and other perks and reimbursements that make up total compensation.
"Best Buy believes a diverse and inclusive environment is critical to finding and keeping the right talent to meet the needs of our employees and customers" (Best BUY Co., Inc.) As a result, employees are encouraged to bring their unique talents and skills to the work place in an effort to fulfill customers’ technology and entertainment dreams. Best Buy also believes that their employees are the engine that drives the company's growth and as a result, employees are empowered to provide leadership for the industry, the customers and the communities. In an effort to provide opportunities for education, networking and personal development for their employees, Best buy developed the Employee Business Networks (EBN), which are groups based on an interest in and support for a common dimension of diversity such as age, race, gender or sexual orientation. For example the WOLF @ Best Buy (women’s leadership forum), is a vast network of the Best Buy employees and female consumers, was formed to help Best Buy build strong women leaders. Best Buy is also an Affirmative Action employer that supports diversity strategy by giving its employees ways to create a welcoming, inclusive work environment which enables employees to focus their strengths on creating incredible customer experiences with the company’s commitment to employing and retaining a diverse workforce.
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Some of the Social Responsibility Groups formed by Best Buy are listed below:
- Â Community Relations which inspire brand, customer and employee loyalty by developing strategic partnerships to strengthen the communities where they operate,
- Another group known as @15 which also focuses on empowering teens – specifically
13-17 year olds. Creating personal growth opportunities for teens, supporting them at a critical developmental time in their lives and as part of the program Best Buy created a place online (www.at15.com) where teens can develop and share their point of view on the world and how to change it. Through the @15 Fund, Best Buy gives teens a means to make change.
3.Â Â Disability Initiatives is a group that has a goal and mission intended to make Best Buy one of the top employers/ retailers of choice for people interested in the disable community. The Human Resource of best buy is strongly involved in this program to provide strategic guidance and tactical plans to integrate people with disabilities, products and services in such areas as education, communication, accessibility, accommodations, recruitment and community relations. The national survey of consumer attitudes that hire people with disabilities survey that, 92 percent of the American public, view companies that hire people with disabilities more favorably than those that do not. And, 87 percent of the public would prefer to give their business to companies that hire people with disabilities. There are 51.2 million Americans reporting some level of a disability with spending power of $3 trillion dollars.
4.Â Â In the Latino Initiatives group, their goal is to increase consideration of Best Buy as a place for Hispanic Customers to shop by providing a trusted perspective and the right technology for a better life through genuine respect for the Latino community as a whole, their family, their culture and especially their language.
Since 2006, Best Buy has recognized and awarded over $50 million to charitable organizations like the United Way, The Red Cross, The above groups just to mention a few. In October 2008, Best Buy was recognized by Forbes Magazine as a leader in corporate philanthropy. Companies on Forbes' "Most Generous Corporations" list were ranked on overall cash donations and cash donations as a percentage of operating income. Forbes ranked Best Buy as the fourth Most Generous Corporation (as percent of income), giving away 1.4 percent of fiscal 2006 operating income in calendar year 2007 (Best Buy).
Homepage. Reuters: Best BUY Co., Inc. (New York Stock Exchange).n.p., n.d. Web.
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