Best Buy Business Analysis

Best buy is a retail company that was discovered by Richard M. Schulze in 1966 that currently specializes in all types of electronics. Back than it was just one store located in Minnesota, called Sound of Music Inc. The store only focused on home and car stereos. Four years after the store opened, Schulze bought out his partner and began to expand the business on his own. The store was operating efficiently up until the 1980’s. Things really started to take off around this time, and in 1983 the company renamed itself Best Buy and started to focus on other types of equipment besides audio components, such as the then popular VCR. The following year they introduced the superstore format that helped generate more revenue as well as secure a spot …show more content…
As many locations as there are throughout the United States, the company also extends into Mexico, Canada, and even China. All of their locations in China were bought in 2011 and merged with another company. Best Buy seems to be pretty innovative for the fact that they have been operating since the 1960’s. When it first started their inventory included mostly stereos, which is very different from their inventory today. At your local Best Buy you will be able to find anything ranging from speakers to video games to cell phones. Innovation is evident in their increasing of inventory to match the kinds of items customers are looking to purchase. The corporate culture at the company seems to be one that includes efficient working mixed in with vast technological knowledge and enjoyment. I personally know a Best Buy employee who enjoys his job very much because of the laid back atmosphere that can motivate employees to work more …show more content…
Founded in 1966 by Richard M. Schulze, today Best Buy operates a total of 1,050 stores worldwide. Best Buy was not always as well-known as it is today, starting out in St. Paul Minnesota as a home and car stereo store named Sound of Music, Inc. Changing its name to Best Buy Co., Inc. happened roughly 20 years post opening with 24 stores reaching $239 million in revenues.
During current times, the company’s products and services are fully presented through its stores and website. Direct purchases can be made online or even request to pick up a product at the store can be made which avoids long lines at the cash register. Easy access in buying a product is crucial when aiming for consumer satisfaction, if the process is lengthy and painful, the consumer is likely to go elsewhere