Essay about Blockbuster

2226 Words Sep 13th, 2014 9 Pages
Blockbusters Strategic Plan
By: Jessica Spears

Blockbuster is a leading global provider of in-home rental and retail movie and game entertainment. The company operates in the US, Europe, Latin America, Australia, Canada, Mexico and Asia. They have been in the business since 1985 when founder David Cook opened up his first Blockbuster video rental store in Dallas, Texas. It wasn’t until 1989 that the company acquired its first store out of country in both Canada and London. David’s Cook’s previous experience in the software industry really helped as a crutch when creating a new model for managing a video rental store. In the first couple years of business Blockbuster acquired Erol’s Video a video retailer and Major Video, a 175
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Blockbusters idea to eliminate late fees just really hurt them in the end. Blockbuster also ventured into the mail-order video market to compete against newcomer Netflix, this only caused Blockbuster problems because Netflix claimed patent infringement on Blockbuster. Finally in 2007, Blockbuster introduced their major strategic initiatives which included downloadable movie library and continued focus on improving operational efficiencies.
Mission statement and core values Blockbuster’s mission is “To be the global leader in rentable home entertainment by providing outstanding service, selection, convenience and value.”(blockbuster.com) The core values of the firm include an increase focus on retail, introducing innovative programs and expanding the in-store selection of movies and gaming equipment, including hardware, software, and accessories(Blockbuster Inc). Blockbuster implements its strategy through a network of over 8,900 company-operated and franchised stores throughout the United states, its territories and 25 additional countries. As, Nick Shepperd, executive said to the Dallas star, “Blockbuster’s goal is to become the leading one-stop location for gamers who want to buy or rent their games (Blockbuster Inc., 2003).’’ Blockbuster’s Vision statement is “At Blockbuster, diversity means valuing differences. It’s corporate value that must be continually developed, embraced and incorporated into the way we do business (Wiki

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