Based on a traded company, Best Buy Inc. specializes on selling electronics and giving their customer expertise opinion on their products which makes Best Buy different than its competitors. The company sells a collection of niche brands integrated in their retail stores but their operations are mostly held under the Best Buy brand. Headquartered in Richfield, Minnesota, Best Buys own a large selection of the latest technology available to satisfy consumers need in devices, instruments and entertainment. Best Buy reported $45 billion in revenues for the fiscal year ended February 28, 2009, $5 billions more than the year before and $10 billion more than 2007. The two former CEOs of Best Buy Co., Inc., Richard Shultze and Brad Anderson implemented strategic recommendations that helped the company move forward. Best Buy should consists applying their strengths and weaknesses for their success while keeping a satisfactory performance. The case studies Best Buy's performance in the consumer electronics and appliances industry consisting of: identifying main strengths, weaknesses, opportunities and threats and sustain business growth by achieving goals and earning profits. The case provide analysis of SWOT and recommendations that can help Best Buy increase its opportunities and straights as well as decrease threats and help overcome weaknesses.
Introduction.
Known as Sound of Music, Richard Schulze and Gary Smolia founded the company in 1966 their business model was a retailer of audio components. In 1969, Sound of Music's stock became publicly traded. By 1983, Sound of Music reformed its business model, its board of directors change the company name to Best Buy. Shortly thereafter, Best Buy began expanding product offerings and using mass marketing techniques to promote those products and becoming a "superstore" by providing multiple electronic instruments of all kind. During 1985, Best Buy appears on the NYSE, offering 8.