Best Buy

In: Business and Management

Submitted By acampb24
Words 469
Pages 2
Mission Statement "Our formula is simple: we're a growth company focused on better solving the unmet needs of our customers-and we rely on our employees to solve those puzzles. Thanks for stopping. "

Core Values To have fun while being the best, learn from challenge and change, show respect, humility, and integrity, and to unleash the power of their people.

Corporate Vision “People, technology, and the pursuit of happiness.” The people aspect is in reference to the employees creating relationships with their customers. The technology part of the vision is in reference to tying the content such as services etc, to the products sold, which in turn connects the world. The pursuit of happiness portion is to make happy employees, which in turn will make happy customers with the service they receive.

Strategy Best Buy uses a customer-centric strategy, which means that they essentially look at their business through what the customer needs versus what the producer does. This strategy has also helped Best Buy stay afloat because they understand the solution aspect for their customers to their products that they purchase. Another strategy Best Buy is using is organic growth, this means that they are taking their customer base that currently exists and versus expanding to gain more customers, they are working with their loyal customers to get them to spend more.

Strategic Initiatives One of the major initiatives Best Buy is taking for their strategies is to use the idea of organic growth. They are doing this by adding in more services for products that they sell, like cameras and laptops-which tend to be the brunt of accidental damage, and turning their services into a happier experience for their customer by offering an accidental replacement plan. This allows their current customer to spend a little more in their store, while benefiting themselves by…...

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