Andrés Restrepo

- A00839823
Joaquín Juárez Mora
-A00838999

Who are the founders of Best Buy?

Best Buy was founded by Richard M. Schulze.

In what year did operations begin?

Best Buy's operations began in 1966 when Dick

Schulze opened a small store called Sound of Music
in St. Paul, Minnesota.

What made it successful?

Best Buy's success can be attributed to its

customer-focused approach, dedication to
empowering employees, and strategic decisions
like opening the first Best Buy store in 1983, which
marked a significant turning point in the company's
growth.

What events could have caused

the company to fail?

Events like the COVID-19 pandemic led to changes

in consumer behavior and forced Best Buy to adapt
by increasing online sales and laying off employees,
which could have posed challenges to the
company.

Is it still operating today?

Yes, Best Buy is still operating today and remains a

prominent retailer in the consumer electronics
industry.
 Andrés Restrepo
- A00839823
Joaquín Juárez Mora
-A00838999

Founding of Sound of Music:

Richard Schulze and a business
1966

partner founded an electronics

store called Sound of Music,
which later evolved into Best Buy,
marking the beginning of the
company's journey.

Rebranding to Best Buy:

The company changed its name

1983
to Best Buy and opened its first
superstore, introducing a high-
volume, low-price business
model that set the stage for its
future success.

Expansion into International

Markets:
2001

Best Buy acquired Canada's Future

Shop, marking its first international
venture and expanding its presence
beyond the U.S., demonstrating a
strategic move to diversify its market
reach.

Acquisition of Geek Squad:

Best Buy acquired the computer
2002

service company Geek Squad,

enhancing its service offerings
and customer experience, a
strategic move that contributed
to its growth and reputation.

Response to COVID-19:
2020

During the COVID-19 pandemic, Best Buy

experienced a surge in online sales, adapting to
the changing consumer behavior by focusing
on remote work essentials like computers and
fitness tech, showcasing its agility and
resilience in challenging times.

Best Buy ceased operations in Mexico on

2020

December 31, 2020, due to a restructuring plan

that aimed to improve its strategic focus amid the
COVID-19 pandemic. The company had been
present in Mexico for 13 years, operating 41 stores,
and provided support to its employees during the
transition. Best Buy's international operations were
reduced to Canada and Mexico, following the sale
of its Five Star chain in China.
 5 KEY DECISIONS
POSITIVE

Adopting a Customer-Centric
Approach:
Best Buy's decision to focus on
customer-centricity, empowering
1-

employees, and providing a high-

quality customer experience has
contributed to its success in the
consumer electronics Industry.

Strategic Decision-Making and

Management: Best Buy's strategic
POSITIVE
decision-making process, which
2-

involves a well-defined set of policies

and the use of data analytics and data
discovery tools, has helped the
company make better decisions, drive
business growth, and stay
competitive in the market.
NEGATIVE

Failure to Anticipate Future

Challenges:
If Best Buy fails to anticipate future
challenges, such as technological
3-

advancements and evolving

consumer preferences, it may lose
market share and fall behind
competitors.
NEGATIVE

Insufficient Investment in Education

and Executive Development: If Best
Buy does not invest in education and
4-

executive development programs, its

leaders may struggle to navigate and
lead the changing business landscape,
impacting the company's overall
performance and competitiveness.
NEGATIVE

Lack of Flexibility in Adapting to

Automation: If Best Buy does not
remain flexible in adapting to
5-

automation and stakeholder

complexity, it may struggle to keep up
with the accelerating pace of
technology adoption across
industries and lose out to
competitors.