FORTUNE 500

BEST BUY

• BY

• PARVATHY PG

• MG 05
PROFILE

• Best Buy Co., Inc, is a provider of technology products, services and solutions. The Company offers
products and services to the customers visiting its stores, engaging with Geek Squad agents, or using
its Websites or mobile applications.
• Founded in oct 20,1966
• HQ : Richfield,Minnesota
• CEO : corie barry
• Industry : Retail
• No of Employees:125000
HISTORY

• Formerly Sound of Music (1966–1983) Best Buy Co. Superstores (1983–1984) Best
Buy Superstores (1984–1989)
• FoundedAugust 22, 1966 in St. Paul, Minnesota, United States
• Founders Richard M. Schulze James Wheeler
• Headquarters. 7601 Penn Avenue S, Richfield, Minnesota , U.S
PRODUCTS

• Best Buy sells consumer electronics and a variety of related merchandise, including

software, video games, music, mobile phones, digital cameras, car stereos, and video
cameras, in addition to home appliances (washing machines, dryers, and refrigerators), in
a non-commissioned sales environment.
COMPETITORS

• Best Buy's competitors

• Best Buy's top competitors include BJ's Wholesale Club, The Home Depot, Office
Depot, Staples, Target, Sears, Alibaba, Amazon, Walmart, Lowe's and Costco. Best
Buy is a company operating as a retailer of technology and entertainment products and
services.
ORGANISATIONAL CULTURE

• Best Buy is committed to maintaining an inclusive culture that values everyone's talents,
life experiences and backgrounds. The company accomplish this with the help of thier
guiding behaviors. Be Human. Best Buy put people before all else.
SWOT ANALYSIS
STRENGTHS

• Market Dominance
• Innovative Sale-Service Strategy
• Strategic Acquisitions
• Impressive Customer Service
• Strong Market Presence
• Extensive Portfolio
WEAKNESS

• Restricted in the US.

• Negative Publicity.
• Overdependence in Electronics.
OPPORTUNITIES

• Focus on Senior Health

• Increase Online Sales
• Expand in Emerging Markets
• Strengthen Market Presence
• Grow through Acquisition
THREATS

• Intense Competition.
• Looming Recession.
• The inevitability of Strikes.
• Increase in Counterfeits.
• Retail Apocalypse.
COMPETITIVE ADVANTAGES

•  Data from the YouGov BrandIndex survey suggests customer satisfaction levels have
risen since the tech support subscription service was launched on May 21. Between its
launch date and June 11, the company’s score rose from 38 to 47, representing its highest
figure since the early part of 2015.
• Best Buy also appears to have a competitive advantage over a number of its sector peers
when it comes to its business model. There is an increasing amount of interplay between
the different sales channels across the industry. The company has an ability to reach
customers across multiple areas, such as online, in stores and in their homes.
RECENT ISSUES FACED BY BEST BUY

• Political issues Factors : New policies from backlash

• Economic factor: Luxury issue
• Social Factors: added services and foundations
• Environmental Factors: Unfavorable images
STRATEGIES PLAYED BY MANAGEMENT

• Accelerate online growth through the improvement of online traffic

• Enhance multichannel experience
• Increase revenue and gross profit per square foot through enhanced store space
optimization and merchandizing
• Drive down cost of goods sold through supply chain efficiences
ADVERTISEMENT STRATEGIES

• People
• Physical Evidence
• Process
MERGER / ACQUISITIONS

• Geek Squad
• Magnolia HiFi
• Pacific Sales Kitchen
• Five Star Appliances
PRE COVID - POST COVID ANALYSIS

• Geographically, Best Buy is exposed to difficulties caused by Covid pandemic due to its
difficulties caused by Covid due to its reliance on North America.
best buy has partnered with two Minnesota organizations to provide Chromebooks and
laptops to teens in needs to help ensure that they than continue their studies at home.
FUTURE PLANS

• Best buy sets new financial targets for next five years.
• The company says it expects fiscal 2025 revenue to reach $50 billion, thanks in part to its
push into health services.
• It expects to trim $ 1 billion in costs through efforts like minimizing returns of items.
QUESTIONS???????