Introduction

  
 Best Buy’s vision is to make life fun and easy. Their strategy is to bring technology and consumers together in a retail environment that focuses on educating consumers on the features and benefits of technology and entertainment products, while maximizing overall profitability. Their stores offer consumers meaningful advantages in store environment, product value, selection and service, all of which advance their objectives of enhancing their business model, gaining market share and improving profitability.

Best Buy 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. “ (fundinguniverse.com)

History

Best Buy began in 1966 by Richard Schulze. Schulze and his business partner James Wheeler came together and established Sound of Music Inc, an audio components systems retailer, and opened their first store in St. Paul, Minnesota. Their idea was to attempt to capture a share of the Twin Cities' home and car stereo retail market. His product line, however, was limited to audio components until the early 1980s. In the same years the Company quickly expanded into video products and appliances, adopting the name Best Buy in 1983. In 1989, Best Buy pioneered a new superstore concept that placed all inventory on the sales floor and featured non-commissioned product specialists (phx.corporate-ir.net). Today Best Buy is the largest retailer of consumer electronics in the US and Canada, valued at around $20.5 billion and with an annual revenue of $40 billion. The company is a top rated Fortune 500 company and is considered to the largest specialty retailer within its sector throughout the United States and accounts for about 21 percent of the market (fundinguniverse.com).

The CEO

On June 24, 2009 Brian J. Dunn, age 49, officially became the chief executive officer of Best Buy Co after current CEO Brad Anderson stepped down from the position due to retirement. Dunn went a long journey on his way to the top of Best Buy. He started as a sales associate 25 years ago when a company operated just a dozen stores, steadily climbing up the corporate ladder becoming manager, district manager and regional manager respectively, later to become President and COO in 2006. In the 20 years since, Dunn’s career has been a reflection of the company itself, confident, optimistic and unafraid to grow and take on new challenges. His loyalty and leadership made him the Chief Executive Officer of Best Buy that he is today.

Ethical and Social Responsibilities

        As a Company, Best Buy works with nonprofit organizations to support programs that provide opportunities for youth. The goal is to provide positive experiences that will help them to excel in school, engage in their communities, and develop leadership skills. They also support national organizations that provide essential social services, such as the United Way and American Red Cross, to improve the vitality of the communities where our employees and customers live and work. They also created a community grants program allowing Territory teams to decide how Best Buy Children's Foundation funds are used to impact their local area. They give 1.5 percent of their pre tax earnings to the Children’s fund. The company also encourages local volunteerism by providing charitable gifts to organizations where employees volunteer (bestbuy.com). Best Buy is dedicated to having a positive effect in the life of the people that live in the communities where they have established business.

Security and Risk Management

          Best Buy expects all of its employees to act in accordance with the highest standards of personal and professional integrity at all times, and to comply with all applicable laws, rules and regulations. Best Buy places a high value on the originality and ingenuity of its people. Employees are always encouraged to think creatively and to pursue ideas that have the potential to deliver a great customer experience, build the brand or drive bottom-line results for the company. Of course, along the way, there is always the potential that certain ideas however well intentioned could have unexpected consequences or pose unforeseen risk to Best Buy (kathleenedmond.com). For this Best Buy puts in place many security and risk management policies. That includes under no circumstances is any employee to release any information that is deemed private information until released by vendors. Risk management includes not employing anyone under the age of 16, Best Buy will not also do business with any vendors or partners that employ underage workers. Best Buy does not tolerated forced labor of any kind.