Research on Best Buy Co. Essay -- Best Buy Business Management Electro

Research on Best Buy Co. The roots of Best Buy Co., Inc. can be traced back to St. Paul, Minnesota. This is where founder Richard Schulze opened the doors of his Sound of Music store in 1966. Understanding a demand for consumer audio components and systems in the St. Paul area, Schulze managed to provide a combination of great prices and excellent service, thus building a strong customer base, which quickly prompted an expansion into home appliances and video products. The eighties prompted change as well as the opening of Best Buy’s first superstore. During 1983, a new corporate name was approved and the Sound of Music Company became known as Best Buy Co., Inc. With mounting consumer support Best Buy continued its road to expansion by opening an additional five stores. In 1985, the newly named company was being publicly traded under the symbol BBY. The late eighties brought forth additional change for the continuously growing company. Best Buy adopted a new concept in retail merchandising with the opening of massive superstores. The new concept shifted the placing of all inventory on the sales floor and hiring a specialized staff of non-commissioned service representatives (FAQ). Such adaptations have fueled the company into progression and continued to promote the company’s corporate vision of â€Å"Making life fun and easy†(Fact Sheet). Philanthropy plays a huge part in the success of Best Buy Co., Inc. During 1994, The Best Buy Children's Foundation was founded (FAQ). The foundation offers support to communities by way of contributions to several organizations found nationwide. This support strengthens communities by integrating interactive technology into everyday experiences. All of the programs funded by the Best Buy Children’s Foundation are easily accessible to students. These programs also provide social services and disaster relief support in connection with non-profit organizations like the Red Cross and United Way. They also offer and support community volunteerism. Best Buy Children's Foundation also has a scholarship, which offers scholarships to students who have exceptional academic achievement and outstanding community service. Annually more than $2 million in scholarships are granted to over 1,300 students. The scholarships are evenly disbursed in each U.S. Congressional District and the Distr ict of Columbia. Three students who will be ... ...ips to residences and businesses. They are most widely recognized by their clip on ties-- truly carrying around the persona of a Geek. But don’t be fooled by appearances, their knowledge on computers is in no ways lacking in abundance. With the passion for the latest and greatest technological knowledge, and the charisma and devotion towards the youth, Best Buy is sure to continue on the high road to success. Best Buy will be changing and advancing to accommodate the ever-changing field of technology. They are truly a testament to upholding and exceeding their vision statement of â€Å"meeting the customer at the intersection of technology and life† (FAQ). Works Cited Best Buy â„ ¢ â€Å"Fact Sheet Fourth Quarter- Fiscal 2005 (ended Feb 6, 2005)† 6, 200 ) http://www.bbycommunications.com/newscenter/FY05_Fact_Sheet_Q4.pdf Best Buy â„ ¢ â€Å"FAQ† 6 www.bestbuy.com Star Telegram â€Å"BEST BUY GEEKS TO RUN AMOK† 4/28/05 www.dfw.com/mld/dfw/11511402.htm WCCO  © 2005 The Associated Press â€Å"Best Buy Expansion Plans Include China† 4/27/05 http://wcco.com/localnews/local_story_117101956.html Yahoo Finance- â€Å"Quotes & Info- Best Buy Co Inc (BBY)† http://finance.yahoo.com/a/ct?s=BBY&annual