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BEST BUY
Executive Summary
Best Buy Co., Inc is a major player in the electronic stores industry. Best Buy is headquartered in Richfield, Minnesota. The company was named The Company of the Year in 2004 by Forbes Magazine, and is one of the most admired companies. "The company is the largest specialty retailer of consumer electronics, personal computers, entertainment software, and appliances in the United States and Canada accounting for 17% of the market." The company has grown to operate around 1150 stores in the United States, Canada, and recently China.
In this case we found many things that Best Buy does to do the best it can in the market. BestBuy.com helps the company to reach a larger customer base than ever before. The products offered in stores can be bought by everybody via the internet and shipped to their house. Best Buy is looking to be a strong company in the future. The demand for technological electronics does not seem to be dropping. The use of RFID chips in the future will help Best Buy be on familiar terms with what consumer product lives are like in the future. This will help cut down on labor costs due to the tracking of items.
Best Buy's stock has dropped around 10 percent in the last year, while Circuit City has dropped nearly 20 percent. Best Buy has done a better job in merchandising and support. Best Buy is running away with the market because of its high end product and support from its subsidiary, Geek Squad. Circuit City would like to offer these high end products, but they do not have the same support.
The company has a few other companies that it has acquired. The companies include M ...