preview

Best Buy

explanatory Essay
897 words
897 words
bookmark

Best Buy was founded in 1966 by the current CEO Richard M. "Dick" Schulze. Based out of Eden Prairie, Minnesota the corporation currently has 446 stores and earned over 83 million in total revenue last year. Best Buy carries a wide variety of products consisting of Major Appliances, video and audio equipment, computers, software, music, and wireless technology. When analyzing this corporation it is important to pay close attention to its current and future services and products, any problems with the corporation, the future direction Best Buy is headed, what can be done for the corporation, and what it can do for you as a consumer or employee.

Best Buy is currently the number one computer retailer throughout the U.S. and offers multiple promotions. In December of 1999, Best Buy signed an agreement with Microsoft to offer yearly and monthly contracts through MSN, Microsoft’s internet service provider. This pact was an advantage for both companies. Microsoft helped Best Buy develop their website and promote eCommerce. They also bought 200 million in Best Buy stocks raising the price from $1.49 a share to $49.95. Best Buy in return is offering MSN to the 200 million customers that pass through its doors on a yearly basis. One of the largest money makers for Best Buy is its three year product service plan (PSP). The PSP is almost pure profit, and has formed into something ver...

In this essay, the author

  • Explains that best buy was founded in 1966 by the current ceo richard m. 'dick' schulze. the corporation currently has 446 stores and earned over 83 million in total revenue last year.
  • Explains that best buy signed an agreement with microsoft to offer yearly and monthly contracts through msn, which was an advantage for both companies. the three-year product service plan (psp) is an excellent source for customers to purchase anything in the store on line.
  • Explains that best buy's dependence on the economy is one of its major weaknesses.
  • Explains that best buy embarked on its most advantageous venture by the acquisition of the musicland corporation which owns stores such as sam goody music, suncoast video, and media play.
  • Explains that best buy's expansion creates the need for multiple positions. the corporation offers employees the chance to move up through the ranks and offers generous stock options to their employees.
  • Explains that best buy owns well over 1800 stores, including all the stores acquired from the musicland acquisition. where the company will end up is anyone's guess.
Get Access