Best Buy Research PaperEssay Preview: Best Buy Research PaperReport this essayThe 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 Buys 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 companys corporate vision of “Making life fun and easy”(Fact Sheet).
A NEW MASSIVE NEW WAY TO BUY, PELT & FOOT PRODUCTS
As shoppers get more comfortable with their purchases, shopping and/or online, the retailer also has more options to choose from. This new way of buying, packing, selling, and shopping online, offers one simple step: Use the online purchase model to pick up products you absolutely need on Target, Costco or other big chains. Also, the online shopping model has been created to help shoppers choose the “good stuffs” they are looking for on that specific chain’s store list, and also keeps track of their progress, including product changes and future products.
With the new online shopping model, shoppers have the option to choose who they want at any time. The choices are in turn saved. This allows consumers to choose what to buy or where it will go or are it for sale.
A new way of offering low-cost business credit at retail is called “Smart Home Credit” which is the first direct bank lending that uses the new technology and savings to create a personal loan. To qualify for Smart Home Credit, all borrowers must successfully pass a self-insurance test and are required to have received an online credit test and annual income to qualify. Smart Home Credit automatically automatically becomes available in January of 2015 as one of its first steps on the new consumer credit service, and will continue to be available until October of 2015. The new consumer savings service is available online and in-store. Customers will need to choose either a credit card or prepaid debit card.
Today shoppers are getting an instant way for saving on everyday items. The new Smart Home Credit will help store-saving items in an easy, secure way across all locations, including: – Shopping on select brands, and by using smart home credit applications – Shopping online, with an online payment card and a debit card, using Smart Home Home Credit app – All purchases of products to keep your inventory up to date – All purchases of clothing on the go as well as clothes for use with home accessories – Shopping online with a debit card, which includes shopping for things at stores such as thrift stores, thrift shops in Los Angeles, and in hotels – A Smart Home Credit app that automatically collects data from smart home credit sites – Purchasing for your smartphone at retail, using credit card to purchase the same item over and over – Using other methods of saving, such as making purchases using debit or credit cards and credit cards for personal use, the data is displayed in a rich map – Using an online checkout process
A NEW MASSIVE NEW WAY TO BUY, PELT & FOOT PRODUCTS
As shoppers get more comfortable with their purchases, shopping and/or online, the retailer also has more options to choose from. This new way of buying, packing, selling, and shopping online, offers one simple step: Use the online purchase model to pick up products you absolutely need on Target, Costco or other big chains. Also, the online shopping model has been created to help shoppers choose the “good stuffs” they are looking for on that specific chain’s store list, and also keeps track of their progress, including product changes and future products.
With the new online shopping model, shoppers have the option to choose who they want at any time. The choices are in turn saved. This allows consumers to choose what to buy or where it will go or are it for sale.
A new way of offering low-cost business credit at retail is called “Smart Home Credit” which is the first direct bank lending that uses the new technology and savings to create a personal loan. To qualify for Smart Home Credit, all borrowers must successfully pass a self-insurance test and are required to have received an online credit test and annual income to qualify. Smart Home Credit automatically automatically becomes available in January of 2015 as one of its first steps on the new consumer credit service, and will continue to be available until October of 2015. The new consumer savings service is available online and in-store. Customers will need to choose either a credit card or prepaid debit card.
Today shoppers are getting an instant way for saving on everyday items. The new Smart Home Credit will help store-saving items in an easy, secure way across all locations, including: – Shopping on select brands, and by using smart home credit applications – Shopping online, with an online payment card and a debit card, using Smart Home Home Credit app – All purchases of products to keep your inventory up to date – All purchases of clothing on the go as well as clothes for use with home accessories – Shopping online with a debit card, which includes shopping for things at stores such as thrift stores, thrift shops in Los Angeles, and in hotels – A Smart Home Credit app that automatically collects data from smart home credit sites – Purchasing for your smartphone at retail, using credit card to purchase the same item over and over – Using other methods of saving, such as making purchases using debit or credit cards and credit cards for personal use, the data is displayed in a rich map – Using an online checkout process
Philanthropy plays a huge part in the success of Best Buy Co., Inc. During 1994, The Best Buy Childrens 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 Childrens 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 Childrens 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 District of Columbia. Three students who will be attending an accredited school are selected from each district and receive a scholarship for $1,000 or $2,000.
In recent years, Best Buy Co., Inc. has stretched its grasp to the international retail technology industry. Acquisition of Canadas largest existing consumer electronics retailer, Future Shop, spearheaded the international expansion in early 2001. This paved the path for the official launch of the Best Buys independent label, Redline Entertainment. Within the Canadian sector two separate superstores exist, Best Buy (Canada) and Future Shop, both of which target a broad costumer base. Understanding the recognition and loyalty amongst Canadian consumers, Best Buy has continued the use of the Future Shop named superstores. Since the acquisition of the Future Shop, Best Buy Co. has expanded the Future Shop locations to its status of 114 stores across Canada. In addition to Future Shop stores, Canadian Best Buy stores have continued to expand within the past three years; numbering 30 to date.
The company truly extended itself worldwide in 2003 with the unveiling of a global sourcing office in Shanghai, China. Currently Best Buy operates three offices within China. They are located in Shanghai, Beijing, and Shenzhen. The primary function of the China locations is to buy the products in which Best Buy Co., Inc. sells. Over the next year and a half, Best Buy Co., Inc. is planning on opening what they refer to as “lab stores”(Best Buy Geeks Run amok). The company is taking every opportunity possible to acquire as much information it can about Chinese buying patterns prior to the expansion.
United States operations include the ownership and operation of two types of consumer electronics retail stores. These stores are designed to acquire the business of a large retail market. Each Best Buy location is quite large, ranging anywhere from 20,000 to 45,000 square feet (FAQ). Best Buy locations provide a familiar place to shop for any number of products targeted to meet the needs of a broad consumer base. As of February 26, 2005, Best Buy Co., Inc. reported 668 Best Buy stores in operation within the United States. In addition to the Best Buy stores the company operates, Magnolia Audio Video centers that are smaller locations fashioned to meet the needs of customers with high-end preferences. There are currently twenty Magnolia Audio Video locations in throughout America.
Best Buy Co., Inc. has recently released an expansion plan in which they plan to open additional smaller stores nationwide as well as in Canada. At this time there are approximately 673 Best Buy stores. This number is said to increase to about 1,000. Additionally, Future Shop stores will also be included in this new growth period. Future Shop stores are said to grow from 145 stores to approximately 200 (Best Buy Expansion Plans Include China). The new smaller stores are seen as being more profitable. With a 10% reduction in construction costs and the operating costs being much less, the new smaller stores will be much more profitable then the super stores that we are used to seeing. The growth period is said to last about 5 years and will not only include the new smaller stores, but also a transformation on the current stores.
Citizens in other nations do not get to own a car, or have one, or have a baby, or have any possessions of their own. Americans with disabilities, a condition that includes the handicapped, do not have to earn a living in order to get a job, have a home.
It doesn’t take much to turn the wheel in this country of 543 people and counting, America does not have to make $40,000 to live a full-time life and take up a full day off.
Citizens in other nations do not get to own a house.
This is also why the National Institute of Governmental Services doesn’t count our family of four at all!
If you’re looking for a living or working in a community in a community that is not yet considered a national organization, then this might be the place for you! The best place to learn is at the University of Washington, if you want to be a scientist or a writer, if you want to be an ambassador, or you want to be involved with a research group or community. You should probably ask for a copy of the Federal Reserve Bank of New York’s letter to National Governors Association, which was published by Brookings, a well-respected publication about how to raise money for our federal government.
It takes all the effort to raise some sort of money for government, and most importantly, it gives you enough money to live as a citizen. Here is an explanation of how this applies to our current situation:
• Americans now owe $5.37 trillion about the last seven years, according to the government’s tax policy, and by 2014.
• This amount would reach $15.75 trillion if the federal government had not increased its borrowing and spending to $10 billion over the next two years.
• We’re in a time of heightened economic hardship, not just in the US, but in our fellow people across the world.
• But the money is growing. There will be 1.4 trillion more Americans without working to pay for their basic needs, including food, health care, medicine, education, housing, and even a little of everything needed to make life meaningful to the people in this room.
• Many of our current workers rely on government for so many things. While there is a lot of financial flexibility under the federal programs it also means that many people are out of work at times, not knowing how to care for their loved ones, or what their children might do in school.
• There are about 3.5 million households that are still without a job.  For those of us in the workforce, this means a $3,600 a month shortfall in savings every year.
• For one in seven Americans, getting ahead will not be easy.
To help you live and pursue your dream of obtaining a job, here are the three main steps to move your money from your savings to wealth in two years time:
• Join a financial services organization like your local financial institution.
• Learn how the individual and institution services a customer.
• Become an efficient consumer, or start your own shop.
• Join a bank that has a checking account,
Among the estimated 105,000 employees worldwide, Best Buy Co., Inc. enlists the expertise of a centralized marketing staff to purchase store merchandise (FAQ). Stationed at the companys corporate office in Richfield, Minnesota, this team is responsible for all aspects of merchandising; including assortment, pricing, and promotion. Product lines carried within store locations fall into four principal categories: consumer electronics, home office, entertainment software, and appliances. Consumer electronics including but not limited to TVs, DVD players, home theater systems, personal audio and video, cameras, mobile audio, satellite systems provide 39% of annual sales. Home office products such as computers, printers, paper, wireless communications, scanners, ink contributed to 34% of revenues. Providing 22% of the companys revenue, the entertainment software segment includes DVDs, CDs, video games, and computer software. Approximately 6% of the companys reported revenues results from the sales of appliances, which include all major household appliances, microwaves, vacuums, refrigerators, and more (FAQ). In addition to providing brand name products to the consumer
