Best Buy Mission Statement - Evolved from Crisis to the 'Best in the World' Customer Trust
Best Buy Mission Statement has evolved from a remarkable past. It started in 1966 as a Shop called the Sound of Music and progressed opening one store at a time until 1981 when it's most profitable store was destroyed in a hurricane. To recover from this they held a tornado sale - big store, massive discounts, no commissions, which they advertised heavily. From this they discovered a success formula and progressed even further.
By 1996 they had grown considerably but they were not profitable and this compounded by computer operating system rollout problem which left them with millions of dollars of useless stock, led again to a crisis. From this crisis they realised that they lacked standardisation and control with a complex supply chain. They developed a standard operating platfom manual and so became they claim 'best in the world' at selling consumer electronics to millions of people.
They now have 1300 stores around the world employing 150,000 employees With company earnings of more than $45 billion in annual revenue and includes successful brands such as Best Buy; Audiovisions; The Carphone Warehouse; Future Shop; and Geek Squad.
So what is the Best Buy Mission Statement today.
This is absolutely a great mission statement. Remember a mission statement declares a companies purpose. They claim to learn what customers want and not giving them what they think they need.
This has certainly been my experience. In Boston, MA on very hot summer week-end, I was struggling to make a laptop drive a large LCD screen required for our exhibition booth.
After visiting many shops and been sold several expensive cables with no success, I called into a Best Buy and asked their Geek Squad help desk which was the best LCD/cable to buy. They recommended a certain LCD model.
Now on the shop floor, I wanted to test LCD unit in the store before spending any more money, the sales assistant without hesitation opened up a new packaged cable unit to test the screen. Wow!
Further my laptop then ran out power. No problem she opened another new packaged cable unit to power up the laptop. I was concerned about the cost - no problem I'll sort that out afterwards she said. Wow again!
I bought the LCD display which worked fine. She certainly fulfilled the company mission statement with excellence!
Their core values are
- Learn from challenge and change
- Have fun while being the best
- Show respect, humility and integrity
- Unleash the power of our people
Learn from challenge and change they certainly have and from my visit the other values are being fulfilled.
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|Name||Best Buy Company, Inc.|
|Geographic areas served||Worldwide|
|Current CEO||Hubert Joly|
|Revenue||$ 49.183 billion (2012)|
|Profit||$ -481 million (2012)|
|Main Competitors||Amazon.com Inc., Apple Inc., Wal-Mart Stores Inc. and many other companies.|
Best Buy is the world’s largest multi-channel consumer electronics retailer with stores in the United States, Canada, China, and Mexico. BestBuy.com is among the top ten retail websites in the United States and we have the number one customer loyalty program of its kind. There are more than 1 billion visitors to our websites and 600 million visits to our U.S. stores each year.
Best Buy mission statement 2013
Best Buy doesn’t have an official mission statement. This statement can be found on many websites on the internet but the company itself doesn’t provide it.“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.”
|Does it include...?|
|Technology||Concern for survival||Philosophy|
|Self-concept||Concern for public image||Employees|
|Does it mention values like...?||Customer or product-oriented?|
(This evaluation framework is composed of the guidelines listed in our article: Mission Statement for Success)
Best Buy doesn’t provide an official mission so we have provided a statement that is considered to be Best Buy’s mission by many other authors. The statement was evaluated 1.6 points, indicating the poorly structured mission. It includes only 3 components: customer, employees and concern for survival. The company doesn’t mention any values in the mission and doesn’t provide them separately, so it is unclear what drives Best Buy’s actions and decision-making. The statement is customer-oriented, which means that it is focused on satisfying customer needs and solving their problems.
Best Buy mission is a poorly constructed statement and should be improved if the company intends to use it.