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Best Buy Case Study: The Sound Of Music

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Best Buy Case Report
Best Buy, before changing their name, was called The Sound of Music and was a retail store which offered audio equipment. The new company was founded in Saint Paul, Minnesota by Richard M. Schulze, who used his own savings and a second mortgage. The Sound of Music was in a niche in the greater consumer electronics industry. The first shift of changes came around 1982, when the company expanded to start selling appliances and VCRs. The major success that The Sound of Music saw was right after a tornado hit one of its stores, and the company proceeded to gather their inventory, mark it down, and advertise it. As a result, the company decided to hold the sale annually. Around 1985, the company changed their branding to Best Buy, which customers had nicknamed the annual sale. This name change marked the beginning of Best Buy’s new strategy of gaining market shares while adopting a new low-cost sales environment …show more content…

Mitchell wrote that “Best Buy announced that effective Dec. 15, 2008, nearly all of its corporate employees are eligible for a voluntary separation package in order to reduce its corporate expenses significantly.” (Mitchell) The recession of 2008 has had an impact on the company’s performance, but the Best Buy was able to survive since other rival companies exited the market. Best Buy features the latest tech gear and will continue to because of its agreement and relationship to the newest tech companies. “The CEO of Best Buy realized stores could ship packages to customers, serving as a mini-warehouse for the surrounding area allowing for more availability as well as speeding up shipping.” (Roose) Best Buy’s corporate responsibilities are the most important to the business and its stockholders. Best Buy seeks to be transparent with customers on which items are eco-friendly as well as improving the company’s operations and supply

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