Current Marketing & Past Marketing Campaigns 5 - 8.
Company Minority/ Diversity programs 8 - 9.
Past and Current Stock Performances 10.
This paper provides an in-depth evaluation of the Best Buy Company. It covers various aspects of Best Buy's marketing mix and its current business strategies and practices. The analysis of Best Buy will cover the company's background, officers, current and past marketing campaigns, minority and diversity programs, future company endeavors, and past and current stock performance.
Richard M. Schulze founded Sound of Music in 1966. Sound of Music operated successfully and smoothly as an audio component system retailer until disaster struck in 1981. A vicious tornado threatened to reduce Sound of Music to a mere memory. However, instead of allowing this disaster to determine their failure, this storm actually inspired the idea that made Best Buy as successful as it is today. In the wake of the storm, Richard Schulze hosted an event that entirely changed the company's perspective. This Tornado Clearance event revealed how much customers love lots of shopping space and lots of "stuff" for low prices. This became a theme adopted by Sound of Music. In 1983 Sound of Music expanded it's scope; they adapted their product mix to appeal to a broader segment of the market. This new product mix offered video and other electronic products. This very year, 1983, Sound of Music became officially known as Best Buy. In 1985 the company went public and in 1987 began trading on the New York Stock Exchange. In 1989 Best Buy introduced a new retail format placing all inventory on the sales floor with non-commissioned product specialists. Best Buy's headquarters exists in Eden Prairie, Minnesota. Today, Minneapolis-based Best Buy Co., Inc. is North America's leading specialty retailer of consumer electronics, personal computers, entertainment software and appliances.