Best Buy Co., Inc. is an American multinational consumer electronics corporation. Its headquarters is in Richfield, Minnesota. The company was founded by Richard M. Schulze and Gary Smoliak in 1966 as an audio specialty store; in 1983. It operates in the United States, Puerto Rico, Mexico, Canada, and China. Best Buy's subsidiaries include CinemaNow, Geek Squad, Magnolia Audio Video, Pacific Sales, and Cowboom.
Best buy is a fairly new company. It has done many things to gain a competitive advantage in the consumer electronics business. It is the largest specialty retailer throughout the United States. It has done things like target a younger demographic and investigate competitive pricing strategies. Best buy has been able to please its customers by becoming more sustainiable. It has implemented many programs and has won many awards for being an ethical company.
Best buy has been able to maintain a competitive advantage while being sustainable by pleasing custiomers in more than one way. Best Buy offers high end electronics at discounted prices, while also reaching levels of sustainability by creating things like an extensive recycling program. They have also funded various community outreach programs. By becoming more sustainable, it has made itself more popular among consumers and added more customers who are attracted to a business that operates on an ethical correct and eco-friendly basis. They are also an employee friendly company.
The resources Best buy dedicates to help consumers recycle their old electronic devises is well worth it. It is a good investment for best buy. It is an investment that will pay off in the long. People who may have never shopped at a Best buy, will experience it on a positive note in they use the recycling program. This will draw in new customers and please the customers who are regulars at its various stores.
The recycling programs will also help with name recognition. People will be attracted to the store for its recycling program and will stay for the products it sells. Just knowing that a company is being environmentally friendly will bring hoards of new customers and increase profits, which will overwhelm the price of creating the recycling program. Best buy splits the profits on anything being recycled and has an economic impact on other businesses’, such as e-bay, as well. The recycling program will result in more profit and promotion than the company could ever imagine. The recycling program in 2009 that has since collected nearly half-a-billion pounds of consumer electronics and e-waste and is available at all their stores for free. These items are then handed over to certified recyclers in the U.S. for proper recycling. The company's goal is to collect one billion pounds of recycling.
Although best buy has been a model for sustainability, it has had its problems. Best Buy was one of several large companies named by Greenpeace in 2007 for purchasing raw materials or manufactured products derived thereof from logging companies that, in the opinion of Greenpeace, contribute to unethical deforestation of taiga in Canada. Since that time, however, the company…