Best Buy Marketing Paper

Words: 6426
Pages: 26

Best Buy Inc. Best Buy Inc. has been performing business and providing customers with products and services in the United States for over forty-three years. From what started as an idea and a small music shop in St. Paul, Minnesota, Best Buy Inc. now operates over 1,500 "big box" retail stores around the U.S. They have constantly grown to become the largest specialty electronics retailer in the entire world. With ventures expanding into other countries such as China, Mexico, United Kingdom, and many others, Best Buy has plans to develop stores, distribution, and networks throughout the world to better serve its customers as we become more dependent on our gadgets and technology in our everyday lives.

While being the largest
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Since 1995, Best Buy has been ranked in Fortune's top 500 largest corporations. In 2000 Best Buy launched and entered the online retailing business to compete with many others who were entering into the cyber store front space. They have continued to grow through customer base and acquirement of many brands listed below. • Magnolia Hi-Fi • Future Shop • Geek Squad • Audio Visions • Pacific Sales • Jiangsu Five Star Appliances • Carphone Warehouse Since 2001, Best Buy has also made strides to compete in the global market place making international acquisitions and efforts to expand into the United Kingdom, Canada, China, and Mexico. In 2001 Best Buy moved north to acquire FutureShop, a large Canadian electronics retailer chain, thus paving the way for eight Best Buy stores to open in the greater Toronto area in following years. In 2003, Best Buy also made efforts in the global market by opening its first global sourcing office in Shanghai, China, and later in 2006 they acquired Pacific Sales and a large portion of Jiangsu Five Star Appliance stores located throughout China. Finally, after two years of planning, research and development, Best Buy finally opened its first retail store in Shanghai bringing the low cost, warehouse style shopping experience to a very different market. Recently, in 2008 Best Buy acquired one of the