The Micro Environment
Best Buy’s mission statement is “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.” Their company perspective is the following “Our vision is to make life fun and easy. Our business strategy is to bring technology and consumers together in a retail environment that focuses on educating consumers on the features and benefits of technology and entertainment products, while maximizing overall profitability. We believe our stores offer consumers meaningful advantages in store environment, product value, selection and service, all of which …show more content…
Best Buy also operates online, allowing Customers to purchase product on line at www.bestbuy.com. The main challenge associated to Best Buy distribution is that the company relies on a handful number of vendors for the supply of their product. Best Buy only accounts for 60 percent of the merchandise it purchases, therefore if any supplier is unable to supply or there is disruption and lost from any vendor, the company may not be able to meet the demand of the customers.
Best buy offer product such as electronic, home office product, entertainment software, appliances and related services.