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
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Best buy also operates on the international market with 71 Best Buy Stores in Canada, 2440 Best Buy’s in Europe - Small Box, 6 Best Buy’s in Europe - Big Box, 166 Five Star Stores, 8 China Best Buy Stores, 10 Best Buy Mobile Canada, 6 Mexico Best Buy Stores, 2 Turkey Best Buy Stores and 146 future shop stores throughout Canada. In the U.S. Best Buy has a 1,200 square foot Best Buy Mobile store as well as a 20,000, 30,000 and 45,000 square foot Best Buy big box store. In Canada, Future Shop stores average 26,000 square feet and Canadian Best Buy stores average 32,000 square feet. In Europe, The Carphone Warehouse and The Phone House stores average 800 square feet. 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.