The journey of Best buy has started from an audio speciality store and has become an American multinational consumer electronics retailer company. It has become a brand when it sets the vision and makes the products and services available at the most reasonable price. Best buy is notable for consumer electronic products. Moreover, it has created an online marketplace where one can trade items under company policy.
Mission Statement of Best Buy
The mission statement of Best buy is, “Enriching lives by serving our customers’ essential tech needs.” This mission statement outlines the company’s purpose and what the company wants to achieve. The following characteristics are dominant in the mission statement of Best Buy:
- Serve Customers
- Enrich Lives
- Meet tech essentials
Serve Customers: The sole purpose of the company is to ensure customers’ satisfaction with its product and service. They bring all the essential electronic products under a single roof. They not only have a brick and motor shop but also have a huge online marketplace. The company always assists the customers to find the desired product at their ease.
Enrich Lives: Best buy is committed to working for the betterment of the world in terms of protecting the environment, creating sustainable products, and adding value to lives. Its mission is to conserve natural resources, reduce carbon emissions by 2040, and produce environment-friendly products.As part of the mission, they have operated the largest e-waste-operated program.
Meet tech essentials: At first best buy was only a supplier of music-related products. Over time they rebrand the company and have become the one-stop solution for electronics products. Besides a retail shop for tech essentials and home appliances, they also provide tech repair and buy-sell offerings.
Vision Statement of Best buy
Though Best Buy never publishes its vision with any distinctive statement, it has depicted the company’s image as “Doing a world of goods.”
Best buy wants to be the leader in the field of environment, social and governance issues. They pursue the following functions as part of fulfilling the vision of the company.
- Strive to build an environment-friendly atmosphere both for the company and customers.
- Rigorously follow the social responsibility for employees, customers, and communities.
- Ensure transparent corporate governance policy.
The Core values of Best Buy
Best buy practices the values that define its business culture and ethics. The core values of Best Buy are:
- Unleash the power of our people
- Learn from challenges and change
- Show respect, humility, and integrity
- Have fun while being the best.
FAQ
What is the purpose of best buy?
Best Buy builds itself to be the provider of essential electronic products and make lives enriched with its service.
Does Best buy change its mission statement over time?
Yes, the company has rebranded itself over time. Over and above, it also changes its mission.
What are the strategic goals of best buy?
Best buy sets four distinct strategic goals that are: serving existing customers, identifying new demands, driving in new space, and creating the ability to attain growth.
Reference
- https://www.statista.com/topics/1881/best-buy/#topicHeader__wrapper
- https://www.forbes.com/sites/joanverdon/2019/09/26/a-better-best-buy-six-reasons-to-bet-on-it/?sh=50e4dd9972ea
- https://corporate.bestbuy.com/our-commitments/
- https://corporate.bestbuy.com/a-recap-of-best-buys-2019-investor-update/
- https://www.forbes.com/sites/walterloeb/2020/08/26/best-buy-successfully-changed-its-strategy-to-lead-in-the-pandemic/?sh=38ffa3c13dab
