Introduction

         Best Buy’s vision is to make life fun and easy. Their 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. Their stores offer consumers meaningful advantages in store environment, product value, selection and service, all of which advance their objectives of enhancing their business model, gaining market share and improving profitability.

Best Buy recently has been the leading multi-channel global retailer and developer of technology products and services. Every day their employees are committed to helping deliver the technology solutions that enable easy access to people, knowledge, ideas and fun (bestbuy).

The Company began in 1966 by Richard Schulze. Schulze and his business partner James Wheeler came together and established Sound of Music Inc, an audio components systems retailer, and opened their first store in St. Paul, Minnesota. Their idea was to attempt to capture a share of the Twin Cities' home and car stereo retail market. His product line, however, was limited to audio components until the early 1980s. In the same years the Company quickly expanded into video products and appliances, adopting the name Best Buy in 1983. In 1989, Best Buy pioneered a new superstore concept that placed all inventory on the sales floor and featured non-commissioned product specialists. Today Best Buy is the largest retailer of consumer electronics in the US and Canada, valued at around $20.5 billion and with an annual revenue of $40 billion. The company is a top rated Fortune 500 company and is considered to the largest specialty retailer within its sector throughout the United States and accounts for about 21 percent of the market. Our focus for this company will be closely related to Project Management. We will be looking into the launch of the Iphone 4 and how Best Buy defines, organizes, plans, monitors, and controls the project. 

Best Buy Mission Statement:

Best Buy Website