Economic Markets

Economic Markets

Author 's Name

Professor 's Name

Date

Best Buy is a leading consumer electronics retailer that has its base in Minnesota , United States . Best Buy stores offer a variety of electronic products such as personal computers , video and audio devices refrigerators , coffeemakers and entertainment software such as DVD players , compact discs and video games (Funding Universe , n .d . Best Buy operates on the vision of making life easy for its customers with a business strategy of treating customers as unique individuals thereby meeting their needs with end

to end solutions while at the same time maximizing overall profitability (United States Securities Commission 2009

Best Buy was the brainchild of Richard M . Schulze and a partner who started it in 1966 and was then named Sound of Music . Schulze later bought out his partner and proceeded to expand the retail chain by producing audio components only until the early 1980s . He later decided to expand Sound of Music to include appliances such as Video Cassette Recs which saw his sales rise quickly . In 1982 , the revenues reached 9 .3 million with the following year seeing the company renaming itself to Best Buy Company

In 1984 , Schulze introduced the superstore concept which captured 42 of the local market in the United States . In addition to a greatly expanded warehouse size , the superstore concept meant that there were significantly smaller margins to maintain its good service and low prices . Despite suffering various losses in the early 1990s Best Buy continued to...