Electronics Retailer: Company Profile: Best Buy

Purchasing has become a part of everyday life for many Americans. Large stores line major roads of yankee towns and towns, enticing consumers with attention grabbing advertisements for products that range from everyday essentials, to flashy toys that promise hours of entertainment. While many stores hold these entertainment products, like TV’s, computers, gaming systems, and mp3 players, there is certainly one company that stands upright above the rest as the “dominant technology and entertainment retailer” (taitsubler. com) in the United Areas – Best Buy. buy

With a gross income of over $50 Billion in fiscal year 2011, and a net income of $1. 227 billion, Very best Buy Co., Inc keeps one of the major market shares in the consumer electronics industry, as they should. Best Purchase, founded in 1966, is electronics merchant, whose stores are chock packed with expensive electrical toys and tools. Stores are split into departments, each department focused in a type of technology. Each store has a Home entertainment, Computer/Tablet, MP3/iPod, Video gaming, Digital Imaging, Car Gadgets, Music/Movies, Appliances, and Portable (cell phone) department, in which companies their accessories are on display.

Very best Buy, striving to be an one stop look for customers, also provides services to go along with their products. Through close ties with companies such as Comcast, Dish Network, Period Warner, and Clear Mobile, customers can leave your local store with connections to the internet, cable or dish TV, and phone services. Through the purchase of Geek Squad in 2002, Best Buy is also in a position to grant repair and assembly services on many of its wares, such as TV’s, computers, and devices. In fact, Bargain now brands all of the warranties and installation services with the Geek Team name, and encourages customers to employ their in-store service counters, where they can talk face to face with a Nerd Squad agent about the issues that they are experiencing with their technology.

Geek Squad is not the only brand to be owned by Perfect Buy. Product brands such as Dynex, Insignia, and Rocketfish are all owned or operated by Best Buy. These types of brands are mostly manufacturers of product accessories such as wireless mice (for computers), speakers, cables and cases, but both Dynex and Insignia are manufacturers of larger products, like TV’s. Having “house brands” is beneficial for the business because they lead to raised margins on those products, and Best Get has greater control over product inventory levels and greater overall flexibility in the creation of new products to fit with market trends. For example, Greatest Buy was able to reply to the release of the IPad by creating several IPad accessories, such as cases and stages, through its brand Rocketfish. Not only did consumers benefit by having a larger assortment of accessories to choose from, but also from the lower prices that arose due to competition in the accessories market.

Others associated with Best Buy are Magnolia, a branch of the property Theater department, in which more advanced TV’s and audio system can be purchased, for those customers that desire above average performance from their Video’s and speaker set-ups, and Napster, which, up until recording, was an try out by Bargain to enter into the music streaming and download market. (Napster was recently sold to Rhapsody for an undisclosed amount. )

In November of 2001, Best Buy purchased another brand as well – Future Shop. Long term Shop was an consumer electronics dealer within Canada, and after being purchased by Best Buy Co., Incorporation, was renamed Best Get Canada Ltd. It functions as a largely distinct entity of Best Purchase Co., Inc, yet has a strong occurrence within the nation, grossing more than $5 Billion us dollars in revenue.

Best Get Canada is not Perfect Buy’s only international task; it has also launched stores in China, Poultry, and the United Empire. Unfortunately, it has not been hit with success in those regions. Greatest Buy recently closed all nine of its stores in China, but has plans to pursue the buyer electronics market there with the opening of 55 new stores branded as “Five Star Electronics. inches A few days ago, however, has ripped totally out of the Turkey and U. T. Markets, closing over the two stores in the Midsection Eastern country, and their eleven locations around The united kingdom, with no announced programs to re-enter those market segments.