History
Best Buy Inc was founded in 1966 as an audio speciality store called Sound of Music by Richard M. Schulze and his business partner James Wheeler. The company changed names in 1983 when the company opened its latest store which would be the first expanded store selling a wide range of products at discounted pricing. The company also began selling appliances at this time and videocassette records. Best Buy Inc is an aggressive company and set out to become one of the country's best providers of consumer electronics from the beginning.
Introduction
As a top company in the Specialty Retailers industry, Best Buy specializes in retailing technology and entertainment products and services. It also operates in Puerto Rico, Europe, Mexico, Canada and China making them have over 1,150 stores worldwide. Headquartered in Minnesota, Best Buy controls a portfolio of retail stores and websites under 11 brand names:
- Best Buy or BBfB
- Five Star Appliances - the fourth-largest appliance and consumer electronics retailer in China and sells similar products to Best Buy.
- Future Shop - a Canada-based retailer that sells similar products as Best Buy.
- Geek Squad
- Magnolia Audio Video
- The Carphone Warehouse - Europe’s leading independent retailer of mobile phones and services.
- Best Buy Mobile
- Audiovisions - a U.S.-based commercial and residential video/audio systems integration firm.
- Napster
- Pacific Sales – offers kitchen, bath and home improvement products in Southern California.
- Speakeasy - a U.S.-based provider of broadband, voice, data and information technology services.
In the U.S., Best Buy is the largest consumer electronics retailer.
Best Buy Mission Statement:
"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. "
Store Information
Best Buy Store 1137
Location: Howell, NJ
General Manager / Contact: Michael Rubino
Phone number: 732-363-5269
How does Best Buy use Information Systems to increase sales:
Marketing
- Best Buy takes advantage of the internet with BestBuy.com which is one of the largest online electronics retail store.
www.bestbuy.com
- You can also visit the Facebook page which will update you on special events and exclusive offers.
- Mobile Apps
Reward Zone Program
- Frequent shoppers card that essentially gives the customer free best buy money.
Benefits:
- 1 point per every $1 spent in a best buy store or on bestbuy.com
- $5 reward certificate per every 250 points.
- Exclusive access to special events.
- special member only offers.
- FREE Membership!
Branded Payments
- Best Buy Credit Card
- Reward Zone Master Card
