This is Best Buy Company, Inc. mission statement overview in 2013. For more information on how to write a mission statement, please refer to our article.
|Name||Best Buy Company, Inc.|
|Geographic areas served||Worldwide|
|Current CEO||Hubert Joly|
|Revenue||$ 49.183 billion (2012)|
|Profit||$ -481 million (2012)|
|Main Competitors||Amazon.com Inc., Apple Inc., Wal-Mart Stores Inc. and many other companies.|
Best Buy is the world’s largest multi-channel consumer electronics retailer with stores in the United States, Canada, China, and Mexico. BestBuy.com is among the top ten retail websites in the United States and we have the number one customer loyalty program of its kind. There are more than 1 billion visitors to our websites and 600 million visits to our U.S. stores each year.
Best Buy mission statement 2013
Best Buy doesn’t have an official mission statement. This statement can be found on many websites on the internet but the company itself doesn’t provide it.“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.”
|Does it include…?|
|Technology||Concern for survival||Philosophy|
|Self-concept||Concern for public image||Employees|
|Does it mention values like…?||Customer or product-oriented?|
(This evaluation framework is composed of the guidelines listed in our article: Mission Statement for Success)
Best Buy doesn’t provide an official mission so we have provided a statement that is considered to be Best Buy’s mission by many other authors. The statement was evaluated 1.6 points, indicating the poorly structured mission. It includes only 3 components: customer, employees and concern for survival. The company doesn’t mention any values in the mission and doesn’t provide them separately, so it is unclear what drives Best Buy’s actions and decision-making. The statement is customer-oriented, which means that it is focused on satisfying customer needs and solving their problems.
Best Buy mission is a poorly constructed statement and should be improved if the company intends to use it.
- Best Buy (2013). About Best Buy. Available at: http://www.bby.com/about-best-buy/
- About.com Retail Industry (2013). Best Buy. Available at: http://retailindustry.about.com/od/retailbestpractices/ig/Company-Mission-Statements/Best-Buy-Mission-Statement.htm