Best Buy Mission Statement - Evolved from Crisis to the 'Best in the World' Customer Trust
Best Buy Mission Statement has evolved from a remarkable past. It started in 1966 as a Shop called the Sound of Music and progressed opening one store at a time until 1981 when it's most profitable store was destroyed in a hurricane. To recover from this they held a tornado sale - big store, massive discounts, no commissions, which they advertised heavily. From this they discovered a success formula and progressed even further.
"To offer customers a perpective they can trust in the midst of techno stress and make technology live up to it's promises for people everywhere"
By 1996 they had grown considerably but they were not profitable and this compounded by computer operating system rollout problem which left them with millions of dollars of useless stock, led again to a crisis. From this crisis they realised that they lacked standardisation and control with a complex supply chain. They developed a standard operating platfom manual and so became they claim 'best in the world' at selling consumer electronics to millions of people.
They now have 1300 stores around the world employing 150,000 employees With company earnings of more than $45 billion in annual revenue and includes successful brands such as Best Buy; Audiovisions; The Carphone Warehouse; Future Shop; and Geek Squad.
So what is the Best Buy Mission Statement today.
This is absolutely a great mission statement. Remember a mission statement declares a companies purpose. They claim to learn what customers want and not giving them what they think they need.
This has certainly been my experience. In Boston, MA on very hot summer week-end, I was struggling to make a laptop drive a large LCD screen required for our exhibition booth.
After visiting many shops and been sold several expensive cables with no success, I called into a Best Buy and asked their Geek Squad help desk which was the best LCD/cable to buy. They recommended a certain LCD model.
Now on the shop floor, I wanted to test LCD unit in the store before spending any more money, the sales assistant without hesitation opened up a new packaged cable unit to test the screen. Wow!
Further my laptop then ran out power. No problem she opened another new packaged cable unit to power up the laptop. I was concerned about the cost - no problem I'll sort that out afterwards she said. Wow again!
I bought the LCD display which worked fine. She certainly fulfilled the company mission statement with excellence!
Their core values are
- Learn from challenge and change
- Have fun while being the best
- Show respect, humility and integrity
- Unleash the power of our people
Learn from challenge and change they certainly have and from my visit the other values are being fulfilled.
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