Best Buy Co. Case Study
As Farfan (2016) argues the Best Buy Co., Inc. is one of the largest retail companies in the world, which managed to earn million $ 40,339 in 2015. According to the company Annual Report as of 2015 ("Annual Reports & Proxy Statements", 2016), the domestic and international segment comprises of 1700 large and small-format stores situated in the United States, Mexico, and Canada. The headcount of the company is astonishing and amounts to 125, 000 of full-time and part-time employees ("About Best Buy", 2016). As far as the company does its business in the international market the value of the mission able to band employees together and reflect the clear direction of the development is very important. The mission statement of the Best Buy is formulated as follows: “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”. In 2012 the Best Buy launched a Renew Blue strategy to bring the company to the higher level and is supported by five targets:
Reinvigorate and rejuvenate the customer experience;
Attract and inspire leaders and employees;
Work with vendor partners to innovate and drive value;
Increase our return on invested capital for investors;
Continue our leadership role in positively impacting our world.
This strategy is positioned as the company vision statement. To achieve positive results the Bets Buy centered strategic vision around the road map key priorities such as merchandising improvement, marketing policy evolution, online retailing services enhancement, retail stores sales efficacy, and cost structure change.
Company mission and strategic vision are parts of the overall corporate culture, which appears to be a complex mechanism including multiple interdependent components. Once one component is missing the mechanism goes out of order (Flamhotlz & Randle, 2011). As Flamhotlz & Randle (2011) called the mission ‘an invisible strategic asset that has a profound impact on company success or failure’. Mission shows the employees what is the company main purpose and focus of activity and strategic vision helps to define how to perform the activity and how to evaluate it. As for the Best Buy's corporate culture, the company managed to overcome some difficulties with management, when CEO Brian Dunn, who registered in April 2012 was involved in a scandal due to the affair with a female employee (Anderson, 2013). The problem with the managerial staff was resolved by evaluation of the set goals, achieved results, and compensations paid. The correlation was not good for the company. Thus, the mission and vision spelled will not guarantee prolific achievements. A total approach to publicly transparent corporate culture should be upgraded by fostering company allegiance and creative leadership.
The mission of the company is usually fragmented into smaller targets and tasks and delegated top-down the organizational structure. Every target or task has standard values, a set deadline, conditions of execution, and evaluation methods. All these …
