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Best Buy Co. Inc. is one of the largest electronics retailers in the U.S. and Canada. Best Buy company owns more than 1,000 stores. Best Buy plans to expand its network to other markets, in particular the Chinese market. Best Buy Company owns a number of brands of electronics, in particular, Insignia, Dynex, which also are sold through the network of Best Buy shops.
Richard M. Schultz and Gary Smolyak opened a shop selling audio in St. Paul, Minnesota in 1966. A year later, Sound of Music, that was the name of the shop, became a part of Kencraft Hi-Fi Company and Bergo Compan. Two more shops under the same name were opened in downtown Minneapolis. The first fiscal year, Sound of Music ended with a gross revenue of 168,000 dollars. In 1969, the company went public, introduced a system of stock options and opened 3 more stores in the area of Twin Cities (Minneapolis and St. Paul ). Annual revenue in 1970, reached the mark of one million dollars. In 1979, The Sound of Music managed to became the first distributer of video equipment from Magnavox, Panasonic, Sharp, and Sony.
Best Buy Company today is the largest seller of home appliances and electronics in the USA, controlling 21 % of the market. This retail chain is most known for its massive sales. In addition, this company is very proud of the fact that sales staff has a fixed salary and not commission from sales, which allows its sellers to maintain objectivity when recommending products.
In the U.S., Best Buy actively experimenting with different marketing strategies. For example, some large stores and offers customers a personal shopping assistant, who help you quickly make the necessary purchases or pre-plan your route.
One of the basic principles of marketing the company uses is the so-called “the buyer centrism.” Within this concept, design, range and style of service in each Best Buy store varies depending on the place in which it is located and the main target audience. In the framework of a unified corporate identity, the company tries in each region to adapt to the needs of local customers.
In summer 2007, the company announced major plans to expand its network. Under this strategy, in June 2008 Best Buy established a joint venture with British retailer Carphone Warehouse. Commenting on the deal, Best Buy representatives noted that it “would be the prelude to the global development of the company in the rest of Europe.”
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