Best Buy Mission Statement | Vision | Values ​​and Culture (2024 Analysis)

Fun fact:

Did you know that Best Buy started as an audio specialty store under the name Sound of Music?

Best Buy is a Minnesota-based consumer electronics retailer with more than 50 years of experience in the industry. There's a reason why retailers are thriving. To understand why Best Buy is thriving, we'll take a closer look at Best Buy's mission statement, vision statement, values, and culture.

Best Buy Vision Statement

“We believe technology is great, and we aim to improve the lives of our customers through technology anytime, anywhere.”

Here's an analysis of Best Buy's vision statement:

Best Buy's vision statement describes what the company is or will do to meet the demands of its customers, employee well-being, and business interests. This statement consists of three elements:

Innovation. Best Buy is committed to providing customers with technologically advanced electronics and leverages the latest technology to provide superior customer service.

Although the company closed its stores by March 22, 2020, Best Buy was able to quickly switch to curbside pickup. Maintained 81% of sales in 2019 For the last six weeks of the first quarter,A lot of digital build goes on behind the scenes.'' CEO Corey said.

The company has invested in the latest technology and e-commerce over the years, so it is well-positioned to overcome the challenges of meeting customer demands. [Source 1]

Enriching customers' lives. The retailer is determined to improve people's lives by providing the solutions they need to make their lives better. This conveys the company's customer-centric approach to business, which sets it apart from its competitors.

This is evidenced by Best Buy Trade-in Program This allows customers to replace their old electronics with new devices. The program is popular and offers a wide selection of devices that can be traded in at Best Buy's website or in-store.

Best Buy is also investing heavily in digital services and e-commerce to improve the customer experience. [Source 2]

Make a positive impact anytime, anywhere. The Vision Statement communicates Best Buy's commitment to ensuring that every aspect of its business has a positive impact on communities and the environment around the world.

Its trade-in program reduces environmental pollution and helps customers live more sustainable lives. In 2020, the company was recognized for its efforts on climate change.

It was placed in Top 5 on Barron's list Named one of America's 100 Most Sustainable Companies for three consecutive years. Best Buy is focused on making the world a better place for current and future generations. [Source 3]

Best Buy Value

Since Best Buy's founding, each store has been guided by specific values, from top-level management to new employees. The five values ​​that guide Best Buy's operations are:

It's great while having fun. Best Buy prides itself on being an exciting and rewarding place to work. This is why the company is consistently ranked as the best employer and company to work for.

In 2020, Best Buy was named one of the following: Canada's Top 100 Employers and top employers in B.C. why? Employees have access to reduced work weeks, flexible work hours, and the ability to work from home.

New employees will initially receive three weeks of paid vacation and up to five days of paid personal time off per year, and can also donate to their favorite local charities through Best Buy's “myGiving” program. [Source 4]

Learn from challenges and changes. Best Buy recognizes that as one of the world's largest retailers, we have a greater responsibility in protecting the environment and resources.

In December 2020, Best Buy CDP’s prestigious climate A list This is the fourth year in a row that we have received this award in recognition of our continued leadership in tackling climate change.

“Our 10-year commitment to CDP has deepened our understanding of the risks and opportunities of climate change and strengthened our commitment to protecting the well-being of our communities.,” Said hugh chernAssociate Director of Sustainability at Best Buy. [Source 5]

Unleash the power of your employees. Best Buy is committed to employee empowerment and is always looking for opportunities to give employees more freedom to put their experiences into practice.

We have adopted an appointment-based service that requires employees to work independently to support customers. “Our employees are focused on the needs of one customer.This leaves a lot of room for more complex conversations,” CEO Barry told Fortune Magazine.

By unleashing the power of its employees, Best Buy 81% of sales volume in Q1 2020This is 20% higher than the 61% decline in overall U.S. electronics sales in April. [Source 6]

Demonstrate respect, humility, and integrity. Ethical behavior is in Best Buy's DNA. The company is constantly focused on improving and supporting the growth of its employees, ensuring that everyone who enters its stores is treated with respect and receives fair service.

Best Buy's 2020 Code of Ethics is extensive and highlights how the company applies these values ​​throughout the company. Best Buy was recognized as one of them. 2019 World's Most Ethical Companies By Ethisphere Institute. [Source 7]

Best Buy culture

Best Buy has cultivated three guiding behaviors that help us maintain great leadership and provide the best possible experience for our customers. The three guiding behaviors are: be human, let's realize and think about tomorrow. Here's a breakdown of his three core principles of Best Buy's culture:

Be human. In 2020, Best Buy's culture of prioritizing the well-being of its customers and employees above everything else was put to the test. Best Buy Recruitment”Contactless curbside pickupFaster than other retailers – as early as 22 days^n.d. March – To keep our customers and employees safe. The company addressed this situation and showed other retailers how to be human. [Source 8]

Let's make it happen. Across the company, an enabling culture is practiced at every level to bring the extraordinary to the ordinary. Best Buy offers products that empower customers in new ways.

The company also understands that technology is complex and constantly changing, so Appointment shopping strategy. This strategy allows each customer to partner with an expert to provide his customized one-on-one service and select the right products to meet their needs. [Source 9]

Let's think about tomorrow. While the company is committed to creating a thriving business, it never neglects its obligation to protect the planet, conserve natural resources and prevent pollution.

It leads by example. In 2016, Best Buy introduced his new Geekmobile fleet with more than 1,200 Toyota Prius hybrids. By 2017, hybrid vehicle fleets were saved Over 140,000 gallons of gas. The only thing that matters to Best Buy is being responsible for what happens next. [Source 10]

References and further information