Running heading: Best Buy
1
Best Buy
Robert Manes, Michael Matheis, Amanda Morris, Joe Murillo
BUSI690-D04
Liberty University
May 5, 2015
Running heading: Best Buy
2
Executive Summary
Best Buy is the world’s largest consumer electronics retailer. With over 1,475 stores in United
States and 468 stores in Mexico and Canada and employs over 125,000 people (Loeb, 2014).
Best Buy is the only box retailer to focus solely on consumer electronics. Their only other
competitor in this market space, Circuit City, went out of business in 2010 following a
bankruptcy filing in 2008 (Mourdoukoutas, 2014). With the rise of the global retail giant
Amazon.com looming Best Buy was able to rejuvenate its strategy in 2012 with the new Renew
Blue campaign thus solidifying its place in the electronics market. The company is positioning
itself to become the preferred authority and destination for all things technology, both products
and services.
Best Buy is unique in its strategy to not only offer products but support the consumer through the
life of that technological service via a service network within the stores. The company can not
only provide you the products you desire when you desire it, versus waiting via mail with
competitors like Amazon.com, but they can fix the product should it not work for you.
Current Status
Mission Statement
According to a Best Buy Social Media Specialist on a Best Buy Internet forum Best Buy
doesn’t have an official mission statement (forums.bestbuy.com, n.d.). Instead, Best Buy has a
dedication to its customers through its Customer Promise. This promise defines the company as
a leading provider of technology products, services and solutions. According to Best Buy’s 2012
Annual Shareholder’s Meeting presentation the company promises its customers:
- The latest devices and services all in one place
- Impartial and knowledgeable advice
Running heading: Best Buy
3
- Competitive prices
- The ability to shop when and where you want
- Support for the life of your products
Strategies
In 2012 Best Buy ultimately saved its existence with the roll out of its new strategy Renew Blue
(Mourdoukoutas, 2014). Renew Blue has five key focuses: (1) reinvigorate and rejuvenate the
customer experience, (2) work with vendors partners to innovate and drive value, (3) attract and
inspire great leaders and employees, (4) continue leadership role in positively impacting the
world and (5) Increase ROIC for investors (Joy, 2012).
New Mission Statement
The following must be examined to establish Best Buy’s new mission statement: (1) who are
Best Buy’s customers, (2) what product is right for this company, (3) which market segment
should Best Buy target, (3) concerns for survival, (4) what is their self-concept, and (5) what is
their concern for public image.
Customers
Best Buy’s target market is anyone in the market for an electronic device. By a providing
knowledgeable sales force their target market doesn’t have to be tech saavy. Best Buy wants to
be the answer in electronics. With the level of services available for Best Buy customers the
company is targeting not only someone who needs to purchase an electronic device but someone
who is having problems they need resolved with their device.
Products and Services
Running heading: Best Buy
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Best Buy’s essential product mix is electronics, electronics accessories and support
services for such products. This included tv and home theaters, computers and tables, cell
phones, cameras and camcorders, car electronics including GPS, video games, movies and music
as well as office electronics such as printers, faxes and telephones. In the fourth quarter of 2014
Best Buy reported revenue from: computing and mobile phones 49%, consumer electronics 29%,
appliances 8%, entertainment 7% and all other areas at 7% (Leob, 2014). Through the new
Renew Blue strategy Best Buy has been strengthening their vendor partnership by providing a
store within a store such as their Samsung Experience Shops where customers can come and
consult with Samsung vendor experts while testing products hands on (Joly, 2012).
Surprisingly Best Buy also has a home appliance product line complete with service for
such devices. By offering appliances Best Buy is escalating their multi-channel experience for
consumers while maximizing its revenue per square foot with products that have higher profit
margins. Additionally, they are capitalizing on brands that they most likely have relationship
with via the electronics arms of many of the appliance suppliers. More tech savy shoppers can
find tech savvy appliances in the same location. Finally, with Sears declining in market share for
appliances the competition within this sector is fairly low.
Best Buy does not stop at providing products alone they are a leader in the electronics service
industry as well. Best Buy offers extended warranty service contact, product repair, delivery and
installation. Through its Geek Squad division Best Buy offers service for all electronics sold at
the store in the store as well as an online chat resource option and representatives available via
phone call to assist in repairs.
Running heading: Best Buy
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Markets
Best Buy’s market is anyone looking for an electronic device. The company strives to provide
the widest variety of in store product for purchase date of to compete with Amazon.com. Best
Buy has even implemented a price match component to their sales in which they will meet the
price of any competitor advertisement for the same product.
Concern for Survival
Best Buy was going strong in the electronics market until the introduction of online
retailers like Amazon.com. The only other retailers of competition are WalMart, Target and
Sears. All of which have an electronics component to their stores but are not primarily focused
on electronics. In order to remain relevant and competitive in the electronics industry market
Best Buy must confront Amazon’s model head on. In 2012 with the launch of the Renew Blue
campaign the company did just that. Through revitalizing their in store experience the company
was able to capture the in store market.
Self-Concept
Best Buy is keenly aware of the competencies of the organization evidence of its widely
successful Renew Blue campaign. The company focuses on empowering their people. Per their
Shareholder’s meeting in 2012, Best Buy seeks to learn from the challenges and changes they
face while showing respect, humility and doing so with integrity. Finally, Best Buys strives to
empower their employees to have fun while they are working thus creating a lighter, more
energetic work environment that is inviting for potential customers.
Concern for Public Image
Running heading: Best Buy
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Best Buy recognizes the need for a sustainable earth and as such has created policies and
procedures to promote environmental sustainability in the market they compete within. Through
their electronic recycling programs Best Buy recycles 409 lbs of electronics each minute their
stores are open (About Best Buy, n.d.). Additionally, the company has made public statements
regarding human rights, carbon and energy savings, conflict minerals, the environment, paper
procurement and standard for recycling.
Proposed new mission statement
Best Buy will be the preferred choice in consumer electronics and appliances including
computers, mobile phones, entertainment and appliances including product warranty and product
service by ensuring the largest selection of product via strong relationships with leading vendors
and sustainably sourced by our supply chain.
Existing Business Model Analysis
The very strengths of Best Buy almost became their demise prior to 2012’s new strategy. Best
Buy is a large box retailer in which the costs to maintain brick and mortar showroom style
operations is much higher than that of an online retailer where storage is key but physical
appearance is not thus expense are lower. Conversely Best Buy’s strength is in its scale and
locations. When a consumer doesn’t want to wait for a product, or wants to physically go test
the product prior to purchase they can go into the showroom and get a hands on view of the
desire product. Additionally, Best Buy’s service set-up allows consumers with a need for support
the access to a well-trained individual available to assist them. The very nature of their
company’s design adds competitive advantage against the online retailers threatening to capture
their market share.
BestBuy’s Internal Strength and Weaknesses
Running heading: Best Buy
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Strength
•
Nationally one of the most recognized electronics stores
•
Geek-Squad technical support services
•
Large distribution network
•
An improved and capable online sales platform
•
Superior customer experience
•
Strong seasonal advertising and marketing
•
Large Market Share
Weakness
•
High overhead costs
•
Underutilization of store and floor space
•
Past upper management not capitalizing on brand name to sell online
•
Too many underperforming stores and overseas chains
Internal Factor Evaluation (IFE) Matrix
Internal Factor Evaluation Matrix (IFE)
Strengths
Weigh
t
Ratin
g
Weighted
Score
Large national and international distribution network
0.20
4
0.80
Worldwide recognized brand name, large customer base
0.15
4
0.60
Skilled in-house technical support
0.20
3
0.60
Established online retailing infrastructure and support
0.15
3
0.45
Weaknesses
Weigh
t
Ratin
g
Weighted
Score
Utilization and optimization of floor space
0.10
2
0.20
Re-align resources and expenses to reduce overhead costs
0.10
4
0.40
Limited amount of distributors, brand names and alternatives
0.10
3
0.30
TOTALS
1.00
3.35
BestBuy’s External Opportunities and Threats
Opportunities
•
Developing markets abroad offer opportunities for expansion
•
Realignment of resources and restructuring to reduce overhead
•
Capture online consumers looking to purchase larger electronics and appliances
•
Improve online shipping policy comparable to industry leaders
Running heading: Best Buy
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Threats
•
Online retailers gaining share of in-store consumers
•
Electronics becoming much more affordable decreasing profit margins
•
Competitors moving into international markets
•
Economic turmoil and recessions
External Factor Evaluation (EFE) Matrix
External Factor Evaluation Matrix (EFE)
Opportunities
Weight
Rating
Weighted
Score
Further expansion into Canada, Mexico and growing economies
Allocate more resources for increased sales of larger in-store
appliances not available by growing online competitors
Renegotiation of leases and restructuring of North America stores
and chains in China and Europe
0.20
0.13
0.30
3
2
4
0.60
0.26
1.20
Threats
Weight
Rating
Weighted
Score
Online retailers gaining market share in smaller electronics
Suppliers having larger bargaining power
Falling prices on TV and computers
0.15
0.10
0.12
3
3
3
0.45
0.30
0.36
TOTALS
1.00
3.17
BestBuy Corporation SWOT Analysis
Strength
Weaknesses
•
Strong brand name recognition
•
Large distribution network
•
Key relationships with brand name
product
•
Skilled technical and capable
workforce
•
Online presence and infrastructure
•
Large overhead costs
•
Limited number of brand name
products
•
Online shipping policy and Warranty
policy
•
No free shipping like competitors
Opportunities
Threats
Running heading: Best Buy
9
•
Re-aligned resources and assets to
reduce fixed costs and overhead
•
Further expansions into foreign
markets
•
Optimize retail space to accommodate
emerging technology and products
•
Better customer support and services
•
Online competitors offering wider
selection of products
•
Uncertain economic conditions
•
Foreign corporations moving into
established market places
SWOT Bivariate Strategy Matrix
External Opportunities – O
1. Re-align resources and
assets
2. Expansion of company
Improve customer
experience
External Threats – T
1. Competitors
2. Economy
3. Negative press
Internal Strength - S
1. Brand Name
2. Distribution networks
3. Online infrastructure
4. personnel
SO Strategies
Utilizing the competent and
skillful technicians can better
serve customers by providing
services not readily available
elsewhere. Build upon brand
name using “Renew Blue”
strategy.
ST Strategies
Utilize brand name and unique
services available to minimize
competitor’s advantage.
Capitalize on larger
appliances and electronics not
readily available for purchase
online.
Internal Weakness – W
1. Large overhead costs
2. Limited products and
brand names
3. policies
WO Strategies
Minimize weakness of
overhead and high costs by
restructuring organization to
be much leaner and profitable.
Through the “Renew Blue”
initiative cut costs and create a
better customer experience.
WT Strategies
Continually improve on
internal changes to attain long
term goals. Seek to develop
internal policy changes that
improve customer experience.
Capitalize on the limited
abilities of online retailers.
Competitive forces, Competitive Profile Matrix (CPM)
Competitive Profile Matrix (CPM)
BestBuy
WalMart
Amazon
Critical Success Factors
Weigh
t
Ratin
g
Scor
e
Ratin
g
Scor
e
Ratin
g
Scor
e
Advertising
0.05
4
0.20
3
0.15
2
0.10
Market Penetration
0.03
3
0.09
4
0.12
4
0.12
Customer Service
0.08
4
0.32
2
0.16
4
0.32
Store Locations
0.10
3
0.30
4
0.40
1
0.10
R&D
0.08
2
0.16
2
0.16
4
0.32
Running heading: Best Buy
10
Employee Dedication
0.05
3
0.15
2
0.10
4
0.20
Financial Profit
0.09
3
0.27
3
0.27
4
0.36
Customer Loyalty
0.10
4
0.40
2
0.20
3
0.30
Market Share
0.12
3
0.36
4
0.48
3
0.36
Product Quality
0.10
4
0.40
2
0.20
4
0.40
Top Management
0.08
4
0.32
2
0.16
4
0.32
Price Competitiveness
0.12
3
0.36
3
0.36
3
0.36
Totals
1.00
3.33
2.76
3.26
The Competitive Profile Matrix shows that BestBuy is faring well with its immediate
competitors in the consumer electronics industry. Currently, Amazon is running similar to
BestBuy in regards to metrics and benchmarks as shown in the diagram. While, Amazon does
not exclusively sell electronics and has a very diverse product selection, the selection and
competitive pricing has allowed it to become a force within the industry and a competitor to
BestBuy. BestBuy has advantages of allowing consumers to seek advice of technically
competent staff and technicians. In the “Renew Blue” strategy, the organization seeks to improve
on its consumer experience by providing not only competitive pricing and a wide selection of
products, but also provide its customers with the technical knowledge and advise that is not
readily available from other competitors such as Amazon and Walmart.
Income Statement
CONSOLIDATED
STATEMENTS
OF
COMPREHENSIVE
INCOME
Statement
(USD
$)
2013)
2014)
«A
2005)
A
In
Millions,
unless
otherwise
spectfed
Net
earnings
{loss)
including
noncontrolling
interests
($420))$523
-225%)
$1,235
136%
Foreign
currency
translation
adjustments
15}
-147}-1080%)
-103}
-30%h
Unrealized
gain
(loss)
on
available-for-sale
investments
2} 6}
200m)
-31-150%
Reclassification
of
foreign
currency
translations
adjustments
into
earnings
due
tosale
of
business}
0)
654)
654%)
0)-100%
Reclassification
of
{gains)
losses
on
available-for-sale
investments
into
earnings
O)
2th)
-4Y-300%
Comprehensive
income
(loss)
including
noncontrolling
interests
43}
1,038}
-358%]
1,125]
8h
Comprehensive
income
attributable
to
noncontrolling
interests
2)
126)
67h]
-2]
-58%
Comprehensive
income
(loss)
attributable
to
Best
Buy
Co.,
Inc.
shareholders
($430}]$912
-312%)
$1,123
23h
Running heading: Best Buy
11
Balance sheet and Cash flow Statement
Running heading: Best Buy
12
FLOWS
(USD
$)
In
Millions,
unless
otherwise
s|
et
earnings
(loss)
including
noncon
ng
interests
djustments
to
reconcile
net
earnings
(loss)
‘0
total
cash
provided
by
operating
activities
preciation
mo
on
of
definite-lived
intangible
assets
‘estructuring
charges
mpairmen
n
son
sale
o'
ness
-Dased
compensation
erred
income
taxes
er,
ne
anges
in
operating
assets
a
‘eceivables
re
Nndise
inventories
er
asse
counts
payable
er es
ncome
taxes
‘otal
cash
provided
by
operating
activities
‘ons
to
prope’
equipment,
net
o'
$14,
$13
and
$29
non-cash
capital
xpenditures
ur
's
of
investmen
es
of
investmen
quisition
of
businesses,
net
of
cas
acquired
roceeds
from
sale
o
ness,
net
of
cas|
ransferred
ange
in
re
ed
asse
er,
ne
otal
cash
used
in
investing
epu
of
common
ssuance
of
common
lends
pa
‘epayments
of
de
roceeds
from
issuance
of
del
er,
ne
otal
cash
provided
by
(used
in)
financing
activities
Ol
ange
Rate
Changes
on
ncrease
(Decrease)
in
ani
Equivalents
ustment
for
Fiscal
Year-e
ange
(Note
1)
ncrease
(Decrease)
in
ani
Equivalents
After
Adjustment
a
quivalen
ginning
o
Running heading: Best Buy
13
Running heading: Best Buy
14
Analysis of Financials
BestBuy has recently been undergoing some internal structural changes under the
management campaign of “Renew Blue”. The focus of the strategic change is to lower overall
overhead costs to raise profit margin. Additionally allocating resource to much needed areas and
the selling of overseas holdings was an important factor in this. These changes can be seen from
the balance sheet as total liabilities have dropped significantly. From 2013 to 2015, the total
amount of liabilities the organization held dropped from 6,951 to 5,030, a 38% decrease in
overall liabilities. In the move to reorganize and restructure the company around the more
successful and profitable stores, some land and building assets were sold off and it is notes in the
balance sheet as well, 2014 had 758 properties and building and currently has 611, a 19%
decrease overall. Lastly, the total currently liabilities have decreased from 2013 to 2015 by 28%,
which places them in a favorable position. The income statement shows that the company’s
strategy is providing them with realized gains as they have posted a net gain of $1,235m in
February 2015, as opposed to a net loss two years earlier of $420m. This is good news as it has
placed a significant amount of trust into the investors who have were worrisome about the
previous year’s falling revenue and profits. The restructuring process is currently working well
for BestBuy and should further improve on the changes that have been addressed thus far.
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Ratios from the most current and available three years with deltas and analysis
C F Ratios
2012
2013
2014
Return on Assets
(Net Income/total Assets)
2.87%
3.80%
32%
8.08
113%
Return on equity
(Net Income/total Stockholder’s
Equity)
(0.1572
)
0.1335
217.75
%
.2468
184.92
%
Debt Ratio
(Total Liabilities/Total Assets)
0.78
0.72
(8.86%)
0.67
(6.41%)
Current Ratio
(Current Assets/Current
Liabilities)
1.11
1.41
20.96%
1.50
6.51%
Debt-to-equity Ratio
(Total Liabilities/Owner’s Equity)
0.57
0.45
(0.29%)
0.33
(0.37%)
Analysis
Best Buy continues to increase its return on assets and has continued to increase its return
on equity substantially, for the last 4 years. While the debt ratio has decreased, this can be
attributed to their “Renew Blue” strategy, which restructures existing assets and liabilities, while
creating a richer, more rewarding, and much more personal customer experience. Accordingly,
the debt to equity ratio has decreased, but this is expected to last only briefly until the Renew
Blue campaign catches in earnest.
Alternative Strategies
Best Buy continues to compete with mostly brick-and-mortar, big box stores. Alternative
strategies, more in line with combatting competition from online retail and wholesale outlets,
could enhance Best Buy’s “Renew Blue” campaign. Creating a greater online presence,
expanding into developing countries, and continued restructure of existing physical assets and
liabilities will carry Best Buy into the next decade. They are uniquely poised to create, with
Running heading: Best Buy
16
support from all major electronics products manufacturers, an environment in which customers
may physically visit to explore available technologies. The manning of Best Buy stores with
product experts in all categories insures the very best help is available with established times and
fixed locations of operations. Customers would be able to immerse themselves in their desired
product line and with Best Buy’s expanded online presence, be able to purchase their product of
choice from the comfort of their living room – without pressure from sales persons. Best Buy
will offer online discounts negotiated with manufacturers, and offered nowhere else. This
strategy will also enhance big ticket item sales while supplementing the physical asset restructure
programs already in place. In this scenario no, or very low levels of inventory need to be
maintained at the physical location – only the demo models are really necessary to serve the
purpose of the strategy. Best Buy will take note from online retail giants, such as Amazon, for its
logistics procedures, processes and offerings, insuring customers are able to receive their
purchases in a timely manner and at the very best prices. This model also has great potential in
expanding international markets, reducing cost for their trademark brick-and-mortar operations
through reduction of logistics staging. Most major vendors are now resident in most countries
and will support Best Buy accordingly.
Running heading: Best Buy
17
Pro Forma Financial Statements (Forecast)
Income Statement
Running heading: Best Buy
18
Balance Sheet
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19
Cash Flow
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20
Net Present Value Analysis
N P V (I M D )
Interest Rate
4.50%
Initial Investment
150
Net Cash Flows
Year 1
$2,981
Year 2
$6,909
Year 3
$16,013
NPV
$46,571
Short-term Objectives for growth for Best Buy Company
These are initiatives for rejuvenating businesses for growth in revenue and to increase
profitability. The recommended strategies for the Best Buy Company would be forward
integration, Market Penetration, Market development, and Divestiture.
Forward Integration
Sometimes a business may want to have control over sales channel for its products. This
company can buy with an intention to control channels through which products are sold. By so
doing, the company will drive out competitors from using the same channels to sell their
products. The control of this network will ensure that there is direct control over distribution of
products. The company must have control of the supply chain to be able to reduce the risks that
accrue due to the use of private business partners. Remember, depending on the external partners
can significantly compromise control over resources.
Market Penetration
This strategy focuses on developing its market share base by pursuing more aggressive
advertising, offering volume discounts and lowering of prices. For instance, Best Buy can make
use of online platforms to advertise its products as many people would want advertising media
that provide information on the move, without restricting them to the traditional media such as
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21
billboards. The hardest part of marketing is capturing a share of the market for an organization's
products or service. To get a foothold in the market, Best Buy must concentrate on value addition
on products so as to make clients feel there is value for money. But more importantly continue to
pursue a strategy that will deliver of advice, Service and Convenience without compromising on
price as a competitive advantage.
Market development
The growth strategy must first and foremost strive to identify new markets for the supply
with existing product range provided by the organization. Best Buy Co., Inc., being a global
organization, has abundant opportunities available for exploitation in the global arena. These
opportunities exist even for all products including those from the competition. It is, therefore,
incumbent upon every business to devise strategies for own growth and profitability. The
organization must develop its market by use of this strategy by finding new customer segments
in the market for the supply especially with the tablets, gaming and digital imaging that is
experiencing declining sales. Driving the sale of this product will help to boost growth, as this
product seems to be at the declining stage.
Divestiture
Selling part of an organization or subsidiary or business line to another company is
referred to as divestiture. It is important to examine operational strategies and portfolios of
companies to determine if divestiture solutions can be a viable action to help solve some of the
immediate business issues such as declining sale of tablets and digital imaging. Best Buy
Company should organize to sell its Five Star business in China. The subsidiary did not meet
expectations in terms of growth and profitability. The company can, therefore, use those
resources from the sale to pursue other opportunities.
Running heading: Best Buy
22
Long-term objectives
Even though companies tend to concentrate on the short-term goal of making profits and
growth, they should not compromise this at the expense of future well being of the enterprise. To
achieve in investing in owning the future, top managers should embrace a two-dimensional
approach in its strategies.
Innovation
On the other side, Best Buy should develop new and creative products and services to retain
market position and grow the business in the global market.
Partnerships
The company should create alliances to strengthen its position and open up new markets. Best
Buy should work together with partners to deliver new solutions and expand its reach into global
markets. Best Buy company should design products that satisfy specific demands that exist in
other markets in the world.
People
The company should enhance the organization’s skills and competencies so it has the resources
to meet challenges. Best Buy Company relies on the skills and innovation that the employees
will provide. For example, Best Buy can dedicate its Human resource management strategy on
attracting and retaining staff with special skills. On the other hand, training and development
should continue to strengthen skills that provide a competitive advantage and drive the company
vision Daly, Chafouleas, & Skinner, (2005). Best Buy will, therefore, have a pool of expertise to
enable it competes effectively in the market.
Running heading: Best Buy
23
Proposed new business model
Bets Buy is currently in the process of a new business model with the management
campaign of “Renew Blue”. The focus of the strategic change is to lower overall overhead costs
to raise profit margin. The key to the new business model is going to lie in building stronger
customer relationships within new customer segments. This new marketing campaign is
intended to increase revenue. Best Buy continues to increase its return on assets and has
continued to increase its return on equity substantially, for the last 4 years. Through the online
deeply discounted price as well as freedom from sales persons pressuring consumers Best Buy
will overall strengthen its relationship with their current customers. While pursuing new revenue
it is key to not neglect the long-standing customers with regular purchasing habits.
References
About Best Buy, (n.d.) Retrieved April 28, 2015 from https://corporate.bestbuy.com/about-best-
buy/
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24
Forums.bestbuy.com, Retrieved April 28, 2015 from http://www.forums.bestbuy.com/t5/Other-
Customer-Service-Support/Does-Best-Buy-have-a-Defined-Mission-Statement-Defined-
Vision/td-p/782785
Daly, E. J., Chafouleas, S., & Skinner, C. H. (2005). Interventions for reading problems:
Designing and evaluating effective strategies. New York: Guilford Press.
Joly, H. (2012) 2013 Annual Shareholder's Meeting Print. Retrieved from http://phx.corporate-
ir.net/phoenix.zhtml?c=83192&p=irol-presentations
Loeb, W. (2014). Why Best Buy will probably beat the competition, exceed expectations.
Forbes, Retrieved on May 2, 2015 from
http://www.forbes.com/sites/walterloeb/2014/11/24/a-prediction-best-buy-will-beat-the-
competition-and-exceed-expectations/
Mourdoukoutas, D. (2014). Why Best Buy is still in business and rising…smartly. Forbes
Investing. www.forbes.com. Retrieved 27, April 2015 from
http://www.forbes.com/sites/panosmourdoukoutas/2014/12/12/why-best-buy-is-still-in-
business-and-rising-smartly/
Rothaemel, F. (2013). Strategic management: Concepts & cases. New York: McGraw-Hill Irwin.
Security Exchange Commission. (2015). BEST BUY CO INC (Filer) CIK:
0000764478. Retrieved May 6, 2015, from http://www.sec.gov/cgi-bin/viewer?
action=view&cik=764478&accession_number=0000764478-15-000014&xbrl_type=v#
