For years, Best Buy has outshined other companies in the consumer electronics niche. The reliability and dependability of the services that the company offers to its clients have gained unprecedented favor from its client. The stability of the company since 1966 is evidence that it has come of age as one of the top companies with influence in the U.S, Canada, Mexico, and other global markets.
All this success is directly linked to the mission and vision statement of Best Buy that highly values the satisfaction of customers while at the same time stamping its influence in the market through unique differentiated customer services. The book definition of a mission statement of a company shows that it comprises of the strategies the company puts in place to drive the company towards its vision. On the other hand, the vision statement is a desired future position that the management wishes the company to be in. In the case of Best Buy, the company hints that it strives to be a leader in what it does as part of its vision.
It also references the influence the company would want to have in the consumer electronics sector. Its mission statement relates to this vision statement. It emphasizes on the difference the company makes in the life of its customers through services well above the ordinary ones. Best Buy is a company that has a reputation when it comes to how it enforces and maintains its core values.
In fact, this is essentially one of the major pillars that have seen the company grow from humble backgrounds to become a mega-corporation in the contemporary era. Overall, the presence of the corporate statements and the core values have been central to the growth trajectory of Best Buy for decades.
Best Buy Mission Statement
Best Buy’s mission statement is “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.” The emphasis of this mission statement is on the customers and how the company impacts on them with services that are a cut above the rest. Best Buy’s first priority is to meet the needs of its customers as shown in this mission statement. The following major points can be linked to this statement:
- Improving lives. Best buys understand the importance of dependable devices when it comes to having a difference in how people live. To meet this demand, the company considers quality as its number one factor in the order of priority. This is because only products that perform as expected can have a positive impact on the life of a person. As a result, this is what Best Buy is best known for today – products that give nothing short of maximum performance and efficiency. The company accomplished this by only dealing with top brands as shown on its site.
- Exceeding expectations. Unlike most companies that only provide their clients with products, Best Buy goes beyond this norm to offer its customers expert services on demand. It also makes it even more convenient for its customers by taking their expertise to the comfort of their homes. In fact, the company cares so much about each of its clients that it takes its time to personalize recommendations to suit each of their needs rather than offering generic ones. And that is not all, there is always a standby technical to solve all the installation needs whenever necessary.
- Stimulating growth. Best Buy recognizes that no one wants to be stuck in the old tech. To satisfy this component in its mission statement, the company came up with a system that not only provides the customers with the best electronic items but also gives them a way out of the old and into the new technology. It does this through its trade-in and trades up options. With this, the company continues to win the hearts of its clients with a deal that they can rarely find elsewhere.
Although the company does not have an officially defined vision statement, it is obvious where the company wants to be in the future as shown in the company blog. Best Buy’s vision statement is “to positively impact the world, enrich people’s lives through technology and contribute to the common good.” This is an implied vision as outlined in the corporate responsibility of the company with a timeline that goes up to 2020. The vision statement echoes the leadership position Best Buy has assumed the niche it operates. The following factors related to this implied vision statement:
- Positively impact the world. Best Buy shows that it is more than a profiteering company. The focus on improving the lives of people has distinguished the company from many others. It has a particularly smart reputation for offering attractive prices on its items which is one way it impacts the world by bringing affordable electronics. Other than this, the company is renowned for its social and environmental responsibilities that tremendously make the world better.
- Technology. To satisfy this component, Best Buy remains dedicated to providing its customers with a variety of electronics to choose from. The company also features some of the latest technologies in these items. In this way, it not only improves the experiences the customers get from these products but also impacts the growth of the industry.
Best Buy’s core values include “unleash the power of our people, learn from challenge and change, show respect, humility, integrity, have fun while being the best.” These elements are credited for the great corporate culture that identifies Best Buy.
Best Buy considers valuing and respect of its customers critical to the overall success of the company. The company also motivates its employees to always act and conduct the operations of the firm in the right, while at the same time having fun in doing so. The atmosphere within this company reveals that this is what the company encourages to ensure there is constant learning. This is a practice the company explicitly declares as long term, and will not be changing whatsoever.
- Bart, C. (2004). Innovation, mission statements, and learning. International Journal of Technology Management, 27(6), 544-561.
- Best Buy – Home.
- Cady, S. H., Wheeler, J. V., DeWolf, J., & Brodke, M. (2011). Mission, vision, and values: what do they say?. Organization Development Journal, 29(1).
- Dvorak, P. (2008). Best buy taps ‘prediction market’. Wall Street J.
- Gibson, E., & Billings, A. (2003). Best practices at Best Buy: a turnaround strategy. Journal of Business Strategy, 24(6), 10-16.
- Gibson, E., & Billings, A. (2003). Big Change at Best Buy. Davies-Black Publishing.
- McWilliams, G. (2004). Analyzing customers, Best Buy decides not all are welcome. The Wall Street Journal Online.
- Mullane, J. V. (2002). The mission statement is a strategic tool: when used properly. Management Decision, 40(5), 448-455.
- Pearce, J. A., & David, F. (1987). Corporate mission statements: The bottom line. Academy of Management Perspectives, 1(2), 109-115.
- Simpson, D. (1994). Rethinking vision and mission. Strategy & Leadership, 22(5), 9.
- Stevens, R., Moray, N., & Bruneel, J. (2015). The social and economic mission of social enterprises: Dimensions, measurement, validation, and relation. Entrepreneurship Theory and Practice, 39(5), 1051-1082.
- Wickert, C., Vaccaro, A., & Cornelissen, J. (2017). “Buying” corporate social responsibility: organisational identity orientation as a determinant of practice adoption. Journal of Business Ethics, 142(3), 497-514.