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

Company: Best Buy Co, Inc.
Founder: Richard M. Schulze
Year founded: 1966
CEO: Corie Sue Barry
Headquarter: Richfield, Minnesota, United States
Employees (May 2020): 125,000
Ticker Symbol: BBY
Type: Public
Annual Revenue (FY19): US$43.6 Billion
Profit | Net income (FY19): US$1.5 Billion

Fun Fact:

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

Best Buy is an electronics retailer based in Minnesota with over 50 years in the sector. The retailer is thriving for a reason. To understand why Best Buy is thriving, here is an in-depth analysis of Best Buy’s mission statement, vision statement, values, and culture.

Table of Contents

Best Buy’s Vision Statement

“We believe technology is amazing, and we aspire to enhance our customers’ lives through technology – anywhere, anytime.”

Here is our analysis of the vision statement for Best Buy:

Best Buy’s vision statement shows what the company seeks to do or doing to meet the demands of its customers, employees’ wellbeing, and business interests. The statement consists of three elements:

Technological Innovation. Best Buy is committed to providing its customers with technologically advanced electronics and exploits the latest technologies to deliver excellent customer services.

Even though the company closed its stores by March 22, 2020, Best Buy was able to quickly pivot to curbside pickups and retained 81% of 2019’s sales in the last six weeks of the first quarter thanks to “heavy digital builds behind the scenes,” CEO Corie said.

It was well-positioned to overcome the challenges to meet the demands of its customers because it has been investing in the latest technologies and e-commerce for many years. [Source 1]

Enhance Customers’ Lives. The retailer is determined to improve the lives of people by providing the solutions they need to make their lives better. It communicates the company’s customer-centric approach to doing business, which has distinguished it from competitors.

This is evidenced by Best Buy’s trade-in program that allows customers to switch old electronics for new devices. The program is popular and offers a wide selection of devices to trade in from either on Best Buy’s website or at any of its store locations.

Best Buy has also invested heavily in digital services and e-commerce to enhance the customer experience. [Source 2]

Positively impact, anywhere, anytime. The vision statement conveys Best Buy’s dedication to ensuring every aspect of its business has a positive impact on communities and the environment across the world.

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

It was placed in the top five on Barron’s list of the 100 Most Sustainable Companies in America for three straight years. Best Buy is focused on making the world a better place for current and future generations. [Source 3]

Best Buy’s Values

Since Best Buy was founded, each of its stores has been guided by specific values from top-level management to new employees. Here are five values that guide Best Buy’s operations:

Having Fun While Being the Best. Best Buy pride itself on being an exciting and rewarding place to work. This is why the company has always been ranked as one of the best employers and company to work in.

In 2020, Best Buy was selected as one of Canada’s Top 100 Employers and BC’s Top Employers. Why? Well, its employees can take advantage of shortened work weeks, flexible hours, and working from home.

New employees start with three weeks of paid vacation and up to five paid personal days off per year and they can also donate to their favorite local charities via Best Buy’s ‘myGiving’ program. [Source 4]

Learning from Challenge and Change. As one of the biggest retailers in the world, Best Buy accepts that it has a bigger responsibility in protecting the environment and resources.

In Dec 2020, Best Buy was named to CDP’s prestigious Climate A-List for the fourth consecutive year, recognizing its continued leadership in addressing climate change.

“Our decade-long CDP engagement has led to a deeper understanding of climate risks and opportunities, and it has reinforced our commitment to safeguard our communities’ well-being,” said Hugh Cherne, associate director of sustainability at Best Buy. [Source 5]

Unleashing the Power of Our People. Best Buy values people empowerment and always seeks opportunities to give its employees more freedom to put their experiences into practice.

It adopted an appointment-only service that requires employees to operate independently to help customers. “Our associates are focused on one customer’s needs. This leaves lots of room for more complex conversations,” CEO Barry told Fortune.

Unleashing the power of its employees helped Best Buy to retain about 81% of its sales volume in Q1 2020, which is 20% higher than the 61% overall drop in electronics sales for the US in April. [Source 6]

Showing Respect, Humility, and Integrity. Ethical conduct is ingrained in Best Buy’s DNA. The company is constantly focused on improving and helping its employees to grow and ensure that every person who walks into any of its stores is treated with respect and gets impartial service.

Best Buy’s Code of Ethics for 2020 is extensive and highlights how the company applies this value throughout the company. Best Buy was recognized as one of the 2019 World’s Most Ethical Companies by Ethisphere Institute. [Source 7]

Best Buy’s Culture

Best Buy has nurtured three guiding behaviors that help the company to maintain excellence in leadership and provide the best experience possible to its customers. The three guiding behaviors are Be Human, Make It Real, and Think about Tomorrow. Here is a breakdown of the 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 before everything else was put to the test. Best Buy adopted “contactless curbside pickup” quicker than other retailers – as early as 22^nd March – to keep its customers and employees safe. It rose to the occasion and showed other retailers how to become human. [Source 8]

Make It Real. Throughout the company, the culture of making it real is practiced at all levels to bring the extraordinary into the everyday. Best Buy delivers products that empower customers in new ways.

The company also understands that technology is complex and always changing, which is why it adopted the appointment-only shopping strategy. The strategy ensures each customer is partnered with an expert for tailored one-on-one service to help them choose the right product that will meet their needs. [Source 9]

Think About Tomorrow. While the company is committed to creating a thriving business, it will not neglect its obligation to protect the planet, conserve natural resources, and prevent pollution.

It leads by example. In 2016, Best Buy introduced a new Geekmobile fleet with more than 1,200 Toyota Prius hybrids. By 2017, the fleet of hybrids saved more than 140,000 gallons of gas. The only thing that matters to Best Buy is taking responsibility for what comes next. [Source 10]

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