Electronics Retailer: Company Profile: Best Buy

Shopping has become a part of everyday routine for most Americans. Large retail outlets line major roads of American towns and cities, enticing consumers with attention grabbing advertisements for items which differ from everyday necessities, to flashy toys which promise hours of entertainment. Although many stores carry these entertainment products, like TV's, computers, gaming systems, and mp3 players, there is one company that stands above the rest since the "dominant technology and entertainment retailer" in the usa - Best Buy.

Having a gross income well over $50 Billion in fiscal year 2011, and a net income of $1.227 billion, Best Buy Co., Inc holds on the list of largest market shares inside the consumer electronics industry, while they should. Best Buy, founded in 1966, is electronics merchant, whose stores are chock packed with expensive electrical toys and tools. Stores are divided into departments, each department devoted to a variety of technology. Each store provides a Home Entertainment System, Computer/Tablet, MP3/iPod, Gaming, Digital Imaging, Car Electronics, Music/Movies, Appliances, and Mobile (cell phone) department, wherein products in addition to their accessories take display.

Best Buy, striving as a one-stop look for customers, offers services to move together with their products. Through partnerships with companies for instance Comcast, Dish Network, Time Warner, and Clear Wireless, customers can leave their grocer with connections to the net, cable or dish TV, and phone services. Through the acquisition of Geek Squad in 2002, Best Buy is additionally in a position to offer repair and installation services on a lot of its wares, including TV's, computers, and appliances. The truth is, Best Buy now brands every one of its warranties and installation services with the Geek Squad name, and encourages customers to apply their in-store service counters, where they can talk in person which has a Geek Squad agent concerning the issues that they are experiencing making use of their technology.

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Geek Squad is just not the only real brand to become belonging to Best Buy. Product brands for instance Dynex, Insignia, and Rocketfish are typical properties of Best Buy. These brands are mostly manufacturers of product accessories including wireless mice (for computers), speakers, cables and cases, but both Dynex and Insignia are manufacturers of larger products, like TV's. Having "house brands" is helpful for your company mainly because they result in higher margins on those products, and finest Buy has greater control over product inventory levels and greater flexibility in the creation of new services to fit with market trends. For example, Best Buy was able to reply to the release of the IPad by creating several IPad accessories, such as cases and stands, through its brand Rocketfish. Not merely did consumers benefit having a greater selection of accessories to choose from, as well as from your lower prices that arose on account of competition within the accessories market.

Other brands related to Best Buy are Magnolia, a branch of the Home Theater department, by which higher end TV's and speakers can be bought, for all those customers that desire above average performance from other TV's and speaker set-ups, and Napster, which, up to earlier this current year, was an attempt by Best Buy to enter the tunes streaming and download market. (Napster was recently sold to Rhapsody for the undisclosed amount.)