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Best Buy Is The Place To Go |
By:
Kai LeBerge |
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The best buy is also popularly known as the "big blue box". The best buy is a company. It has lot many stores all over the world. The building of these stores has one peculiarity. Generally they have faint brown exterior color and a very prominent entrance which looks like blue box. The consumer associate the blue box entrance to the best buy company to such an extent that it is also known as the big blue box.
The best buy company sells consumer electronics goods. It also sells merchandise related to the electronics goods. This in essence means it sells computers, computer software, DVDs, music, video and digital cameras and mobile phones. The best buy company also sells the home appliances like the driers, washing machines, refrigerators. They also sell a good range of audio and video equipments used in the automobiles. The onsite installation service for these equipments is also provided by this chain of stores. They also provide computer repair and warranty service. This is called as Geek Squad and is present as the "Precincts" along with the best buy stores. These can be stand alone stores also. The Geek Squad is the subsidiary company of the best buy company.
The root of best buy company can be traced back to an audio specialty store called as the sound of music. The sound of music was started by Richard M Shulze in 1966. From 1966 to 1983 the company operated in the name of the sound of music. In 1983 the name of the company was changed to present best buy.
The first employee stock option was enacted in 1969. In 1970 the best buy crossed total sells of 1 million mark. The best buy company had two stores one at Roseville and another at Minnesota. Both these stores were badly hit by the tornado in 1981. For the first time in company history it had to offer the consumers a "tornado sell". Afterwards it became an annul event.
Though the company was officially named as the best buy, the first public share offering on the New York stock exchange was in 1987. In 1989 the new grab and go store format was introduced for the first time. In 1990 the major policy change was implemented. It eliminated commission for all stand alone sales persons. However the bonuses for the managers and the supervisors were retained. The company always likes to advertise that its sales persons do not get any commission. The three important performance criterions in the company are revenue, labor and margins. Based on these criterions the managers and supervisors are paid bonuses. The vendors are not allowed to give expensive gifts to the best buy employees.
The best buy has now become a fortune 500 company with many products, stores, services, all over the world.
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Article Source: http://www.friendsofvista.org/articles/article25549.html |
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