This page will contain additional articles about best buy, as they become available.Best BuyBest Buy is sometimes called the "big blue box" because of the prominent design on Best Buy stores resembling a blue box.Best Buy Co., Inc. NYSE: BBY is a Fortune 100 company and the largest specialty retailer of consumer electronics, personal computers and related goods in North America. The company's subsidiaries include Geek Squad, Magnolia Audio Video, and Future Shop in Canada, which together operate over 700 stores in the United States and Canada. Its headquarters are located in Richfield, Minnesota. Best Buy is not related to Best Products, a defunct U.S. retailer of electronics and home furnishings. Retail offeringsBest Buy's US retail store subsidiary, Best Buy Stores LP, operates over 700 stores in the United States. While Best Buy is primarily associated with electronics (largely audio-visual equipment), there is a variety of merchandise offered at its stores. A large amount of space is taken up by the "Media" department, which contains the store's selection of video games, music on compact disc (as well as some other formats such as SACD, DualDisc, and DVD-Audio), as well as their selection of movies and television programs on DVD. Following suit with most retailers, Best Buy stopped offering VHS in their stores in 2003, only offering the tapes via their website. In 2005, they stopped carrying VHS tapes entirely. Home appliances such as washing machines, dryers, and refrigerators are usually featured off to one side of the building, and a selection of office equipment (mostly desks and chairs) is usually nearby. Computers, computer peripherals and software take up large sections, and a smaller section of cellular phones and PDAs is often present, as is an area devoted to digital still and video cameras. A large area is taken over by televisions and related equipment. A department of audio and video equipment for automobiles is also in ever store, and the stores usually offer on-site installation services for car audio systems by way of a rear or side garage. The building exterior is usually light brown in color with the entrance in an area designed to look like a blue box emerging from the rest of the structure. Some Best Buys have a more utilitarian brick building without the blue structure. Best Buy is also noted for being staffed with non-commissioned sales associates. HistoryBest Buy's corporate campus moved to Richfield, Minneosta in 2002. Over 5000 of Best Buy's employees work at the corporate campus.In 1966, Richard M. Schulze opened Sound of Music, an audio specialty store, in St. Paul, Minnesota. The company grew over the following years, expanding to nine locations by 1980. In 1981, Schulze's most successful store was destroyed by a tornado. This event resulted in a highly successful sale that combined a large selection with low prices and heavy advertising. Similar "Tornado Sales" became an annual Sound of Music event. This was the predecessor to today's typical Best Buy store, lots of product, recognizable staff in polo shirts, and lots of marketing. In 1983, the company's name was changed to Best Buy Co. Inc., and the store shifted its focus to consumer electronics. Over the following decades, the company continued to evolve and grow. In November 4, 2001, Best Buy purchased Future Shop, a similar retailer which operated in Canada. Best Buy continued to operate existed and trusted Future Shop locations while adding new Canadian stores under the Best Buy branding. In 2002, Brad Anderson succeeded Schulze as Best Buy's CEO. The company also acquired the Geek Squad®, a 24-hour computer support taskforce which borrows imagery from the FBI for its employees, which they refer to as "Agents." Their uniforms are starched white short-sleeved dress shirts, black pants, dress shoes and a (clip-on) black tie, and senior Agents also wear a badge on their belt. The secret-agent imagery even extends into the store, where their area is referred to as the "Precinct." The Geek Squad, founded by Robert Stephens in 1994, offers around the clock technical support on any computer problem at flat rate prices. Their clients include celebrities such as Larry King, The Rolling Stones, Ice Cube, and Cindy Margolis. In 2004, Geek Squad put precincts in every Best Buy store, nationwide, offering in-store service during store business hours in addition to 24/7 in-home services, known by the infamous police-colored Volkswagen. In 2003, Best Buy began to segment their stores, which is considered a major part of the company's "customer centricity" transformation. Customer Centricity is the theory that by placing the needs of the customer before the company (rather than attempting to maximize the profit of each sale), the company will in turn increase its growth by building customer loyalty. As part of the change, Best Buy no longer refers to their employees as "Product Specialists," but as "Customer Specialists." While many are well educated about the product they sell, employees are trained to give excellent customer service by asking "lifestyle questions" to determine the most suitable product, services, and accessories for the customer, in an attempt to give the customer the "complete solution" out the door. Customer CentricityCustomer Centricity is the name of a business movement centered around catering to specific customer demographics. These customer demographics are known as "segments". Segments are conceived primarily by the lead corporate office, and represent Best Buy's most profitable demographics. The current segments are given codenames for the groups they represent — Jill, Ray, Buzz and Barry, with the most recent additions of Charlie, Helen, and Carrie. The names are taken from popular television show characters (i.e. Jill from Home Improvement, Carrie from Sex and the City). There is also a Best Buy for Business segment that caters to small and medium businesses, as well as the government and education markets. For example, "Jill" stores are a customer segment that represents the average soccer mom and differs from other Best Buy stores by stocking products and offering services for her and her family. Typically, this includes a greater emphasis on home and kitchen appliances, Hello Kitty and Disney products for the kids, and the addition of personal shopping assistants. Customers that fall into the customer segment "Buzz," however, are young men interested in the latest and greatest technology. When a new video game system is released, he purchases it. Best Buy plans to add more customer segments as their customer centricity plan grows. "Barry" is the older, wealthier customer, interested in the best technology he can get to fit his various needs without worrying as much about costs. "Ray" is the typical married blue-collar man, and while he may want the latest and greatest technology, his wife is often the one that gives him a jolt of reailty. "Ray" is not necessarily wealthy, and so prices are very important while at the same time he values name-brands he can trust. Segment stores usually start out as "lab stores" to test the area's acceptance to the theme and segment products and services. While the renovation of stores is expensive, sometimes nearing $1 million per store, CEO Brad Anderson claims that stores that have already been transformed have doubled their growth rate versus stores that have yet to be transformed. As of September 2005, only about 120 Best Buy stores have been segmented. The company set a goal of Q4 2007 for complete company-wide transformation. Best Buy plans to move globally, as the electronics market in North America is already becoming saturated. Best Buy currently has a single pilot store in China, and is planning to expand worldwide in the future. As with most retailers, Best Buy owns some of the brands it sells by using large contract manufacturers in Asia to place a Best Buy brand on a variety of products. Best Buy has many private labels, from Insignia and Dynex to Init and Geek Squad. Insignia focuses on actual electronic equipment, including televisions, monitors, car stereos, home theatre systems, and portable audio players. Dynex focuses on a wide variety of computer and entertainment accessories. Best Buy avoids using the "Best Buy" name on these products to avoid the typical negative connotations of buying a store brand, and uses more than one brand name to give a greater sense of selection. By providing private label items, Best Buy can provide products at much lower prices than brand-name manufacturers, while often retaining good quality products. In fact, many of the contract manufacturers Best Buy uses are the same ones used by name-brand companies. Service and Replacement PlansLike many electronic retailers, Best Buy gives the customer the option to purchase a service plan on many products. Best Buy's service plans are backed by the large insurance company AIG. In-home service plans for desktop PCs are administered by National Extended Warranty (NEW). Best Buy offers three and four year Performance Service Plans (also known as PSPs) on computer products, and up to five years on audiovisual electronics and household appliances. The PSP is designed to act as a plan to cover repair service for a product that fails due to wear and tear, dust, heat damage, surge, defects, and other general problems. In addition, Best Buy does offer an Accidental Damage Handling (ADH) service plan, covering most accidental damage on notebook computers. These two options are an upgrade from the regular PSP and have an additional cost. Most service plans do not cover accidental physical damage, and none cover intentional damage, or theft (though there are Best Buy credit card options available that help cover theft). The Product Replacement Plan is for some lower priced products where repair is not possible or economical. For example, items such as CD players, Xbox and PlayStation and other game consoles have a Product Replacement Plan (also known as a PRP) will have an applicable PRP available for purchase. PSP covered products are usually shipped to a service center for repair. While most products must be brought to the store for repair, products such as large-screen television sets and home appliances; a technician will be dispatched to the customer's location. Best Buy's PSP has a "No Lemon" policy that guarantees that after three completed, documented and valid repairs to a product, if it still fails a fourth time afterwards, will be replaced by a new product or a suitable new replacement will be given. The PRP is a replacement only plan that is handled either by calling an 800 number to receive a voucher for the price of the product and a box with a pre-paid label to send the product back to Best Buy. All service plans may be returned within thirty days in which the customer will receive a full refund. After thirty days a customer will receive a prorated refund. AccoladesAwardsMost recently, Best Buy ranked in the top 10 for "Best Customer Service" by National Retail Federation in 2005, a winner in Fast Company magazine's 2005 Customers First Award, named "Company of the Year" by Forbes magazine in 2004, "Specialty Retailer of the Decade" by Discount Store News in 2001 and ranked in the Top 10 of "America's Most Generous Corporations" by Forbes magazine. [1] DiversityBest Buy received a 100% rating on the Corporate Equality Index released by the Human Rights Campaign starting in 2004, the third year of the report, based on their positions on the treatment of GLBT employees. Best Buy is an equal opportunity employer. CriticismsMain Article: Criticism of Best Buy Like many retailers its size, Best Buy has its critics. The company has continued to evolve from a "sales" based company to a company focused on catering to its customers and their demographics, and places a large emphasis in their training and policies on ethics and fairness. Best Buy has at times been accused of poor sales practices even though none of the Customer Specialists (salespeople) are on commission. Best Buy has been accused of bait and switch tactics on occasions, advertising a product and then refusing to sell it at the advertised price. Best Buy (as many Fortune 500 companies) is also a large target of lawsuits in the United States. IncidentsOn May 27, 2005, a New Port Richey, Florida, resident named Marlene Anne Bagnall allegedly held a Best Buy service technician at gunpoint due to his inability to repair a television. The aforementioned television had been previously serviced, though had not worked to Bagnall's satisfaction. Apparently, the 58-year old John Meyer was held at gunpoint, with Bagnall demanding that the retailer give her a new television. Meyer could not call the police as she, allegedly, threatened to kill him as well as turn the weapon on herself (see: murder suicide) were he to do so. Once an unnamed Best Buy employee verbally promised the 44-year old Bagnall that she would receive a new television, Meyer was allowed to leave. After leaving the premises, Meyer immediately called the local sheriff's office, which resulted in Bagnall's arrest. She was summarily charged with aggravated assault and unlawful imprisonment. She was subsequently released on a $10,000 bail prior to May 29, 2005, and has apparently had a history of mental disorders, which her husband claimed were being treated with medications. (Sources: [2], [3]) Past slogans
This page about best buy includes information from a Wikipedia article. Additional articles about best buy News stories about best buy External links for best buy Videos for best buy Wikis about best buy Discussion Groups about best buy Blogs about best buy Images of best buy |
|
(Sources: [2], [3]). See also:. She was subsequently released on a $10,000 bail prior to May 29, 2005, and has apparently had a history of mental disorders, which her husband claimed were being treated with medications. Terra may also refer to:. She was summarily charged with aggravated assault and unlawful imprisonment. Terra may mean:. After leaving the premises, Meyer immediately called the local sheriff's office, which resulted in Bagnall's arrest. [1], the Terra video podcast webpage/blog. Once an unnamed Best Buy employee verbally promised the 44-year old Bagnall that she would receive a new television, Meyer was allowed to leave. Articles starting with Terra. Meyer could not call the police as she, allegedly, threatened to kill him as well as turn the weapon on herself (see: murder suicide) were he to do so. The primary setting of the Mega Man Legends video game series. Apparently, the 58-year old John Meyer was held at gunpoint, with Bagnall demanding that the retailer give her a new television. The Latin name for the Earth. The aforementioned television had been previously serviced, though had not worked to Bagnall's satisfaction. See Bemani pseudonyms. On May 27, 2005, a New Port Richey, Florida, resident named Marlene Anne Bagnall allegedly held a Best Buy service technician at gunpoint due to his inability to repair a television. TËЯRA, a musical group in the music video game Dance Dance Revolution, consisting of the artists Junko Karashima and Naoki Maeda. Best Buy (as many Fortune 500 companies) is also a large target of lawsuits in the United States. Terrorism, when used by amateur political commentators imitating the Texas accent of President George W Bush. Best Buy has been accused of bait and switch tactics on occasions, advertising a product and then refusing to sell it at the advertised price. Terra also refers to the Ra-Seru worn by Noa in the Sony Playstation game Legend of Legaia. Best Buy has at times been accused of poor sales practices even though none of the Customer Specialists (salespeople) are on commission. Terra Branford, a fictional character from the video game Final Fantasy VI. The company has continued to evolve from a "sales" based company to a company focused on catering to its customers and their demographics, and places a large emphasis in their training and policies on ethics and fairness. Holy Terra, the name of Earth in the fictional universe of Warhammer 40,000. Like many retailers its size, Best Buy has its critics. Terra: The Nature of Our World, a video podcast about science and the environment. Main Article: Criticism of Best Buy. Terra (company), Terra Networks, S.A., an Internet company headquartered in Spain. Best Buy is an equal opportunity employer. Terra (comics), a DC Comics character who infiltrated and betrayed the Teen Titans. Best Buy received a 100% rating on the Corporate Equality Index released by the Human Rights Campaign starting in 2004, the third year of the report, based on their positions on the treatment of GLBT employees. Terra (satellite), a research satellite launched by NASA in 1999. [1]. Terra is another name for the planet Earth, sometimes used in science fiction. Most recently, Best Buy ranked in the top 10 for "Best Customer Service" by National Retail Federation in 2005, a winner in Fast Company magazine's 2005 Customers First Award, named "Company of the Year" by Forbes magazine in 2004, "Specialty Retailer of the Decade" by Discount Store News in 2001 and ranked in the Top 10 of "America's Most Generous Corporations" by Forbes magazine. Terra (mythology), a primeval Roman goddess, also known as Tellus. After thirty days a customer will receive a prorated refund. All service plans may be returned within thirty days in which the customer will receive a full refund. The PRP is a replacement only plan that is handled either by calling an 800 number to receive a voucher for the price of the product and a box with a pre-paid label to send the product back to Best Buy. Best Buy's PSP has a "No Lemon" policy that guarantees that after three completed, documented and valid repairs to a product, if it still fails a fourth time afterwards, will be replaced by a new product or a suitable new replacement will be given. While most products must be brought to the store for repair, products such as large-screen television sets and home appliances; a technician will be dispatched to the customer's location. PSP covered products are usually shipped to a service center for repair. For example, items such as CD players, Xbox and PlayStation and other game consoles have a Product Replacement Plan (also known as a PRP) will have an applicable PRP available for purchase. The Product Replacement Plan is for some lower priced products where repair is not possible or economical. Most service plans do not cover accidental physical damage, and none cover intentional damage, or theft (though there are Best Buy credit card options available that help cover theft). These two options are an upgrade from the regular PSP and have an additional cost. In addition, Best Buy does offer an Accidental Damage Handling (ADH) service plan, covering most accidental damage on notebook computers. The PSP is designed to act as a plan to cover repair service for a product that fails due to wear and tear, dust, heat damage, surge, defects, and other general problems. Best Buy offers three and four year Performance Service Plans (also known as PSPs) on computer products, and up to five years on audiovisual electronics and household appliances. In-home service plans for desktop PCs are administered by National Extended Warranty (NEW). Best Buy's service plans are backed by the large insurance company AIG. Like many electronic retailers, Best Buy gives the customer the option to purchase a service plan on many products. In fact, many of the contract manufacturers Best Buy uses are the same ones used by name-brand companies. By providing private label items, Best Buy can provide products at much lower prices than brand-name manufacturers, while often retaining good quality products. Best Buy avoids using the "Best Buy" name on these products to avoid the typical negative connotations of buying a store brand, and uses more than one brand name to give a greater sense of selection. Dynex focuses on a wide variety of computer and entertainment accessories. Insignia focuses on actual electronic equipment, including televisions, monitors, car stereos, home theatre systems, and portable audio players. Best Buy has many private labels, from Insignia and Dynex to Init and Geek Squad. As with most retailers, Best Buy owns some of the brands it sells by using large contract manufacturers in Asia to place a Best Buy brand on a variety of products. Best Buy currently has a single pilot store in China, and is planning to expand worldwide in the future. Best Buy plans to move globally, as the electronics market in North America is already becoming saturated. The company set a goal of Q4 2007 for complete company-wide transformation. As of September 2005, only about 120 Best Buy stores have been segmented. While the renovation of stores is expensive, sometimes nearing $1 million per store, CEO Brad Anderson claims that stores that have already been transformed have doubled their growth rate versus stores that have yet to be transformed. Segment stores usually start out as "lab stores" to test the area's acceptance to the theme and segment products and services. "Ray" is not necessarily wealthy, and so prices are very important while at the same time he values name-brands he can trust. "Ray" is the typical married blue-collar man, and while he may want the latest and greatest technology, his wife is often the one that gives him a jolt of reailty. "Barry" is the older, wealthier customer, interested in the best technology he can get to fit his various needs without worrying as much about costs. Best Buy plans to add more customer segments as their customer centricity plan grows. When a new video game system is released, he purchases it. Customers that fall into the customer segment "Buzz," however, are young men interested in the latest and greatest technology. Typically, this includes a greater emphasis on home and kitchen appliances, Hello Kitty and Disney products for the kids, and the addition of personal shopping assistants. For example, "Jill" stores are a customer segment that represents the average soccer mom and differs from other Best Buy stores by stocking products and offering services for her and her family. There is also a Best Buy for Business segment that caters to small and medium businesses, as well as the government and education markets. Jill from Home Improvement, Carrie from Sex and the City). The names are taken from popular television show characters (i.e. The current segments are given codenames for the groups they represent — Jill, Ray, Buzz and Barry, with the most recent additions of Charlie, Helen, and Carrie. Segments are conceived primarily by the lead corporate office, and represent Best Buy's most profitable demographics. These customer demographics are known as "segments". Customer Centricity is the name of a business movement centered around catering to specific customer demographics. As part of the change, Best Buy no longer refers to their employees as "Product Specialists," but as "Customer Specialists." While many are well educated about the product they sell, employees are trained to give excellent customer service by asking "lifestyle questions" to determine the most suitable product, services, and accessories for the customer, in an attempt to give the customer the "complete solution" out the door. Customer Centricity is the theory that by placing the needs of the customer before the company (rather than attempting to maximize the profit of each sale), the company will in turn increase its growth by building customer loyalty. In 2003, Best Buy began to segment their stores, which is considered a major part of the company's "customer centricity" transformation. In 2004, Geek Squad put precincts in every Best Buy store, nationwide, offering in-store service during store business hours in addition to 24/7 in-home services, known by the infamous police-colored Volkswagen. Their clients include celebrities such as Larry King, The Rolling Stones, Ice Cube, and Cindy Margolis. The secret-agent imagery even extends into the store, where their area is referred to as the "Precinct." The Geek Squad, founded by Robert Stephens in 1994, offers around the clock technical support on any computer problem at flat rate prices. The company also acquired the Geek Squad®, a 24-hour computer support taskforce which borrows imagery from the FBI for its employees, which they refer to as "Agents." Their uniforms are starched white short-sleeved dress shirts, black pants, dress shoes and a (clip-on) black tie, and senior Agents also wear a badge on their belt. In 2002, Brad Anderson succeeded Schulze as Best Buy's CEO. Best Buy continued to operate existed and trusted Future Shop locations while adding new Canadian stores under the Best Buy branding. In November 4, 2001, Best Buy purchased Future Shop, a similar retailer which operated in Canada. Over the following decades, the company continued to evolve and grow. Inc., and the store shifted its focus to consumer electronics. In 1983, the company's name was changed to Best Buy Co. This was the predecessor to today's typical Best Buy store, lots of product, recognizable staff in polo shirts, and lots of marketing. Similar "Tornado Sales" became an annual Sound of Music event. This event resulted in a highly successful sale that combined a large selection with low prices and heavy advertising. In 1981, Schulze's most successful store was destroyed by a tornado. The company grew over the following years, expanding to nine locations by 1980. Paul, Minnesota. Schulze opened Sound of Music, an audio specialty store, in St. In 1966, Richard M. Best Buy is also noted for being staffed with non-commissioned sales associates. Some Best Buys have a more utilitarian brick building without the blue structure. The building exterior is usually light brown in color with the entrance in an area designed to look like a blue box emerging from the rest of the structure. A department of audio and video equipment for automobiles is also in ever store, and the stores usually offer on-site installation services for car audio systems by way of a rear or side garage. A large area is taken over by televisions and related equipment. Computers, computer peripherals and software take up large sections, and a smaller section of cellular phones and PDAs is often present, as is an area devoted to digital still and video cameras. Home appliances such as washing machines, dryers, and refrigerators are usually featured off to one side of the building, and a selection of office equipment (mostly desks and chairs) is usually nearby. In 2005, they stopped carrying VHS tapes entirely. Following suit with most retailers, Best Buy stopped offering VHS in their stores in 2003, only offering the tapes via their website. A large amount of space is taken up by the "Media" department, which contains the store's selection of video games, music on compact disc (as well as some other formats such as SACD, DualDisc, and DVD-Audio), as well as their selection of movies and television programs on DVD. While Best Buy is primarily associated with electronics (largely audio-visual equipment), there is a variety of merchandise offered at its stores. Best Buy's US retail store subsidiary, Best Buy Stores LP, operates over 700 stores in the United States. . retailer of electronics and home furnishings. Best Buy is not related to Best Products, a defunct U.S. Its headquarters are located in Richfield, Minnesota. The company's subsidiaries include Geek Squad, Magnolia Audio Video, and Future Shop in Canada, which together operate over 700 stores in the United States and Canada. Best Buy Co., Inc. NYSE: BBY is a Fortune 100 company and the largest specialty retailer of consumer electronics, personal computers and related goods in North America. "More to Buy". "Just the Store You've Been Shopping For.". "The intersection of technology and life.". "Now that's a great idea!". "Turn on the Fun!". Best Buy." (current slogan). Get Yours. "Thousands of Possibilities. |