Best Buy's Strategy to Beat the Pandemic Blues

Best Buy's Strategy to Beat the Pandemic Blues
Case Code: CLBS173
Case Length: 5 Pages
Period: 2020-2021
Pub Date: 2021
Teaching Note: Available
Price: Rs.200
Organization: Best Buy Co., Inc.
Industry: Retailing
Countries: United States
Themes: Crisis Management, Business Continuity Planning, Macroeconomic Environment, HR Policy
Best Buy's Strategy to Beat the Pandemic Blues

Abstract

The caselet “Best Buy’s Strategy to Beat the Pandemic Blues” discusses the various measures taken by US-based multinational consumer electronics retailer Best Buy Co., Inc. (Best Buy) to beat the business crisis that stemmed from the COVID-19 pandemic and the resultant lockdown restrictions in the US. Best Buy formulated a crisis management strategy and the case documents the various measures the company took to keep its stores up and running during an unprecedented crisis such as the pandemic. The case also mentions some of the human resource (HR) measures taken by Best Buy to keep up employee morale and encourage vaccination against COVID-19. The various measures taken by Corie Barry (Barry), the CEO of Best Buy, proved effective in keeping up the sales. Can Barry’s successfully crisis management strategy be an example to emulate in the retail industry?

Issues

  • Manage the changes in the external environment
  • Understand the issues and challenges faced by companies during pandemics
  • Discuss the importance of crisis management and crisis communication
  • Create an effective crisis management plan
  • Analyze the significance of technology in pandemic preparedness and response
  • Examine how a company’s digital focus helps it to overcome the challenges posed by the external business environment
  • Recognize the role of human resources in devising an effective crisis management plan

Introduction

In June, 2021, US-based multinational consumer electronics retailer Best Buy Co., Inc. (Best Buy) launched an employee sweepstakes with more than US$ 100,000 in cash prizes to encourage its staff to get vaccinated against the COVID-19 virus and contribute to the all-round efforts to beat the ongoing pandemic.

Best Buy employed about 102,000 people at its stores across the US. The company said that 21 workers would win US$ 5,000 each after presenting proof of vaccination to the company. While 20 winners were to be chosen from its field employees, one winner would be selected from its corporate offices based in Richfield, US...

Keywords

Business Continuity; RiskManagement; Macroeconomics & Business Environment; Retail Management; Strategic Management; Crisis Management Plan;COVID-19; Pandemic Preparedness; Crisis Communication; HR Policy; Distribution Strategy; Curbside Pickup; Online Shopping; Fulfilment Centers; Safety Guidelines for Stores

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