Best Buy's Misadventure in the Middle Kingdom
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Case Code: BSTR402 Case Length: 15 Pages Period: 2010-2011 Pub Date: 2012 Teaching Note: Not Available |
Price: Rs.300 Organization: Best Buy Inc. Industry: Electronics Retail Countries: China Themes: Globalization, International Business |
Abstract Case Intro 1 Case Intro 2 Excerpts
Background Note
The origins of Best Buy can be traced back to 1966 when Richard Schultz and his partner opened a specialty audio store called 'Sound of Music' at St. Paul Minnesota. The next store was opened in 1967. The company went public in 1969 and the sales exceeded US$ 1 million during the year. In the next few years, Sound of Music expanded rapidly and its offerings increased to include video and laser disc equipment. In 1983, the name of the company was changed to Best Buy. The first Best Buy superstore was opened in Burnsville, Minnesota. The store had a wide product and service range, including consumer appliances. In 1987, Best Buy was listed on the New York Stock Exchange. In 1989, Best Buy started to pay all the sales staff salaries instead of a commission. The move did not find favor with either the employees or the companies that used the staff to promote their products. However, customers appreciated shopping in a 'no-pressure' atmosphere...
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