Best Buy Mission and Vision Statements- And Values Analysis

Best Buy Mission and Vision Statements

Best Buy Co., Inc. is a multinational electronic brand that was founded in 1966 by Richard M. Schulze and James Wheeler. This American company is headquartered in Richfield, Minnesota, United States. The retail store of the company has been actively running in Canada, the United States, and Puerto Rico with around 977 retail stores. The net revenue as of 2021 of Best Buy is $47. 262 Billion. The company has been renowned because it earned a place on the Fortune 500 list in 2018. Here, let’s know about Best Buy Mission and Vision Statements.

Best Buy has set its mission, vision, and core values that adhere to the norms and functioning of the company. The mission clearly mentions the goals of Best Buy as well as the vision aims at providing the right direction to fulfill the mission. And the core value of the company helps in adding culture and tradition to the working of the company. In this article, we will look upon the mission, vision, and values of Best Buy along with their analysis. 

Why does Best Buy have a mission, vision, and value statement?

Every company has a certain mission and vision to ensure that the company must have a constant direction to move towards. To ensure credibility and integrity a company must have a mission and vision statement. Best Buy aims to provide access to customers so they can find the right product at the right time. The mission, vision, and value are necessary for any company to give them an ethical direction and in case they feel they have lost the path then guide the employees. Usually, to make the customers trust the products and services of Best Buy, the company has come up with a mission statement. Being the soul of any company, employees are working hard to fulfill the criteria to meet the mission, vision, and values of the company. 

Mission Statement of Best Buy: 

Every company has set a certain mission statement to effectively motivate the employees to achieve it. As per Best Buy, their mission statement is: “we’re a growth company focused on better solving the unmet needs of our customers — and we rely on our employees to solve those puzzles.” Through the mission statement, it is clear that the company wants to grow and meet the demand of its customers. 

Mission Analysis: 

The mission of Best Buy emphasizes meeting the customer’s needs and demands. The following points explain the mission of the company well: 

  • Creating Better Lives: At Best Buy each employee tries to give the best service and products to create better lives for their customers. Being a top brand in electronics, Best Buy provides the best quality products to its customers. The performance of the employees allows the company to meet the demand of its customers. Technology makes the life of people better and ultimately, Best Buy is dealing in the field of electronics. 
  • Meeting Expectations: Like every other brand, Best Buy has a mission to meet the expectations of its customer. So, the service and products are developed in the form that satisfies the needs of clients. As per the mission, the company is trying its level hard to meet the expectations of customers in terms of quality and services. 
  • Aim to Grow: Best Buy operates with the mission to achieve heights and tend to grow. To grow effectively in the market, the company has brought up various techniques for that including trade-in and trade-up. This method allows customers to bring in new technology at their place and replace the old one with new. The company is able to grow by adopting different schemes and is better than competitors because they don’t forget about their customers while fulfilling their mission. 

Vision Statement: 

As mentioned earlier, the company works with a vision to provide the right direction towards the fulfillment of the mission. For any company, the customers and employees become the topmost priority, so for their betterment, Best Buy has set up a vision. Best Buy works with a vision that “We believe technology is amazing, and we aspire to enhance our customers’ lives through technology – anywhere, anytime.” 

Vision Analysis: 

After a lot of thinking and analysis, the company comes up with a vision statement. Ultimately, the vision statement enables the company to become a trusted firm among all the customers. Best Buy’s vision is concerned with technology and customers. The advanced technological aspect will help the company to serve its customers in a better way. Further elaboration of the vision is given below: 

  • Technological Innovation: Best Buy wishes to serve its customer in the best form with the help of advanced technological electronic items. The challenges that came across the functioning of the company were overshadowed with the help of technology. In times of pandemic, e-commerce and the latest technology helped Best Buy to reduce the loss margin and generate income. Technological innovation has allowed the company to grow in recent times also, most of the customers find the need and importance of technology in their lives. 
  • Enhance Customer’s Lives: These words in the vision statement suggest that by providing high-quality goods, Best Buy wants to enhance the lives of its customers. By providing solutions for their every need in electronics, the electronic retail store is aiming to improve the living standards of their customers. The company works with a customer-centric approach to function every day effectively. 

Each store of Best Buy works for the benefit of its customer, as seen through Best Buy’s trade-in program. Through this program, a customer can exchange their old electronic set with new ones. These schemes attract the customer and their lives progress. As stated in the vision statement, Best Buy is trying to follow these visions set by them.

  • Bring positive impact anywhere, anytime: As per the vision statement, the retail store of Best Buy tries to bring a positive impact on the community and environment. Certainly, most of the programs by the company make a positive impact on the environment. Every time the company comes up with the best idea to help the environment to maintain its dignity. The company focused on bringing change to society and making it a better place for current and future generations. 

Core Values of Best Buy: 

There are certain core values and ethics that are followed by every company to give an ethical touch in its work. Best Buy also has such core values, their values are that they “unleash the power of our people, learn from challenge and change, show respect, humility, integrity, have fun while being the best.” To engage the company in corporate culture, Best Buy has created core values that say a lot about business ethics. These values are set up to encourage employees to work hard and contribute to the growth of the company. 

Values analysis: 

Best Buy has developed the value in a way that involves most of the business ethics. To make their employees achieve these values, the company has come up with the provision of benefits and awards. The basic core values of Best Buy are: 

  • Show Humility, Respect, and integrity: An employee working at Best Buy must be humble, respectful, and show integrity to its customers and try to serve them in the best way. This ethical code of conduct will allow the employees to maintain a healthy relationship with customers. Best Buy’s ethical conduct has allowed it to receive the title of World’s Most Ethical Companies in 2019. The company and its employees have proved themselves as the best when it comes to serving the customer. All the employees have been dedicated to serving the customers and community by showing the perfect amount of respect, humility, and integration. 
  • Unleash the power of our people: Best Buy is effectively functioning because of its employees, so the company gives freedom to employees to put their experience to work. All the employees can work independently to help out the customers with their demands and provide them with appropriate products. Through this value, ultimately the company is being benefitted also, the employees were able to meet their sales target in time. If the employees working for Best Buy put in their dedication along with experience then, it would be 
  • Learn from challenge and change: Every retailer like Best Buy comes across certain challenges in business. To overcome these challenges, one must learn from past experiences and should aim towards change. The company considers it its duty to save the environment and culture, so Best Buy has become the topmost company when it comes to protecting the environment. Best Buy has earned the title of CDP’s prestigious climate A-list for the fourth time in a row. 
  • Have fun while giving the best performance: The company is considered to be a happy and exciting place to work as all the employees try to make a happy atmosphere at the store. All the employees and customers feel safe and comfortable while they are at the Best Buy store. Each employee is given the best and exciting benefits including flexible working hours and working from home. As per the officials of the company, the employees should feel comfortable and relaxed while working at the Best Buy store, so they have added this point in their value. 

The above-mentioned four factors are majorly the company’s value taking into consideration. Apart from that, you can expect certain other business values and ethics that are followed by Best Buy. 

Conclusion: 

Best Buy is a popular consumer electronic serving products actively providing products and services in Canada, the United States, and Puerto Rico. The company began its journey in 1966 as an audio specialty store and the founders turned it into an electronic store. The company seems to be actively serving in various locations and fulfilling the mission of providing the best to its customers. Along with that, it is seen that vision and values are also fulfilled by the employees. Ultimately to encourage the employees and make their company the best among competitors, Best Buy has set up these mission, vision, and value statements. 

Frequently Asked Questions: 

Ques. 1: What is the slogan of Best Buy?

Ans. 1: Like every other company, Best Buy too, has a slogan which is “Expert Service, Unbeatable Prices”. Certainly, the company has achieved its slogan of providing the best quality services at minimal prices. The Unbeatable Prices at Best Buy allow people from financially weak backgrounds to get the products. 

Ques. 2: Is Best Buy a good place to work with?

Ans. 2: Each store of Best Buy works with the ethical code set by the company. So each store is responsible for the safety of the environment and culture because of its employees, the company is able to achieve the target. All the employees are eligible to receive benefits and competitive salary which makes Best Buy a good and reputed company to work with. 

Ques. 3: Is Best Buy working as per their mission or not?

Ans. 3: Best Buy has a mission that “we’re a growth company focused on better solving the unmet needs of our customers—and we rely on our employees to solve those puzzles.” Certainly, the company is working according to their mission, as in a short period Best Buy has opened up around 1400 retail stores which shows their growth factor. Thus, the number of employees in the company are working to meet the needs of customers. So, yes the mission of Best Buy is achieved by the employees of the company. 

Best Buy Mission and Vision Statements- And Values Analysis

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