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Best Buy Strategic Initative

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Best Buy Strategic Initiative

Fin/370
November 19, 2013
Nicole Church Best Buy Strategic Initiative
For every company to grow and survive in the long run, they must have a strategic plan of where the company is and where they want it to go. It is of the utmost importance for top management and the board of directors to ascertain a strategic game plan for the organization. This will serve as an outline specifically identifying the precise steps they are going to take to meet their agenda. Major companies, such as Best Buy, will outline this in their annual report to shareholders. A major component of this is the financial planning on how costs and sales will be affected and the risk associated with their decisions.
Best Buy is the world’s largest multi-channel consumer electronics retailer with stores in the U.S., Canada, China and Mexico and is the 10th largest online retailer in the U.S. and Canada. Its unique customer loyalty program has earned it the recognition of being number one and more than 1.6 billion visitors use its website and visit the stores each year. Its 145,000-plus employees are committed to helping deliver the technology solutions that provide product value and knowledge to customers, further enhancing the overall shopping experience as well as promoting new technology that is educational, enjoyable, and useful in the daily lives of the public. On April 30, 2013, Best Buy announced plans to sell its 50% ownership interest in Best Buy Europe to Car phone Warehouse Group PLC. This transaction was completed on June 26, 2013. As a result of the decision to sell, Best Buy Europe was presented as discontinued operations beginning in Q1 FY14. The discontinued operations presentation for Best Buy Europe will be applied retroactively, so prior period financial statements will reflect Best Buy Europe as discontinued operations, along

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