NETW 583 Week 3 Course Project Outline - Best Buy

Document Content and Description Below

I. Major point one A. Background and History 1. The Best Buy Company., Inc. was started by Richard M. Schulze and his partner in the year 1966. They met with success immediately as they were ab... le to reach sales in excess of $160,000 in their first year itself. In 1970 Richard became the sole owner of the store as he bought out the stakes of his partner. Till 1981, he was happy selling only his stereo equipment and with the income it generated. 2. In 1984, the company changed into a superstore format and opened another 7 stores in the Midwest region of the U.S. This immediately got the company a hold over 40% of the local market. Now they decided to expand their services throughout the Midwest region and by 1987 they had more than 25 stores. Best Buy went on to open multiple new stores in almost every city in the United States. From 1996-97, Best Buy opened nearly 95 stores as their popularity was growing. By 1997 their revenue had touched $7 billion nearly double that of last year. In 2003, the company was selling every possible electronic device under their roof from washing machines to music players to mobile phones that too from every brand and in every shape, colour, size, etc. [Show More]

Last updated: 1 year ago

Preview 1 out of 7 pages