Best Buy Analysis free essay sample

According to the Best Buy’s corporate website, the company’s â€Å"unofficial† mission statement is simple, â€Å"We’re a growth company focused on better solving the unmet needs of our customers. †1 Upon reviewing this statement, our team was motivated to construct a unique plan that expands Best Buy brand and influences new target markets, while also continuing to provide growth and development in Best Buy’s products and services. Our initiative is to develop smaller stores that feature a condensed selection of consumer electronics, these stores will be strategically placed in areas where customers have unmet needs. The products, services, and staff offered will, high quality and knowledgeable service. These condensed stores will focus on the newest and most popular consumer electronics for our youthful audience. Additionally, through these operations, customers will continue to receive helpful information and technological services. These stores will be primarily located in towns with an influx of consumer’s aged 18-30. We will write a custom essay sample on Best Buy Analysis or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Our strategy involves targeting college students and their parents. Our customers will still be provided the â€Å"Best Buy Renew Experience† with a reputable and knowledgeable staff that can any questions about products and services. To reinforce out strategy we have provided pricing strategies, estimating the expected rate of return, and other ratios. Our strategy involves expanding Best Buy locations and offerings; reaching a new customer segment, create a new, and powerful revenue stream. As with any new venture, however, there are many risks that our team had to acknowledge. Situational Analysis About Best Buy Best Buy Co. , Inc. (NASDAQ: BBY) together with its subsidiaries is a multinational retailer of consumer electronics, entertainment products,  small and major appliances, and cellular phones. Best Buy currently operates on a global scale; its international operations include the U. S. , Canada, China, Europe, and Mexico. This corporation has a multitude of products and services under eleven brand names: Best Buy, Five Star Appliances, Future Shop, Magnolia Audio Video, The Carphone Warehouse, Best Buy Mobile, Audiovisions, and Pacific Sales. Best Buy also offers technology services; this includes supp ort, repair, troubleshooting and installation through the Geek Squad brand.   Best Buy is currently headquartered in Richfield, Minnesota and has approximately 165,000 employees worldwide and has 4,370 total stores operating worldwide. 2 Best Buy operates with a corporate vision stating, â€Å"People, Technology, and the Pursuit of Happiness. † This vision represents the core values of Best Buy. This company invests in its people, from â€Å"unleashing the power† of their employees, to maintaining a clear focus on relationships with customers, vendors, and shareholders alike. Best Buy also remains focused on capturing the market by providing the newest consumer technology. Best Buy understands the products they sell and the services they provide connect the world. Best Buy additionally, strives toward the pursuit of happiness; this corporation has the unique ability to make its people happy. 2 Best Buy presents a great place to work, and happy workers make customers happy. Correspondingly, Best Buy’s is also influenced by its corporate values that guide the company actions and affect its company image. These values include: 1. ) Have fun while being the best, 2. ) Learn from challenge and change, 3. ) Show respect, humility, and integrity, and 4. ) Unleash the power of their people. 3 Best Buy has business objectives to grow in market share, connect digital solutions, international growth, and to operate as an efficient and effective enterprise. Brief History Best Buy began its operations in 1966, Richard Schulze and Gary Smoliak founded Sound of Music Inc. Originally, this company started as a car audio specialty store, however, in 1971; Schulze bought out Smoliak and began expanding the stores retail to electronics. By the early 1980s, Schulze broadened the product line to include consumer products such as appliances and VCRs to access a wider customer base. 4 After almost 20 years of steady operations, Sound of Music officially adopted the name Best Buy and launched its first superstore in 1983. The super store concept allowed Best Buy to expand rapidly between the years of 1984 and 1987. Additionally, Best Buy became publicly traded in 1985. In that short amount of time Best Buy’s operations went from eight stores to twenty-four and resulted in its sales jumping from $29 million to $240 million. 4 The super-store concept allowed Best Buy to differentiate itself from apart from its competitors. Additionally, during this transition Best Buy took its sales staff off commission, reducing the competitive nature of the sales staff. This combination of super stores and non-aggressive sales staff was crucial to Best Buy’s becoming the second largest consumer electronics retailer in the U. S. by 1993. 4 Best Buy continued to expand aggressively in the following years and found itself in a significant amount of debt in 1995. By 1997, the company’s earnings dropped significantly; ultimately Best Buy realized it had expanded too quickly. After such losses the company initiated a massive makeover, scaled back operations and limited the expansion of new stores. 4 After many successful and steady years of operations Best Buy continued to dominate the consumer electronics market. In 2000, Best Buy launched its website, to compete with online competitors and has been somewhat successful in ecommerce ever since. By 2004 Forbes Magazine named Best Buy Company of the year. 2008 was a critical year for the economy, however Best Buy remained in control of the market and was the leader of consumer electronic sales by March 8, 2009. Best Buy was the biggest player in the consumer electronics industry, however in 2010 the consistent decline in household wealth, rising unemployment rates and unclear economic conditions resulted in low household disposable income. 6 The recession that followed the 2008 market crash caused a slow recovering economy and left individuals with less money to spend on consumer electronics. In December 2010, Best Buy reported a decline in profit, and a decline in its market share. Best Buy insisted these problems resulted because of promotional timing, consumer caution, category weakness, and competition from discounters. In July of 2011 Best Buy was trading at an all time low, and shares continued to fall. The competitive nature of online sales was causing immense pressure on Best Buy’s market share. 5 Best Buy Today 2011 to 2012 was an unfortunate year for Best Buy. Early into 2012 Best Buy’s profit margin was at an all time low -10. 40%. In August of 2012 Best Buy reported a 91% plunge in profit. Best Buy’s earnings fell from $128 million in 2011 to $12 million in late 2012. 7 Best Buy has also had significant changes within their corporate structure from 2011 to 2012. In 2011 Best Buy lost its Chief Executive Office Brian Dunn, a company success story. Dunn rose through the ranks from a store salesman to a top executive in his 28 years with the corporation, however after allegations that it was his leadership that caused Best Buy to loose online market-share from competitors, he left the company. 8 In his absence, Director Mike Mikan was named interim CEO for the remainder of the 2011 year. Additionally, Mr. Schulze, Best Buys biggest shareholder and founder, resigned as chairman in 2012. 9 Since then, Best Buy has slowly flourished once again under superior management. The company has implemented new innovative concepts in its stores, expanded domestically and internationally. In early 2013 Best Buy still had a negative profit margin; -8. 86%, however, as of July Best Buy noticed improvements in overall market share. 5 Thus far into 2013, this global corporation has had revenues of $ 45 million, prior to the upcoming and highly profitable holiday shopping season. Financially, Best Buy has been successful in 2013. According to the Wall Street Journal analysis Steven Russolillo, â€Å"The stock is up 185% this year as the big-box retailer’s turnaround plans have taken shape much faster than Wall Street anticipated. Best Buy is the SP 500? s second-best performer this year. †8 Best Buy Co., Inc. (BBY) – NYSE January 2013 – November 2013 This chart, provided by Yahoo Finance shows Best Buy’s substantial growth since 201210 Best Buy’s New Leadership and Goals In August 2012, Best Buy named Hubert Joly as its new chief executive. Mr. Joly, assumed the CEO and president role in early September. He resigned as CEO of hosp itality and restaurant giant Carlson for the Best Buy position. 9 Mr. Joly, initiated the Renew Blue strategy for Best Buy. This initiative addresses the significant changes needed in Best Buy’s operational goals. 9 Hubert Joly, Best Buy president and CEO, commented, â€Å"In November at our investor meeting, we talked about the two problems we had to solve: declining store sales and declining operating margins. Since that time, the resolution of these two problems has become our Renew Blue rallying cry and the organization’s goals and objectives have been prioritized accordingly. While we are clear there is much more work ahead, we have made measurable progress since we unveiled Renew Blue last year, including near flat comparable store sales, substantive cost take outs, and better-than-expected earnings in the past three consecutive quarters† 9. Hubert Joly’s Renew Blue Strategy for Best Buy3 Additionally Joly discussed his Renew Blue Strategy financially, During the second quarter (2012), we continued to make substantial progress on our Renew Blue priorities. This progress included (1) driving a more than 10% increase in Domestic comparable online sales; (2) improving our Net Promoter Score; (3) enriching our retail customer experience through the rollout of our Samsung Experience Shops and Windows Stores; (4) piloting our â€Å"buy online ship from store† initiative in 50 stores; and (5) eliminating an additional $65 million in annualized costs. † Best Buy’s Organizational Structure Best Buy’s organizational structure is designed to maximize efficiencies across a multitude of business units and service areas, support new business initiatives, advance future digital strategies, and enhance business unit performance. Overall, Best Buy has a newly established structure, which most likely attributes to its recent changes in strategy and leadership. Best Buy’s corporate governance is comprised of the Board of Directors and Corporate Officers. 11 Best Buy’s Board of Directors Hatim A. Tyabji Chairman of the Board, Best Buy Co. , Inc. Director Since April 1998 Hatim A. Tyabji has served as a Director since April 1998; as Chairman? of the Audit Committee since June 2002 and as Chairman of? the Board since June 2012. Mr. Tyabji has served on a number of other public and private company boards? in enterprise software, payment processing and wireless technologies. He holds a B. S. and M. S. in Electrical Engineering and a M. B. A. Mr. Tyabji is? a graduate of the Stanford Executive Program and was awarded an? honorary doctorate by the State University of New York. 11 Bradbury H. Anderson Former CEO, Best Buy Co. , Inc. Director Since March 2013 Bradbury H. Anderson rejoined Best Buy’s Board as a director in 2013 after retiring in June 2010. Prior to his retirement in 2010, he served as a director since August 1986 and was also Best Buy’s Vice Chairman. Furthermore, Anderson served as Best Buy’s Chief Executive Officer from June 2002 until June 2009, having previously served as President and Chief Operating Officer since April 1991. Anderson’s longevity with the company gives him substantial knowledge of Best Buy’s unique company culture and offers a valuable perspective as the former CEO of a Fortune 100 company with global operations. 11 Lisa M. Caputo EVP of Marketing Communications, The Travelers Companies, Inc. Former CEO of Citigroup Women Co. Director Since January 2009 Lisa M. Caputo has extensive experience in politics, media, non-profit organizations and global for-profit companies in the entertainment, media and financial services industries. Caputo brings exceptional leadership, marketing, branding, communications, government affairs, community relations and corporate social responsibility understanding to the board. Caputo earned degrees from Brown University, where she also serves on the Advisory Council on Media Relations, and Northwestern University, where she serves on the Medill School Board of Advisers. 11 Russell P. Fradin President CEO, SunGard Director Since April 2013 Russ Fradin brings a wealth of experience to Best Buy. His background in operations, streamlining cost structures, executive compensation and strategic consulting are valuable to Best Buy as it continues the Renew Blue transformation. Mr. Fradin is the President and Chief Executive Officer of SunGard, a leading software and technology services company, serving approximately 25,000 customers in more than 70 countries. Mr. Fradin holds a degree from the Wharton School of the University of Pennsylvania and an MBA from Harvard Business School. 11 Kathy J. Higgins Victor Founder President, Centera Corporation Director Since November 1999 Kathy J. Higgins Victor brings forth an extensive knowledge in executive development, human resources, and succession planning to the company. As Chairwoman of the nominating committee, Victor holds a critical role in helping to shape corporate governance for the company while ensuring the board has optimal composition. Most recently, Victor led the efforts to identify and select Best Buy’s new Chief Executive Officer, Hubert Joly. Victor received a degree from the University of Avila in Kansas City, Missouri. 11 Hubert Joly Chief Executive Officer, Best Buy Co. , Inc. Director Since September 2012 Since 2012 Hubert Joly has been the Chief Executive Officer and a member of its Board of Directors. Hubert was implemented for his track record of successful turnarounds. He is described as a strategic thinker with deep financial expertise. Hubert also has global experience leading large, international employee groups. Over the past 15 years, Joly has developed growth in the media, technology and services sectors. 11 David W. Kenny Chairman CEO, The Weather Company Director Since September 2013 David W. Kenny was appointed as a director on Best Buy’s Board of Directors in September 2013. Kenny has served since January 2012 as the chairman and chief executive officer of The Weather Company, the leading provider of weather forecasts and information. In 1997, Mr. Kenny founded and became the chief executive officer of Digitas, Inc. , a provider of integrated strategy, technology and marketing solutions for internet-based, e-commerce companies. Kenny’s success it attributed to his technology knowledge. 11 Sanjay Khosla Retired EVP President, Kraft International Commercial Director Since October 2008 Sanjay Khosla provides Best Buy with a strong background in multi-national operations and transformational leadership, as well as a deep knowledge of branding and consumer marketing. Mr.

Venezuelas Revolution for Independence from Spain

Venezuelas Revolution for Independence from Spain Venezuela was a leader in Latin Americas Independence movement. Led by visionary radicals such as Simà ³n Bolà ­var and Francisco de Miranda, Venezuela was the first of the South American Republics to formally break away from Spain. The decade or so that followed was extremely bloody, with unspeakable atrocities on both sides and several important battles, but in the end, the patriots prevailed, finally securing Venezuelan independence in 1821. Venezuela Under the Spanish Under the Spanish colonial system, Venezuela was a bit of a backwater. It was part of the Viceroyalty of New Granada, ruled by a Viceroy in Bogota (present-day Colombia). The economy was mostly agricultural and a handful of extremely wealthy families had complete control over the region. In the years leading up to independence, the Creoles (those born in Venezuela of European descent) began to resent Spain for high taxes, limited opportunities, and mismanagement of the colony. By 1800, people were talking openly about independence, albeit in secret. 1806: Miranda Invades Venezuela Francisco de Miranda was a Venezuelan soldier who had gone to Europe and had become a General during the French Revolution. A fascinating man, he was friends with Alexander Hamilton and other important international figures and even was the lover of Catherine the Great of Russia for a while. All throughout his many adventures in Europe, he dreamed of freedom for his homeland. In 1806 he was able to scrape together a small mercenary force in the USA and Caribbean and launched an invasion of Venezuela. He held the town of Coro for about two weeks before Spanish forces drove him out. Although the invasion was a fiasco, he had proven to many that independence was not an impossible dream. April 19, 1810: Venezuela Declares Independence By early 1810, Venezuela was ready for independence. Ferdinand VII, the  heir to the Spanish crown, was a prisoner of Napoleon of France, who became the de facto (if indirect) ruler of Spain. Even those Creoles who supported Spain in the New World were appalled. On April 19, 1810, Venezuelan Creole patriots held a meeting in Caracas where they declared a provisional independence: they would rule themselves until such time as the Spanish monarchy was restored. For those who truly wanted independence, such as young Simà ³n Bolà ­var, it was a half-victory, but still better than no victory at all. The First Venezuelan Republic The resulting government became known as the First Venezuelan Republic. Radicals within the government, such as Simà ³n Bolà ­var, Josà © Fà ©lix Ribas, and Francisco de Miranda pushed for unconditional independence and on July 5, 1811, the congress approved it, making Venezuela the first South American nation to formally sever all ties with Spain. Spanish and royalist forces attacked, however, and a devastating earthquake leveled Caracas on March 26, 1812. Between the royalists and the earthquake, the young Republic was doomed. By July of 1812, leaders such as Bolà ­var had gone into exile and Miranda was in the hands of the Spanish. The Admirable Campaign By October of 1812, Bolà ­var was ready to rejoin the fight. He went to Colombia, where he was given a commission as an officer and a small force. He was told to harass the Spanish along the Magdalena River. Before long, Bolà ­var had driven the Spanish out of the region and amassed a large army, Impressed, the civilian leaders in Cartagena gave him permission to liberate western Venezuela. Bolà ­var did so and then promptly marched on Caracas, which he took back in August of 1813, a year after the fall of the first Venezuelan Republic and three months since he had left Colombia. This remarkable military feat is known as the Admirable Campaign for Bolà ­vars great skill in executing it. The  Second Venezuelan Republic Bolivar quickly established an independent government known as the Second Venezuelan Republic. He had outsmarted the Spanish during the Admirable Campaign, but he had not defeated them, and there were still large Spanish and royalist armies in Venezuela. Bolivar and other generals such as Santiago Marià ±o and  Manuel Piar  fought them bravely, but in the  end,  the royalists were too much for them. The most feared royalist force was the Infernal Legion of tough-as-nails plainsmen led by cunning Spaniard Tomas Taita  Boves, who cruelly executed prisoners and pillaged towns that had formerly been held by the patriots. The Second Venezuelan Republic fell in mid-1814 and Bolà ­var once again went into exile. The Years of War, 1814-1819 During the period from 1814 to 1819, Venezuela was devastated by roving  royalist  and patriot armies that fought one another and occasionally amongst themselves. Patriot leaders such as Manuel Piar, Josà © Antonio  Pez,  and Simà ³n Bolivar did not necessarily acknowledge one anothers authority, leading to a lack of a coherent battle plan to  free Venezuela. In 1817, Bolà ­var had  Piar  arrested and executed, putting the other warlords on notice that he would deal with them harshly as well. After that, the others generally accepted Bolà ­vars leadership. Still, the nation was in ruins and there was a military stalemate between the patriots and royalists. Bolà ­var Crosses the Andes and the Battle of Boyaca In early 1819, Bolà ­var was cornered in western Venezuela with his army. He was not powerful enough to knock out the Spanish armies, but they were not strong enough to defeat him, either. He made a daring move: he  crossed the frosty Andes  with his army, losing half of it in the process, and arrived in New Granada (Colombia) in July of 1819. New Granada had been relatively untouched by the war, so Bolà ­var was able to quickly recruit a new army from willing volunteers. He made a speedy march on Bogota, where the Spanish Viceroy hastily sent out a force to delay him. At the  Battle of Boyaca  on August 7, Bolà ­var scored a decisive victory, crushing the Spanish army. He marched unopposed into Bogota, and the volunteers and resources he found there allowed him to recruit and equip a much larger army, and he once again marched on Venezuela. The Battle of Carabobo Alarmed Spanish officers in Venezuela called for a cease-fire, which was agreed to and lasted until April of 1821. Patriot warlords back in Venezuela, such as Marià ±o and Pez, finally smelled victory and began to close in on Caracas. Spanish General Miguel de la Torre combined his armies and met the combined forces of Bolà ­var and Pez at the Battle of Carabobo on June 24, 1821. The resulting patriot victory secured Venezuelas independence, as the Spanish decided they could never pacify and re-take the region. After the Battle of Carabobo With the Spanish finally driven off, Venezuela began putting itself back together. Bolà ­var had formed the Republic of Gran Colombia, which included present-day Venezuela, Colombia,  Ecuador, and Panama. The republic lasted until about  1830  when it fell apart into Colombia,  Venezuela, and Ecuador (Panama was part of Colombia at the time). General Pez was the main leader behind Venezuelas break from Gran Colombia. Today, Venezuela celebrates  two independence days: April 19, when Caracas patriots first declared a provisional independence, and July 5, when they formally severed all ties with Spain. Venezuela celebrates its  independence day  (an official holiday) with parades,  speeches,  and parties. In 1874, Venezuelan President  Antonio Guzmn Blanco  announced his plans to turn the Holy Trinity Church of Caracas into a national Pantheon to house the bones of the most illustrious heroes of Venezuela. The remains of numerous heroes of Independence are housed there, including those of Simà ³n Bolà ­var, Josà © Antonio Pez, Carlos Soublette, and Rafael Urdaneta. Sources Harvey, Robert. Liberators: Latin Americas Struggle for Independence. 1st edition, Harry N. Abrams, September 1, 2000. Herring, Hubert.  A History of Latin America From the Beginnings to the  Present.  New York: Alfred A. Knopf, 1962 Lynch, John.  The Spanish American Revolutions 1808-1826  New York: W. W. Norton Company, 1986. Lynch, John.  Simon Bolivar: A Life. New Haven and London: Yale University Press, 2006. Santos Molano, Enrique.  Colombia dà ­a a dà ­a: una cronologà ­a de 15,000 aà ±os.  Bogota: Planeta, 2009. Scheina, Robert L.  Latin Americas Wars, Volume 1: The Age of the Caudillo 1791-1899  Washington, D.C.: Brasseys Inc., 2003.

The Mortal God Research Paper Example | Topics and Well Written Essays - 2500 words

The Mortal God - Research Paper Example This concept over the years has been employed into interactive human interface games as a creativity perspective. To understand the concept of anthropomorphism in video games, this paper therefore seeks to delve into the portrayal of gods as human figures and look into the reasons for this depiction. It also looks into how gods are given human traits. All these will be with regards to the video game â€Å"God of War 3†. The concept of anthropomorphism is depicted in the video game by a coincidence that most of the gods are named based on human traits and characters (Wade, 56). The controller controls the god of war, Kratos. The naming in this case is reflective of some human naming based on characteristics such as the conqueror, the magnificent, and the merciful among other character based names. The depiction of a god with such a name was directly derived from the human trait of war and retribution. Furthermore, there is the god of the sea, Poseidon. This name is synonymous to the human nature of a sailor. The other god in the game is Hades, also known as the lord of the underworld and ruler over the dead. He is also the god of wealth due to the precious metals mined from earth. In this case, he is named after the common human trait of resourceful people. The game also depicts a goddess known as Hestia, the goddess of virginity. This name is also based on a completely human condition of virginity. Hera is the goddess that protects marriages and takes special interest in women. A custodian of marriage is basically a human approach accomplished either in law or intrinsically held within human nature. Next is the Goddess of the city, handicraft and agriculture. The craft from which she draws her name are completely human activities. Another god in the game is Apollo, the god of music. Music is another primarily human activity. The game also focuses on the god of the sun of