Best called Sound of Music before the

 

Best
Buy as a retailer has a good reputation, and now the brand also reminds
business owners how to manage human resources. Best Buy has been so effective
and profitable that it has been used as an ideal role model for many other
companies in strategic management.

 

Best Buy Co., Inc. is an
American worldwide consumer electronics establishment
headquartered in Richfield, Minnesota,
a Minneapolis suburb. Best Buy is a leading
retailer of technology products, services and solutions, with approximately 1,600
stores in North America and nearly $40 billion in annual revenue. Nationwide,
Best Buy has employs more than 125,000 people in including
large-format and Best Buy Mobile stores. Intercontinentally,
it also runs in Canada and Mexico. This company was originated by
Richard Schulze and Gary Smoliak in 1966 an audio specialty store and called Sound of
Music before the name changed to Best Buy in 1983 rebranded
with more emphasis sited on consumer electronics .In the past it was operational in China until February
2011 (when this company was joined with Five Star) and in Europe until 2012.

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Best
Buy agreements professional service at an unbeatable price more than 1.5
billion times a year to the consumers, small business owners and educators who
visit our stores, involve with Geek Squad Agents or use BestBuy.com or the Best
Buy app. Seventy percent of the U.S. population lives within 15 minutes of a
Best Buy store, and Best Buy also has operations in Canada and Mexico.

1.0  Organizational
Stakeholder

 

An
individual, group, or organization that is interested or concerned in the organization.
Stakeholders can influence or be affect by the organization’s actions, goals
and policies. Some examples of key stakeholders are communities from which
creditors, directors, employees, governments (and their agencies), owners
(shareholders), suppliers, unions, and businesses derive resources.

 

For
Best Buy, key stakeholders may be listed as the shareholders, customers,
government (and its agencies) and employees. Firstly, the government can depend
largely on the company’s contribution. They deduct part of the profits from
various taxes. In addition, the successful operation of Best Buy shows that the
government performs well, especially in terms of management. If any company
violates ethics and environment, the government will be blamed. If Best Buy’s
performance problems, each customer’s interests will also be harmed, not to
mention those who heavily rely on Best Buy customers. In the last three months
in the United States, 60.9 million people shop at Best Buy stores and the brand
has been reported by Deloitte as one of the world’s leading e-retailers. Some
people are turning to Best Buy to listen to product descriptions even while
doing other things. In addition, given the company’s large size and extensive
global network, large numbers of suppliers and creditors will face difficulties
if Best Buy encounters problems. Internal stakeholders include employees and
shareholders. Salaries and bonuses depend on the productivity of employees, and
most of the other factors directly related to their lives are controlled by
managers. Likewise, shareholders are also affected by the financial impact of
the company. They invest money for profit, but when their results fail to meet
expectations, they have to lose money and sometimes sacrifice their own money
to pay for company’s debt.

 

Not
all stakeholders who are equal companies have the right to fair trade
practices, but they do not have the same rights as their employees. An example
of the negative impact on stakeholders is the company’s need to cut costs and
plan layoffs.

This
has had a negative impact on the workers’ community in the area and on the
local economy. People who own shares in businesses like Microsoft are having a
positive impact, for example, when the company releases new equipment and sees
their profits, so the stock price increase.

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