Mission statement of Best Buy

| September 14, 2013

This is Best Buy Company, Inc. mission statement overview in 2013. For more information on how to write a mission statement, please refer to our article.

Company Background

Name Best Buy Company, Inc.
Logo
Industries served Retail
Geographic areas served Worldwide
Headquarters U.S.
Current CEO Hubert Joly
Revenue $ 49.183 billion (2012)
Profit $ -481 million (2012)
Employees 165,000 (2013)
Main Competitors Amazon.com Inc., Apple Inc., Wal-Mart Stores Inc. and many other companies.

Best Buy is the world’s largest multi-channel consumer electronics retailer with stores in the United States, Canada, China, and Mexico. BestBuy.com is among the top ten retail websites in the United States and we have the number one customer loyalty program of its kind. There are more than 1 billion visitors to our websites and 600 million visits to our U.S. stores each year.

Mission

Best Buy mission statement 2013

Best Buy doesn’t have an official mission statement. This statement can be found on many websites on the internet but the company itself doesn’t provide it.

“Our formula is simple: 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. Thanks for stopping.”
Evaluation
Does it include...?
Customers Products/ Services Markets
Yes No No
Technology Concern for survival Philosophy
No Yes No
Self-concept Concern for public image Employees
No No Yes
Does it mention values like...? Customer or product-oriented?
Citizenship Teamwork Customer-oriented
No No Score
Excellence Integrity
No No 1.6/4.5

(This evaluation framework is composed of the guidelines listed in our article: Mission Statement for Success)

Overview

Best Buy doesn’t provide an official mission so we have provided a statement that is considered to be Best Buy’s mission by many other authors. The statement was evaluated 1.6 points, indicating the poorly structured mission. It includes only 3 components: customer, employees and concern for survival. The company doesn’t mention any values in the mission and doesn’t provide them separately, so it is unclear what drives Best Buy’s actions and decision-making. The statement is customer-oriented, which means that it is focused on satisfying customer needs and solving their problems.

Best Buy mission is a poorly constructed statement and should be improved if the company intends to use it.