Best Buy is one of the world’s largest retailers of digital goods, providing an extensive range of technology products for various demographic groups. Over the last several years, the company has experienced a drastic increase in sales and popularity (Barry, 2022). In 2022, Best Buy achieved a 9% increase in sales compared to the previous fiscal year and maintained a firm stance on the company’s vision of a sustainable future (Barry, 2022). Moreover, the company successfully completed the earning objectives for stockholders, including the strategic progress of digital retail and future prospects for technology empowerment (Barry, 2022). In the annual letter to shareholders, Corie Barry (2022) also acknowledged the utmost significance of maintaining positive relationships with employees and customers. Namely, the company’s most prioritized objectives in 2022 were employee safety and customer convenience (Barry, 2022). This approach was one of the reasons why Best Buy was included in the list of the world’s most admired companies (Morell, 2021). Ultimately, Best Buy’s efforts in the provider/customer relationship allowed the organization to maintain and improve its public image in 2021-2022.
Consequently, the company’s positioning objectives concerning sustainability and technological progress have marked Best Buy as an attractive choice for investments. In other words, the emphasis on environmental, social, and governance issues was essential to the organization’s success (Best Buy, 2021). Some of the positioning objectives included waste reduction, customer feedback, diversity, attention to corporate ethics, data privacy, and engagement with stakeholders (Best Buy, 2021). The acquired success in revenue and popularity transparently supports the idea that the company’s sustainable public objectives play a vital role in satisfying the needs of customers, employees, and stockholders. Lastly, the company is committed to improving relationships with vendors and building a “stronger community of diverse suppliers” (Best Buy, 2021, p. 37). Ultimately, the current research study has demonstrated that Best Buy’s public objectives play an essential part in its continually increasing sales and growing popularity, showing that business at Best Buy is profitable and sustainable.
References
Barry, C. (2022). Best Buy 2022 shareholder letter. Best Buy.
Best Buy. (2021). Environmental, social and governance report.
Morell, K. (2021). Best Buy named to Fortune’s 2021 list of world’s most admired companies. Best Buy.