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Essay on Report Project – Best Buy
Best Buy Co., Inc. is the industry leader in a dynamic and rapidly evolving market segment. The number one consumer electronics retailer in North America, Best Buy has recorded steady revenue growth over the past decade, crossing the $20 billion threshold in fiscal 2004. Best Buy’s continued success depends in part on the ability of its corporate workforce to respond quickly, creatively, and effectively to emerging opportunities and threats. To do this, the company must create an agile productivity environment, with tools and platforms that match job demands.
The Audit Committee ("Committee") of Best Buy Co., Inc. ("Company") is appointed by the Board of Directors ("Board") to discharge the Board's responsibilities relating to oversight of the following:
- The integrity of the Company's financial statements and financial reporting processes
- The Company's internal accounting systems, financial and operational controls
- The qualifications and independence of the independent auditor
- The performance of the Company's Internal Audit function and the independent auditor, and
- The Company's compliance with ethics programs, including the Code of Business Ethics, and legal and regulatory requirements. In so doing, the Committee will maintain free and open communication between the Board, the independent auditor, Internal Auditors and management of the Company.
Best Buy sees the most serious competitive threat coming from the mass merchandisers, like Wal-Mart and Costco, and the online channel, like Dell and Amazon, as well as the customer’s ability to download entertainment software for free from the Internet. The strategic initiatives it have outlined are designed to get a bigger share of its customers’ spending by selling services and solutions, not just devices, and by understanding its customers and their needs better than our competitors do.
Company is looking at many ways to build customer loyalty and attract new customers. Their customer centricity initiative is designed to give itself a better understanding of their different customer segments so it can target its product offerings to better meet the needs of all their customers....
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