Case 20 best buy fights against electronic waste

BỘ GIÁO DỤC VÀ ĐÀO TẠO TRƯỜNG ĐẠI HỌC KINH TẾ QUỐC DÂN VIỆN ĐÀO TẠO TIÊN TIẾN, CHẤT LƯỢNG CAO & POHE -o0o - CASE 20 BEST BUY FIGHTS AGAINST ELECTRONIC WASTE HỌ VÀ TÊN MÃ SINH VIÊN LỚP MÔN HỌC LÊ THỊ HÀ PHƯƠNG 11214770 QTKDQT TT 63A BUSINESS ETHICS Hà Nội, 2023 Company’s overview HISTORY Best Buy is an American multinational consumer electronics retailer that was founded in 1966 by Richard Schulze and James Wheeler in St Paul, Minnesota At the beginning, Best Buy was originally called Sound of Music, a single store that sold high-fidelity stereos and components In 1983, the company changed its name to Best Buy and began to expand rapidly, opening new stores across the United States Best Buy was one of the first retailers to offer a wide range of consumer electronics under one roof, including appliances, computers, and televisions The company also introduced innovative concepts such as the Geek Squad, a team of technical support experts who provide on-site repair and installation services for customers Throughout the 1990s and early 2000s, Best Buy continued to expand its operations, acquiring several other retail chains such as Future Shop in Canada and the Carphone Warehouse in Europe The company also embraced e-commerce, launching its website in 1998 and later expanding into mobile commerce with the introduction of a mobile app In the late 2000s, Best Buy faced increasing competition from online retailers such as Amazon and struggled to adapt to the changing retail landscape In 2012, the company appointed a new CEO, Hubert Joly, who implemented a turnaround strategy that included cost-cutting measures, store closures, and an increased focus on e-commerce and omnichannel retail Today, Best Buy is one of the largest consumer electronics retailers in the world, with over 1,000 stores in the United States, Canada, and Mexico The company offers a wide range of products and services, including appliances, computers, mobile devices, home theater and audio equipment, and smart home technology Best Buy also continues to innovate with programs such as the Total Tech Support subscription service, which provides unlimited technical support and discounts on repairs and installations for customers ETHICS AND VALUES Best Buy places a strong emphasis on ethics and values, and strives to maintain the highest standards of ethical conduct in all aspects of its business The company has established a code of conduct that outlines its expectations for ethical behavior from employees, suppliers, and other stakeholders This code covers a range of topics, including anti-corruption, conflicts of interest, and data privacy, among others This is a preview Do you want full access? Go Premium and unlock all 24 pages Best Buy also has a dedicated Ethics & Compliance team that is responsible for ensuring compliance with the company's code of conduct and other ethical standards This team to all to documents provides training and resourcesAccess to employees help them understand and uphold the company's values and ethical standards Get Unlimited Downloads In addition to its internal focus on ethics, Best Buy also works to promote ethical business practices throughout its supply chain The company requires its suppliers to your grades adhere to a Supplier Code of Improve Conduct that sets out expectations for ethical behavior related to issues such as labor practices, human rights, and environmental sustainability VISION AND SOCIAL ENGAGEMENT Upload VISION Best Buy's vision statement is "People Technology And the pursuit of happiness." The company's vision focuses on leveraging technology to enhance the lives your documents of its customers and society as Share a whole Best Buy aimstotounlock provide customers with the latest technology products and services that fulfill their needs and desires, while also addressing societal challenges The company strives to improve people's lives by making technology more accessible, affordable, and easy to use Additionally, Best Buy is committed to corporate social responsibility and sustainability, working to minimize its environmental impact and support local communities Free Trial Getaims 30 days of free Premium FUTURE AIMS Best Buy's future include continuing to innovate and adapt to the rapidly changing retail landscape, while also prioritizing sustainability and responsible business practices The company plans to expand its product offerings and services to meet the evolving needs of its customers, while also investing in digital transformation and technology to improve the customer experience Best Buy also aims to continue reducing its environmentalAlready impact through initiatives Premium? Logsuch in as increasing its use of renewable energy and reducing waste, including electronic waste Additionally, the company is committed to promoting diversity, equity, and inclusion both within its organization and in the communities it serves Overall, Best Buy's future aims reflect a commitment to responsible growth, innovation, and sustainability, while remaining focused on meeting the needs of its customers and communities EMPLOYEE ENGAGEMNT When it comes to the relationship between company and employees, Best Buy has a strong commitment to employee engagement and has implemented various initiatives to foster a positive and supportive work environment First, the company provides its employees with flexible work arrangements, such as flexible schedules and the ability to work remotely, which helps to improve life balance and job satisfaction Second, Best Buy has many programs and policies to enhance and promote well- performing employees such as “Employee of the Month” It also offers various career development programs, such as training programs, mentoring, and leadership development, which help employees grow and advance in their careers Best Buy also concentrates on improving their working environment by collecting employee feedbacks: Best Buy has implemented a feedback system that allows employees to share their ideas, suggestions, and concerns with the management team This helps to create an open and transparent culture and enables the company to address any issues and improve employee satisfaction Due to its flexibility and advantages, Best Buy was honorly awarded first rank in Working Mother’s 2012 Best Companies for Hourly Workers CONSUMER ENGAGEMENT Best Buy is committed to engaging with its customers through various consumer engagement initiatives  In-Store Consultations: Best Buy offers in-store consultations with expert associates to help customers make informed purchasing decisions and find the right products to meet their needs  Best Buy App: The Best Buy app provides customers with a convenient and easy way to browse and purchase products, track their orders, and access exclusive deals and promotions  Customer Reviews and Ratings: Best Buy allows customers to leave reviews and ratings of products, providing valuable feedback to both the company and other customers  My Best Buy Rewards Program: The My Best Buy rewards program provides customers with exclusive discounts, free shipping, and other perks, incentivizing them to shop at Best Buy and remain loyal to the brand  Social Media Engagement: Best Buy engages with its customers on social media platforms, such as Twitter and Facebook, to answer questions, provide support, and showcase new products and promotions COMMUNITY ENGAGEMENT Best Buy is committed to giving back to the communities it serves through various community engagement initiatives  Best Buy Teen Tech Centers: Best Buy has partnered with local nonprofits to create Teen Tech Centers, which provide underprivileged youth with access to technology and hands-on learning opportunities in areas such as coding, design, and film-making  Geek Squad Academy: Best Buy's Geek Squad Academy offers free technology camps for youth, teaching them about technology and how to use it safely and responsibly  Recycling and Sustainability: Best Buy has a recycling program that allows customers to recycle their old electronics at no cost The company also has a commitment to sustainability, including reducing its carbon footprint and using renewable energy sources  Community Grants: Best Buy provides grants to local nonprofits and schools to support education and technology programs  Employee Volunteerism: Best Buy encourages and supports employee volunteerism through programs such as the Best Buy Community Service Program, which provides paid time off for employees to volunteer in their local communities BEST BUY AND ELECTRONIC WASTE Electronic waste, or e-waste, is a significant environmental problem in today's world As technology continues to advance at a rapid pace, consumers are constantly replacing their electronic devices with newer models, leading to a growing amount of e-waste This ewaste often contains hazardous materials that can harm the environment and human health if not disposed of properly In addition to the environmental impact of e-waste, the production and disposal of electronic devices also contribute to greenhouse gas emissions, further exacerbating the issue of climate change To address this problem, many organizations are implementing initiatives to reduce ewaste, such as recycling programs, responsible disposal, and promoting the use of sustainable materials in electronic devices It is essential that individuals and organizations work together to tackle the issue of e-waste and reduce its impact on the environment An outstanding company which takes part in the process of protecting the Earth from dangerous consequences of electronic waste is BEST BUY Best Buy is committed to reducing electronic waste and promoting sustainability through various initiatives The company offers its customers convenient ways to recycle their old electronic devices, including partnering with recycling organizations and providing instore recycling kiosks Best Buy also promotes environmentally responsible practices, such as using renewable energy sources and reducing packaging waste Through these efforts, Best Buy aims to minimize the environmental impact of its products and services, while also enhancing its brand reputation and promoting customer loyalty Why you think Best Buy has been able to gain competitive advantages in the retail electronics market why also driving many initiatives to support sustainability? There are many reasons answering the question why Best Buy can gain competitive advantages in the retail electronics market while also driving sustainability initiatives Firstly, Best Buy has a strong focus on customer experience and satisfaction The company has invested in various initiatives, such as its Geek Squad service to support customers and in-store consultations, to help customers make informed purchasing decisions and provide them with excellent customer service By prioritizing customer satisfaction, Best Buy has been able to establish a strong reputation and brand loyalty, This is a preview Do you want full access? Go Premium and unlock all 24 pages which has helped it to compete successfully against other retailers in the electronics market Access all documents Secondly, Best Buy has recognized the to importance of sustainability and environmental responsibility By implementing various sustainability initiatives: Get Unlimited Downloads  Recycling Program: Best Buy has a recycling program that allows customers to recycle their old electronics at no cost, keeping millions of pounds of electronic waste out of landfillsImprove each year your grades  Sustainable Products: Best Buy offers a range of sustainable products, including Energy Star-certified electronics, as well as eco-friendly options  Renewable Energy: Best Buy has committed to using renewable energy to power its stores and operations The company has installed solar panels on many of its stores and has also invested in wind power  Carbon Footprint Reduction: The company has implemented energy efficiency Share your documents to unlock measures in its stores and distribution centers and has reduced its use of packaging materials  E-Waste Collection Events: Best Buy partners with local organizations to hold e-waste collection events in communities across the United States, providing an easy and convenient way for residents to recycle their old electronics Upload Free Trial Therefore, Best Buy has been able to attract environmentally conscious customers and 30 days of free Premium differentiate itself from otherGet retailers in the market Additionally, Best Buy's sustainability efforts have helped to reduce costs, increase efficiency, and strengthen the company's reputation as a responsible corporate citizen Last but not least, Best Buy has also embraced innovation and technology in its business model The company has Already invested inPremium? digital platforms Logand in omnichannel capabilities, enabling it to offer a seamless and convenient shopping experience for customers both online and in-store This innovation has helped Best Buy stay competitive and adapt to changing consumer preferences and market trends Do you think the resources Best Buy dedicates to help consumers recycle their old electronic devices represent a good investment for Best Buy? The resources that Best Buy dedicates to help consumers recycle their old electronic devices represent a good investment for the company First of all, Best Buy's recycling program has helped the company establish a positive brand image and reputation as a socially responsible and environmentally conscious company This can help attract environmentally conscious customers and differentiate the company from other retailers in the market Secondly, by recycling old electronic devices, Best Buy can recover valuable resources such as metals and plastics that can be used to manufacture new products This can reduce the company's costs associated with raw materials and production, while also helping to reduce waste and conserve resources Thirdly, many countries and states have regulations that require companies to recycle or dispose of electronic waste in an environmentally responsible manner By offering a recycling program, Best Buy can comply with these regulations and avoid potential fines or penalties Finally, Best Buy's recycling program can help build customer loyalty and satisfaction Customers appreciate the convenience and ease of being able to recycle their old electronics at Best Buy, which can help to foster a sense of loyalty and repeat business How Best Buy’s social responsibility efforts impact key stakeholders such as employees, shareholders, consumers and suppliers? Best Buy's social responsibility efforts impact key stakeholders in many ways I cannot be denied that Best Buy's social responsibility efforts can have a positive impact on employees By promoting environmentally conscious practices and community involvement, Best Buy can foster a sense of pride and engagement among employees, leading to increased job satisfaction and loyalty Best Buy's social responsibility efforts can also have a positive impact on shareholders by helping to increase brand value, customer loyalty, and long-term sustainability By implementing sustainability initiatives and community engagement programs, Best Buy can enhance its reputation and differentiate itself from competitors, potentially leading to increased revenue and profitability Consumers: Best Buy provides many advantages to their consumers by providing them with environmentally sustainable products and services, as well as opportunities to recycle their old electronic devices This can increase customer loyalty and satisfaction, as consumers are increasingly looking to support socially responsible companies Best Buy also cares for their suppliers They encourage them to adopt environmentally sustainable practices and ethical business standards By working with suppliers who share its commitment to sustainability and social responsibility, Best Buy can help to improve the overall supply chain and promote responsible business practices across the industry Conclusion In today's world, the impact of electronic waste on the environment is a growing concern As a major player in the electronics retail industry, Best Buy has recognized its responsibility to minimize the environmental impact of its products and services Through a range of initiatives focused on sustainability and corporate social responsibility, Best Buy is taking proactive steps towards addressing this issue Best Buy's recycling program for electronic devices is a key element of the company's efforts to reduce electronic waste In addition to its recycling program, Best Buy is working to reduce its carbon emissions and promote renewable energy The company has set an ambitious goal to reduce its carbon emissions by 75% by 2030 and is investing in renewable energy sources such as wind and solar power to help achieve this goal Best Buy is also taking steps to reduce packaging waste by using more sustainable materials and optimizing the size of packaging to reduce waste Furthermore, Best Buy is committed to educating and empowering consumers to make environmentally conscious choices The company provides resources and information to help customers understand the environmental impact of their electronics use, and offers a range of sustainable products and services to help consumers reduce their own environmental footprint Best Buy is not only contributing to environmental conservation but also improving its brand reputation and customer loyalty By taking responsibility for its environmental impact, Best Buy is demonstrating that businesses can be successful financially while also making a positive impact on the world Best Buy's efforts serve as a positive example for other companies in the electronics industry and beyond to follow in adopting more sustainable practices In conclusion, Best Buy's commitment to fighting electronic waste and promoting sustainability is a significant step towards corporate social responsibility By taking steps to minimize the environmental impact of its products and services, Best Buy is demonstrating leadership in the industry and contributing to a more sustainable future As more companies adopt similar practices and work to minimize their environmental impact, we can hope to see a world with less electronic waste and a more sustainable future This is a preview Do you want full access? Go Premium and unlock all 24 pages 16 holds a Cultural Immersion program for its employees Upload where they encourage Free Trial employees to practice inclusion and awareness of different cultures Suppliers Best Buy promotes sustainable and Access to all documents Get Unlimited Downloads Improve your grades Share your documents to unlock Get 30 days of free Premium Already Premium? Log in ethical practices among its vendors Suppliers have to adhere to the compliance standards of the company which is audited annually by Besn the annual audit, if any supplier is found not to be adhering to the compliance standards that are set by the company, the company cancels the contracts with the supplier In response to the demands made by the consumers, the company started publishing its Corporate Social Responsibility Reports from 2007, facilitating This is a preview Do you want full access? Go Premium and unlock all 24 pages the consumers to know the actions taken by the company to Upload address the sustainability issue In Free Trial programs such as @15 teenage customers which formed a major portion of their customers could Access to all documents Get Unlimited Downloads Improve your grades Share your documents to unlock Get 30 days of free Premium Already Premium? Log in interact and find out the innovative ways which could be used by the company, they could share their thoughts on a website called www.at15.com It also provided education and scholarship programs where they offered scholarships worth $9.5 million since it was implemented in 2006 It aimed at using technology to make the students learn Under the disaster relief program, the company offered This is a preview Do you want full access? Go Premium and unlock all 24 pages huge packages for the relief in the affected areas, it even helped Upload employees staying in disaster affected Free Trial areas III Conclusion From the case study, we can come up with a conclusion that it is important Access to all documents Get Unlimited Downloads Improve your grades Share your documents to unlock Get 30 days of free Premium Already Premium? Log in for a company to always comply with the ethical and corporate responsibilities 16 holds a Cultural Immersion program for its employees where they encourage employees to practice inclusion and awareness of different cultures Suppliers Best Buy promotes sustainable and ethical practices among its vendors Suppliers have to adhere to the compliance standards of the company which is This is a preview Do you want full access? Go Premium and unlock all 24 pages audited annually by Besn the annual audit, if any supplier is found not to be Upload adhering to the compliance standards Free Trial that are set by the company, the company cancels the contracts with the supplier In response to the demands made by Access to all documents Get Unlimited Downloads Improve your grades Share your documents to unlock Get 30 days of free Premium Already Premium? Log in the consumers, the company started publishing its Corporate Social Responsibility Reports from 2007, facilitating the consumers to know the actions taken by the company to address the sustainability issue In programs such as @15 teenage customers which formed a major portion of their customers could interact and find out the innovative ways which could be used by the company, they could share their thoughts on a This is a preview Do you want full access? Go Premium and unlock all 24 pages website called www.at15.com It also provided education and Upload scholarship programs where Free Trial they offered scholarships worth $9.5 million since it was implemented in 2006 It aimed at using Access to all documents Get Unlimited Downloads Improve your grades Share your documents to unlock Get 30 days of free Premium Already Premium? Log in This is a preview Do you want full access? Go Premium and unlock all 24 pages technology to make the students learn Under the disaster relief program, the Upload company offered huge packages for Free Trial the relief in the affected areas, it even helped employees staying in disaster affected areas III Conclusion Access to all documents Get Unlimited Downloads Improve your grades Share your documents to unlock Get 30 days of free Premium Already Premium? Log in This is a preview Do you want full access? Go Premium and unlock all 24 pages From the case study, we can come up with a conclusion that it is important Upload for a company to always comply with Free Trial the ethical and corporate responsibilities Access to all documents Get Unlimited Downloads Improve your grades Share your documents to unlock Get 30 days of free Premium Already Premium? Log in From the case study, we can come up with conclusion that it is crucial that a company should comply with ethical and corporate responsibilities Best Buy's efforts to combat electronic waste are a great example of corporate social responsibility References - - Fraedrich, J (2014) Business Ethics: Ethical Decision Making and Cases Kevin Flanagan (2021) Best Buy named one of Fasst Company’s Best Workplaces for Innovators https://corporate.bestbuy.com/best-buy-named-one-of-bestworkplaces-for-innovators/ Richard Schulze and Kimberly Eddleston How Best Buy engages employees in putting customers first https://corporate.bestbuy.com/best-buy-named-one-ofbest-workplaces-for-innovators/ This is a preview Do you want full access? Go Premium and unlock all 24 pages - Kumar, V., Dalla Pozza, I., & Ganesh, J (2013) Revisiting the satisfaction–loyalty relationship: empirical generalizations and directions for future research Journal of Retailing , 89(3), 246-262 Access to all documents https://www.forbes.com/sites/forbespr/2014/09/10/companiesstruggling-to-win-customers-for-life-says-new-study-by-forbesinsights-and-sitecore/#a9e88c55759c Get Unlimited Downloads http://www.mycustomer.com/experience/loyalty/five-reasonscustomer-loyalty-is-decreasing-and-what-you-can-do-about-it - Improve your grades https://corporate.bestbuy.com/ http://media.corporateir.net/media_files/irol/83/83192/bby_cobe_080121.pdf Upload Share your documents to unlock Free Trial Get 30 days of free Premium Already Premium? Log in