Brad Anderson

DEFINITION of 'Brad Anderson'

The former CEO and vice-chairman of electronics retailer Best Buy. He joined the company in Minneapolis in 1973 when it was called Sound of Music and served as CEO from 2002-2009.


Anderson preached the philosophy of customer-centricity developed by Larry Selden, a Columbia Business School professor. Customer-centricity involves segmenting customers into "profitable" and "unprofitable" and then catering to the profitable ones by tailoring each store location to a particular demographic.


He also helped the company to expand overseas and shift its focus from selling electronics to meeting customer needs related to electronics, such as computer repair and home networking. He doubled the company's revenue during his tenure and increased its profits by an average of 17% per year.

BREAKING DOWN 'Brad Anderson'

Founded in 1966 (as Sound of Music), Best Buy has operations in the United States, Canada, Europe, China, Mexico and Turkey. Its brands include Audiovisions, Future Shop, Geek Squad, Jiangsu Five Star, Magnolia Audio Video, Pacific Sales and The Phone House. Best Buy's competitors include Wal-Mart, Costco, Dell, Radio Shack, Amazon and Target.



RELATED TERMS
  1. Board Of Directors - B Of D

    A group of individuals that are elected as, or elected to act ...
  2. Chairman

    An executive elected by a company's board of directors that is ...
  3. C-Suite

    A widely-used slang term used to collectively refer to a corporation's ...
  4. Chief Executive Officer - CEO

    The highest ranking executive in a company whose main responsibilities ...
  5. Chair Of The Board - COB

    The most powerful member on the board of directors who provides ...
  6. Davos Man/Davos Woman

    Davos man/Davos woman refers to the members of the World Economic ...
Related Articles
  1. Fundamental Analysis

    The Basics Of Corporate Structure

    CEOs, CFOs, presidents and vice presidents: learn how to tell the difference.
  2. Insurance

    Evaluating The Board Of Directors

    Corporate structure can tell you a lot about a company's potential. Learn more here.
  3. Active Trading Fundamentals

    Evaluating A Company's Management

    Financial statements don't tell you everything about a company's health. Investigate the management behind the numbers!
  4. Markets

    Get Tough On Management Puff

    Company managers are often skilled at fooling investors. Be critical and don't believe the hype.
  5. Options & Futures

    Governance Pays

    Learn about how the way a company keeps its management in check can affect the bottom line.
  6. 4 Best Podcasts for Business Leaders

    With less time on our hands than ever, it's important we learn from the tried and true and take advantage of these informative and motivational podcasts.
  7. Stock Analysis

    A look into Warren Buffett's biggest holdings (KHC, IBM)

    What do Kraft and IBM have in common? They are two of the most profitable surging stocks in Warren Buffett’s iconic hedge fund.
  8. Markets

    Ivanka Trump's Empire

    Ivanka Trump, Donald Trump's daughter, is a chip off the old block-and yet, totally not.
  9. Entrepreneurship

    Steve Jobs And The Apple Story

    Steve Jobs passed away in October of 2011 at the age of 56. His accomplishments go far beyond a brief summary, but here are some highlights.
  10. Investing News

    How Much is Donald Trump Really Worth?

    How much is Donald Trump really worth (and does it matter)?
RELATED FAQS
  1. How to Get from CIO or CFO to CEO

    Discover the career path from CIO or CFO to CEO and how traditional organizational leadership roles evolve as businesses ... Read Answer >>
  2. How are Rupert Murdoch's holdings distributed?

    Learn more about Rupert Murdoch's holdings and how he built his media empire around the world. Find out which popular brands ... Read Answer >>
  3. How did Bernard Baruch attain his wealth?

    Learn how Bernard Baruch made his fortune, what advice he gave to aspiring market speculators and what makes him different ... Read Answer >>
  4. Why was Bernard Baruch known as the "Park Bench Statesman?"

    Learn about the original "Lone Wolf of Wall Street," Bernard Baruch, a millionaire at 30 who influenced presidents but conducted ... Read Answer >>
  5. How did Nathan Rothschild become a stock exchange speculator?

    Tycoon mastermind Nathan Mayer Rothschild was a crisis creation artist. How exactly does one bring a nation's economy to ... Read Answer >>
  6. What advice does Howard Schultz offer would-be business moguls?

    Arm yourself with priceless advice from Howard Schultz and incorporate his savvy into your existing or future entrepreneurship ... Read Answer >>
Hot Definitions
  1. Keynesian Economics

    An economic theory of total spending in the economy and its effects on output and inflation. Keynesian economics was developed ...
  2. Society for Worldwide Interbank Financial Telecommunications ...

    A member-owned cooperative that provides safe and secure financial transactions for its members. Established in 1973, the ...
  3. Generally Accepted Accounting Principles - GAAP

    The common set of accounting principles, standards and procedures that companies use to compile their financial statements. ...
  4. DuPont Analysis

    A method of performance measurement that was started by the DuPont Corporation in the 1920s. With this method, assets are ...
  5. Call Option

    An agreement that gives an investor the right (but not the obligation) to buy a stock, bond, commodity, or other instrument ...
  6. Economies Of Scale

    Economies of scale is the cost advantage that arises with increased output of a product. Economies of scale arise because ...
Trading Center