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.

  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. Warren Buffett

    Known as "the Oracle of Omaha", Buffett is Chairman of Berkshire ...
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. Professionals

    Common Interview Questions for Business Analysts

    Identify some of the most common job interview questions asked of business analyst candidates, and learn the responses that will make you stand out.
  7. Wealth Management

    Warren Buffet’s Frugal, So Why Aren’t You?

    Aside from his renowned investing prowess, Buffet is legendarily frugal.
  8. Economics

    Management Strategies From A Top CEO

    Jack Welch is a legend in the business world: during the two decades he was CEO of General Electric, the company’s value rose by 4000%.
  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

    From Supermodel to Entrepreneur: Gisele Bündchen's Sejaa Pure Skincare

    As one of the highest-paid models in history, Bündchen has turned her name and image into a worldwide brand, and Sejaa is part of her massive empire.
  1. How are Rupert Murdoch's holdings distributed?

    Rupert Murdoch owns a controlling share of News Corporation and over 750 different businesses. Some of the major brands he ... Read Full Answer >>
  2. How did Bernard Baruch attain his wealth?

    Bernard Baruch obtained his fortune by investing in profitable stocks on Wall Street. Baruch is known as a legendary stock ... Read Full Answer >>
  3. Why was Bernard Baruch known as the "Park Bench Statesman?"

    As someone who preferred to conduct his meetings in informal settings and was led by persuasion rather than pressure, Bernard ... Read Full Answer >>
  4. How did Nathan Rothschild become a stock exchange speculator?

    Market maker Nathan Rothschild learned much of his financial savvy from his father, who dealt in coins and paper money. He ... Read Full Answer >>
  5. What advice does Howard Schultz offer would-be business moguls?

    Starbucks CEO, billionaire and former sports tycoon Howard Schultz has several pieces of advice for would-be moguls and, ... Read Full Answer >>
  6. Why did Howard Schultz leave Starbucks, only to return eight years later?

    Howard Schultz left Starbucks in 2000 due to exhaustion from growing Starbucks from a regional coffee chain to a global company ... Read Full Answer >>

You May Also Like

Hot Definitions
  1. Quick Ratio

    The quick ratio is an indicator of a company’s short-term liquidity. The quick ratio measures a company’s ability to meet ...
  2. Black Tuesday

    October 29, 1929, when the DJIA fell 12% - one of the largest one-day drops in stock market history. More than 16 million ...
  3. Black Monday

    October 19, 1987, when the Dow Jones Industrial Average (DJIA) lost almost 22% in a single day. That event marked the beginning ...
  4. Monetary Policy

    Monetary policy is the actions of a central bank, currency board or other regulatory committee that determine the size and ...
  5. Indemnity

    Indemnity is compensation for damages or loss. Indemnity in the legal sense may also refer to an exemption from liability ...
  6. Discount Bond

    A bond that is issued for less than its par (or face) value, or a bond currently trading for less than its par value in the ...
Trading Center