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. UCLA Anderson School of Management

    A world-famous business school that provides courses in a wide ...
  2. Columbia Business School

    This is one of the top business schools in America and is located ...
  3. Long Tail

    In business, long tail is a phrase coined by Chris Anderson, ...
  4. Richard H. Anderson

    Richard H. Anderson became the CEO of Delta Airlines in 2007. ...
  5. Jeffrey Sachs

    An American economist who is director of the Earth Institute. ...
  6. Secure Electronic Transaction - ...

    A form of protocol for electronic credit card payments. As the ...
Related Articles
  1. Markets

    4 Catalysts That Could Propel Best Buy's Stock Forward (BBY)

    Understand the current Best Buy model and why it has been failing lately. Learn about the top potential catalysts that could increase Best Buy's stock price.
  2. Markets

    Is Amazon Killing the Best Buy Business Model?

    Best Buy's business model has been shaken up by Amazon. Its plan to adapt is working but needs to go further to avoid the end of Best Buy.
  3. Markets

    Why Best Buy Failed in China

    Best Buy entered China with much fanfare in 2006. The Minnesota-based retailer exited quietly last year. What went wrong?
  4. Professionals

    Youtube Music Negotiations Could Boost Youtube Red (GOOGL)

    Music labels intend to drive a tough bargain during renegotiation of music licenses with Youtube. But those renegotiations could end up boosting Youtube Red subscriber numbers.
  5. Insights

    Amazon Could Soon Oust Best Buy (AMZN, BBY)

    For years, Best Buy Co Inc. has been the long-running champion when it comes to selling consumer electronics in the U.S., but Amazon.com Inc. could dethrone it soon.
  6. Markets

    Best Buy Geek Squad Going Green With Toyota

    For years, Best Buy (NYSE: BBY) had a signature look for its mobile technology support outfit, the Geek Squad. The crew of roaming tech helpers drove Volkswagen Beetles that were covered in ...
  7. Personal Finance

    Understanding Electronic Commerce

    Electronic commerce is the buying and selling of goods and services over an electronic network.
  8. Investing

    Who Are Costco’s Main Competitors?

    Explore information about the three major discount retailers, Costco, Target and Wal-Mart, and learn how they stack up competitively.
  9. Professionals

    Get An Academic Finance Career

    Working nine months a year and earning a six-digit salary might seem like the high life, but these jobs are not easy to come by.
  10. Markets

    T-Mobile Pushes Binge On, Music Freedom Expansion

    Through its Binge On and and Music Freedom programs, T-Mobile (NASDAQ: TMUS) has found a way for its customers to have their cake and eat it, too. The program, which is free to the carrier's ...
RELATED FAQS
  1. What is the electronics sector?

    Learn more about the electronics sector and the challenges and opportunities presented to electronics companies by new and ... Read Answer >>
  2. What percentage of an electronics company's spending is typically spent on research ...

    Examine the electronics sector and learn what percentage of an electronics company's spending is usually allocated to research ... Read Answer >>
  3. What other sectors are most similar to electronics?

    Find out which segments of the economy are similar to the electronics sector and how innovation and technology impact the ... Read Answer >>
  4. Are there significant seasonal patterns in the electronics sector?

    Examine the consumer electronics sector and learn what typical seasonal sales patterns can be identified for this important ... Read Answer >>
  5. What are some common risks that are unique to investing in the electronics sector?

    Learn more about the electronics sector and the unique risks and opportunities it presents to investors. Find out how to ... Read Answer >>
  6. Why would growth investors be attracted to the electronics sector?

    Learn why growth investors gravitate to the two segments of the electronics sector, both of which exhibit greater volatility ... Read Answer >>
Hot Definitions
  1. Diversification

    A risk management technique that mixes a wide variety of investments within a portfolio. The rationale behind this technique ...
  2. European Union - EU

    A group of European countries that participates in the world economy as one economic unit and operates under one official ...
  3. Sell-Off

    The rapid selling of securities, such as stocks, bonds and commodities. The increase in supply leads to a decline in the ...
  4. Brazil, Russia, India And China - BRIC

    An acronym for the economies of Brazil, Russia, India and China combined. It has been speculated that by 2050 these four ...
  5. Brexit

    The Brexit, an abbreviation of "British exit" that mirrors the term Grexit, refers to the possibility of Britain's withdrawal ...
  6. Underweight

    1. A situation where a portfolio does not hold a sufficient amount of a particular security when compared to the security's ...
Trading Center