Brad Anderson

AAA

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.

INVESTOPEDIA EXPLAINS '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. Chairman

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

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

    The highest ranking executive in a company whose main responsibilities ...
  4. Board Of Directors - B Of D

    A group of individuals that are elected as, or elected to act ...
  5. Chair Of The Board - COB

    The most powerful member on the board of directors who provides ...
  6. Market Leader

    A company that has the largest market share in an industry, and ...
Related Articles
  1. Evaluating The Board Of Directors
    Insurance

    Evaluating The Board Of Directors

  2. The Basics Of Corporate Structure
    Investing Basics

    The Basics Of Corporate Structure

  3. Evaluating A Company's Management
    Active Trading Fundamentals

    Evaluating A Company's Management

  4. Get Tough On Management Puff
    Markets

    Get Tough On Management Puff

comments powered by Disqus
Hot Definitions
  1. Ghosting

    An illegal practice whereby two or more market makers collectively attempt to influence and change the price of a stock. ...
  2. Elasticity

    A measure of a variable's sensitivity to a change in another variable. In economics, elasticity refers the degree to which ...
  3. Tangible Common Equity - TCE

    A measure of a company's capital, which is used to evaluate a financial institution's ability to deal with potential losses. ...
  4. Yield To Maturity (YTM)

    The rate of return anticipated on a bond if held until the maturity date. YTM is considered a long-term bond yield expressed ...
  5. Net Present Value Of Growth Opportunities - NPVGO

    A calculation of the net present value of all future cash flows involved with an additional acquisition, or potential acquisition. ...
  6. Gresham's Law

    A monetary principle stating that "bad money drives out good." In currency valuation, Gresham's Law states that if a new ...
Trading Center