Best Buy Responds To Reports That It Is Dying A Slow Death.

Remember the article: http://www.gadgetables.com/informative-article-about-how-bestbuy-is-deterioting/ apparently, BestBuys’ CEO Brian Dunn replied: “

As CEO, I know that criticism goes with the job,” writes CEO Brian Dunn, “and I’m well aware we have some challenges. I also know that errors we make often translate into a poor experience for our customers, and that is simply unacceptable.” is concerned.

Read the Fully: http://consumerist.com/2012/01/best-buy-responds-to-reports-that-it-is-dying-a-slow-death.html

 

Best Buy CEO Defies Critics.

By MIGUEL BUSTILLO and MATT JARZEMSKY.

Best Buy Co.’s chief executive shot back Friday at critics who have been calling the retailer a relic, as the electronics giant reported lower December sales compared with the year before.

In a lengthy blog post, CEO Brian Dunn acknowledged that some criticism about his company’s performance had merit, calling an episode last month in which the retailer canceled online orders that were placed weeks before Christmas “our fault” and “not representative of how we EVER want to treat our customers.”

More fundamentally, Mr. Dunn said, detractors who have questioned the speed with which Best Buy was adapting its business model to growing online

competition had a “fair criticism.”

But he took strong exception to recent claims, largely on tech blogs, that the Richfield, Minn. company—and specialty-store chains in general—were doomed by the rise of Internet merchants such as Amazon.com Inc., which are outflanking some brick-and-mortar chains on selection as well as price.

He cited a recent study by researcher NPD Group, which found that roughly 80% of electronics were still bought in stores, and added that Best Buy saw store visits climb last quarter.

“This misguided perspective is especially troubling for me, because it blatantly and recklessly ignores overwhelming evidence to the contrary,” Mr. Dunn wrote on his blog, Brian’s Whiteboard. “Best Buy is a financially strong and profitable company.”

Mr. Dunn’s defense met a mixed reaction online even on his own blog. The very first response on Brian’s Whiteboard came from someone—identifying himself as a former Best Buy sales manager—who said he now uses the Internet to search for better deals on sites such as Amazon.com

“I will buy it in your store…use it while I order another one for 75% less on Amazon and then return the new in the box one at your store,” the commenter wrote. “It’s shoppers like me that are multiplying because of research that is available on the Internet and that is why there is concern” about the company.

Best Buy shares have plunged 30% in the past 12 months as the world’s largest electronics retailer by revenue has struggled with slowing sales. Last quarter its sales rose 0.9% at stores and websites open at least 14 months, breaking a streak of five consecutive quarters of declining sales.

But the gains, largely the result of heavy Black Friday promotions, were achieved at the expense of profits, which fell 29%, raising further questions among analysts about whether the company could flourish in the new competitive environment.

Best Buy provided another muddy picture on Friday when it reported that its same-store sales for December slipped 0.4% domestically and 4.3% internationally, but that profits held steady. It did not change its forecast for fourth-quarter earnings.

Analysts generally greeted the results as a positive, saying Best Buy’s situation remained more positive than dire predictions suggested. “Not as bad as feared,” Credit Suisse analyst Gary Balter titled his note to investors.

Via http://online.wsj.com/article/SB10001424052970203471004577144441608627950.html

 

Check-out Brian Dunns’ Profile: http://people.forbes.com/profile/brian-j-dunn/11391

 

phil@gadgetables.com

The Seven Habits of Spectacularly Unsuccessful Executives.

In it, he shared some of his research on what over 50 former high-flying companies – like Enron, Tyco, WorldCom, Rubbermaid, and Schwinn – did to become complete failures.  It turns out that the senior executives at the companies all had 7 Habits in common.  Finkelstein calls them the Seven Habits of Spectacularly Unsuccessful Executives.

These traits can be found in the leaders of current failures like Research In Motion (RIMM), but they should be early-warning signs (cautionary tales) to currently unbeatable firms like Apple (AAPL), Google (GOOG), and Amazon.com (AMZN).  Here are the habits, as Finkelstein described in a 2004 article:

Habit # 1:  They see themselves and their companies as dominating their environment

This first habit may be the most insidious, since it appears to be highly desirable.  Shouldn’t a company try to dominate its business environment, shape thefuture of its markets and set the pace within them?  Yes,but there’s a catch.  Unlike successful leaders, failed leaders who never question their dominance fail torealize they are at the mercy of changing circumstances.They vastly overestimate the extent to which they actually control events and vastly underestimate the role of chance and circumstance in their success.

CEOs who fall prey to this belief suffer from the illusion of personal pre-eminence: Like certain film directors, they see themselves as the auteurs of their companies.  As far as they’re concerned, everyone else in the company is there to execute their personal visionfor the company.  Samsung’s CEO Kun-Hee Lee was so successful with electronics that he thought he could repeat this success with automobiles.  He invested $5 billion in an already oversaturated auto market.  Why? There was no business case.  Lee simply loved cars and had dreamed of being in the auto business.

Warning Sign for #1:  A lack of respect

Habit #2:  They identify so completely with the company that there is no clear boundary between their personal interests and their corporation’s interests

Like the first habit, this one seems innocuous, perhaps even beneficial.  We want business leaders to be completely committed to their companies, with their interests tightly aligned with those of the company.  But digging deeper, you find that failed executives weren’t identifying too little with the company, but rather too much.  Instead of treating companies as enterprises that they needed to nurture, failed leaders treated them as extensions of themselves.  And with that, a “private empire” mentality took hold.

CEOs who possess this outlook often use their companies to carry out personal ambitions.  The most slippery slope of all for these executives is their tendency to use corporate funds for personal reasons.  CEOs who have a long or impressive track record may come to feel that they’ve made so much money for the company that the expenditures they make on themselves, even if extravagant, are trivial by comparison.  This twisted logic seems to have been one of the factors that shaped the behavior of Dennis Kozlowski of Tyco.  His pride in his company and his pride in his own extravagance seem to have reinforced each other.  This is why he could sound so sincere making speeches about ethics while using corporate funds for personal purposes. Being the CEO of a sizable corporation today is probably the closest thing to being king of your own country, and that’s a dangerous title to assume.

Warning Sign for #2: A question of character.

Read the Fully: http://www.forbes.com/sites/ericjackson/2012/01/02/the-seven-habits-of-spectacularly-unsuccessful-executives/

Contributor: Eric Jackson.

Via Forbes.com

 

phil@gadgetables.com

Partner Accuses Amazon of Being Totally Evil.

Amazon.com/CEO: Jeff Bezos.

After launching an electronic assault on local shops and abusing sick and pregnant warehouse workers, Amazon.com has been sued for ripping off and royally screwing over in every other possible way a partner that made Kindle cases. Maybe the e-tailer’s 2011 New Year’s resolution was “be evil constantly.”

A federal lawsuit filed Thursday by M-Edge Accessories LLC accuses Amazon of all manner of bullying. According to M-Edge, it agreed in Nov. 2009 to pay Amazon a roughly 15 percent commission for the right to sell Kindle cases. That deal was supposed to last three years, but after two months, M-Edge says, Amazon demanded 32 percent and threatened to take M-Edge cases off its website if the company refused. M-Edge refused. About a year and a half later, Amazon demanded it agree to the onerous new terms, this time threatening to bury M-Edge in Amazon search results where “no one will be able to find you.” With Amazon providing 90 percent of the company’s revenue, it agreed, shelling out $6.5 million in additional fees.

Finally, Amazon just went ahead and violated M-Edge’s patent, the company claims, and began making its own Kindle case with a built-in light just like the M-Edge. Then it dropped M-Edge from its list of “Amazon Approved Accessory Vendors,” even though M-Edge had been paying for just such a right, and began to falsely list M-Edge cases as “currently unavailable” on its website. Of course these allegations won’t come as a huge surprise to anyone who follows how Amazon normally treats its customers, workers, and competitors. But it still sounds surprisingly evil. Maybe when Anderson Cooper tried to warn us about Amazon, we should have listened, mmm?

Via Gawker.com/Ryan Tate – Getty Images.

phil@gadgetables.com

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