At CEA's CEO Summit, Losing Balls, Defining Visions
Best Buy is currently the No. 1 CE retailer in the United States, but COO Brad Anderson took nothing for granted. The CE industry "exploded over the course of these 40 years," yet Anderson added, "It's very hard to maintain success in this business."
Pointing to the success of Kohl's, Home Depot, Wal-Mart and Target, Anderson said, "The only path out was to have changed appropriate with the time and taken advantage of the time."
Navigating a path to a successful future involves "some very, very common ingredients." A company needs a powerful vision and a shared sense of values, he said, adding that the company has to align its operations to that vision and establish "strategically correct relationships" that involve shared vested interests in reaching that outcome.