DOCSLIB.ORG

76812 Best Buy.Indd

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
76812 Best Buy.Indd Best Buy Co., Inc.: Sustainable Customer Centricity Model? Dr. Alan N. Hoff man / Rotterdam School of Management, Erasmus University and Bentley University The author would like to thank Kevin Clark, Leonard encourages its employees to go out of their way to D’Andrea, Amanda Genesky, Geoff Merritt, Chris help customers understand what these products can Mudarri, and Dan Fowler for their research. Please do and how customers can get the most out of the address all correspondence to Dr. Alan N. Hoffman, products they purchase. Employees must recognize MBA Program Director, LaCava 295, Bentley that each customer is unique and thus determine the University, 175 Forest Street, Waltham, MA 02452; best method to help that customer achieve maxi- [email protected]. mum enjoyment from the product(s) purchased. From a strategic standpoint, Best Buy moved Best Buy Co., Inc.: Sustainable from being a discount retailer (a low-price strategy) Customer Centricity Model? to a service-oriented firm that relies on a differentia- tion strategy. In 1989, it changed the compensation Best Buy, headquartered in Richfield, Minnesota, structure for sales associates from commission based is a specialty retailer of consumer electronics. to noncommission based, which resulted in consum- It operates over 1,100 stores in the United States, ers having more control over the purchasing process accounting for 19 percent of the market. With and in cost savings for the company (the number approximately 155,000 employees, it also operates of sales associates was reduced). In 2005, Best Buy over 2,800 stores in Canada, Mexico, China, and took customer service a step further by moving from Turkey. The company’s subsidiaries include Geek peddling gadgets, to a customer-centric operating Squad, Magnolia Audio Video, Pacific Sales, and in model. It is now gearing up for another change to Canada, it operates under both the Best Buy and focus on store design and providing products and Future Shop labels. services in line with customers’ desire for constant Best Buy’s mission is to make technology deliver connectivity. on its promises to customers. To accomplish this, it helps customers realize the benefits of technology Company History2 and technological changes so they can enrich their lives in a variety of ways through connectivity: “To From Sound of Music to Best Buy make life fun and easy,”1 as Best Buy puts it. This is Best Buy was originally known as Sound of Music. what drives the company to continually increase the Incorporated in 1966, the company started as a tools to support customers in the hope of providing retailer of audio components and expanded to retail- end-to-end technology solutions. ing video products in the early 1980s with the intro- As a public company, Best Buy’s top objectives duction of the videocassette recorder to its product are sustained growth and earnings. This is accom- line. In 1983, the company changed its name to Best plished in part by constantly reviewing its business Buy Co., Inc. (Best Buy). Shortly thereafter, it began model to ensure that it is satisfying customer needs operating its existing stores under a “superstore” con- and desires as effectively and completely as possi- cept by expanding product offerings and using mass ble. The company strives to have not only extensive marketing techniques to promote those products. product offerings but also highly trained employees In 1989 Best Buy dramatically altered the func- with extensive product knowledge. The company tion of its sales staff. Previously, the sales staff C-1 776812_Best6812_Best Buy.inddBuy.indd C-1C-1 88/6/11/6/11 111:101:10 AAMM C-2 Best Buy Co. Inc.: Sustainable Customer Centricity Model? worked on a commission basis and as a result was also acquired a 75 percent stake in Jiangsu Five more proactive in assisting customers coming into Star Appliance Co. Ltd., a China-based appliance the stores. Since 1989, when the commission struc- and consumer electronics retailer. This enabled ture was terminated, sales associates have developed the company to access the Chinese retail market into educators assisting customers in learning about and led to the opening of the first Best Buy China the products offered in the stores. The customer, to store on January 26, 2007. a large extent, takes charge of the purchasing pro- 2007—Best Buy acquired Speakeasy, Inc., a pro- cess. The sales staff’s mission became to answer cus- vider of broadband, voice, data, and information tomer’s questions so that the customer could decide technology services, to further its offering of tech- which product(s) fit his or her needs. This differed nological solutions for customers. greatly from their former mission of simply generat- ing sales. 2008—Through a strategic alliance with the In 2000, the company launched its online retail Carphone Warehouse Group, a UK-based pro- store: BestBuy.com. This allowed customers a choice vider of mobile phones, accessories, and related between visiting a physical store and purchasing services, Best Buy Mobile was developed. products online, thus expanding Best Buy’s reach After acquiring a 50 percent share in Best Buy among consumers. Europe (with 2,414 stores) from the Carphone Warehouse, Best Buy intends to open small-store Expansion through Acquisitions formats across Europe in 2011.3 Best Buy also Since 2000, Best Buy has begun a series of acquisi- acquired Napster, a digital downloads provider, tions to expand their offerings and enter interna- through a merger, to counter the falling sales of tional markets: compact discs. 2000—Best Buy acquired Magnolia Hi-Fi, Inc., a The first Best Buy Mexico store was opened. high-end retailer of audio and video products and 2009—Best Buy acquired the remaining 25 per- services, which became Magnolia Audio Video in cent of Jiangsu Five Star. Best Buy Mobile moved 2004. This acquisition allowed Best Buy access to into Canada. a set of upscale customers. 2001—Best Buy entered the international mar- Industry Environment ket with the acquisition of Future Shop Ltd., a leading consumer electronics retailer in Canada. Industry Overview This helped Best Buy increase revenues, gain Despite the negative impact the financial crisis has market share, and leverage operational expertise. had on economies worldwide, in 2008 the consumer The same year, it also opened its first Canadian electronics industry managed to grow to a record store. In the same year, the company purchased high of US$694 billion in sales—a nearly 14 per- Musicland, a mall-centered music retailer cent increase over 2007. In years immediately prior, throughout the United States (divested in 2003). the growth rate was similar: 14 percent in 2007 and 17 percent in 2006. This momentum, however, did 2002—Best Buy acquired Geek Squad, a com- not last. Sales dropped 2 percent in 2009, the first puter repair service provider, to help develop a decline in 20 years for the electronics giant. technological support system for customers. The A few product segments, including televisions, retailer began by incorporating in-store Geek gaming, mobile phones, and blu-ray players, drive Squad centers in its 28 Minnesota stores and sales for the company. Television sales, specifically expanding nationally and then internationally in LCD units, which account for 77 percent of total subsequent years. television sales, were the main driver for Best Buy as this segment alone accounts for 15 percent of 2005—Best Buy opened the first Magnolia Home total industry revenues. The gaming segment con- Theater “store-within-a-store” (located within tinues to be a bright spot for the industry, as sales the Best Buy complex). are expected to have tremendous room for growth. 2006—Best Buy acquired Pacific Sales Kitchen Smartphones are another electronics industry seg- and Bath Centers Inc. to develop a new customer ment predicted to have a high growth impact on the base: builders and remodelers. The same year, it entire industry. 776812_Best6812_Best Buy.inddBuy.indd C-2C-2 88/6/11/6/11 111:111:11 AAMM Best Buy Co. Inc.: Sustainable Customer Centricity Model? C-3 The consumer electronics industry has sig- the ability to spend heavily on advertising will help nificant potential for expansion into the global increase foot traffic to these stores. marketplace. There are many untapped markets, especially newly developing countries. These mar- Internal Environment kets are experiencing the fastest economic growth while having the lowest ownership rate for gad- Finance gets.4 Despite the recent economic downturn, the While Best Buy’s increase in revenue is encouraging future for this industry is optimistic. A consumer (see Exhibit 1), recent growth has been fueled largely electronics analyst for the European Market by acquisition, especially Best Buy’s 2009 revenue Research Institute predicts that the largest growth growth. At the same time, net income and operating will be seen in China (22 percent), the Middle East margins have been declining (see Exhibits 2 and 3). (20 percent), Russia (20 percent), and South America Although this could be a function of increased costs, (17 percent).5 it is more likely due to pricing pressure. Given the current adverse economic conditions, prices of many Barriers to Entry consumer electronics products have been forced As globalization spreads and use of the Internet down by economic and competitive pressures. These grows, barriers to entering the consumer electron- lower prices have caused margins to decline, nega- ics industry are diminished. When the industry was tively affecting net income and operating margins. dominated by brick-and-mortar companies, obtain- Best Buy’s long-term debt increased substan- ing the large capital resources needed for entry tially from 2008 to 2009 (see Exhibit 4), which is into the market was a barrier for those looking primarily due to the acquisition of Napster and Best to gain any significant market share.
Load more

Recommended publications
  • Strategic Report 2015
    Aviva plc Aviva plc Strategic Report 2015 Strategic Report 2015 Strategic Our33 million customers What’s important and how we help them every step of the way What makes us different? Our strategy in action and the benefits it brings to our customers CUSTOMER FOCUS Read What’s our plan of Anna’s story action? Page 4 How we’re doing – and how we’re going to do better Aviva has thought about Your absolutely Aviva everything Creating a bright and sustainable future for our customers, investors, employees and communities 14.05p Final dividend, a 15% increase £30.7bn Paid out in benefits and claims to our customers in 2015 587,000+ Number of people who have benefited from our corporate responsibility programmes in 2015 320 years Protecting our customers since 1696 29,600 Number of employees worldwide 39% Reduction in our carbon footprint since 2010 Who we are At Aviva, we help our 33 million customers save for the future and manage the risks of everyday life. Our 29,600 people are focused on helping to free our customers from fear of uncertainty Read more on Our businesses pages 30-45 We have businesses across 16 markets in: UK, Europe, Asia and Canada We offer: Life insurance Retirement income, Savings & Pensions, Life cover, Protection General insurance Home, Motor, Travel, Pet and Commercial Accident & health insurance Private Medical Insurance, Accident & Health Asset management Investing for Aviva and external clients 1 Read more on Our performance pages 12-13 Our investment thesis of cash flow plus growth sets out why investors should choose us: £2,665m £1,507m £1,192m Operating profit on Cash remittances up 5%1 Value of new IFRS basis up 20%1,2 business up 19%1 94.6% 50.0% Combined operating Operating expense ratio ratio improved by 1.1pp improved by 1.1pp1,2 1 2015 numbers include Friends Life from 10 April 2015, the acquisition completion date.
    [Show full text]
  • Brick-And-Mortar Retailers' Survival Strategies Amid the COVID-19 Crisis
    Mitsui & Co. Global Strategic Studies Institute Monthly Report June 2020 BRICK-AND-MORTAR RETAILERS’ SURVIVAL STRATEGIES AMID THE COVID-19 CRISIS Katsuhide Takashima Industrial Research Dept. III, Industrial Studies Div. Mitsui & Co. Global Strategic Studies Institute SUMMARY As the shift in consumer demand towards e-commerce (EC) has taken root amid the COVID-19 crisis, brick-and-mortar retailers will need stronger survival strategies. The first strategy is to respond to consumer needs for infection prevention, such as by adopting cashierless checkout systems and implementing measures to reduce the amount of time customers spend in stores. The second strategy is to enhance the sophistication of EC initiatives by leveraging the advantage of speediness in product delivery that only brick-and-mortar retailers can provide. The third strategy is to expand and monetize the showroom function. Business models providing insight to this end are beginning to emerge. The spread of COVID-19 infections has divided the retail industry, placing companies in stark contrast with each other depending on business format. Most specialty retailers, including department stores, shopping malls, and apparel shops, saw their earnings decline because they closed their stores to prevent infections, or otherwise suffered from operating restrictions. Meanwhile, other retail formats permitted to stay open in to supply consumers with daily necessities marked earnings growth. They include supermarkets, which captured demand from restaurants that had either closed or were avoided by consumers, and drugstores, which saw growth in demand for infection prevention products, e.g., masks and disinfectants (Figure 1). In addition, e-commerce (EC) transactions are increasing sharply, reflecting rapidly expanded usage by consumers who are refraining from going out.
    [Show full text]
  • BEST BUY CO., INC. (Exact Name of Registrant As Specified in Its Charter)
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________________________________________________ FORM 10-K (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended February 1, 2014 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-9595 ________________________________ BEST BUY CO., INC. (Exact name of registrant as specified in its charter) Minnesota 41-0907483 State or other jurisdiction of (I.R.S. Employer incorporation or organization Identification No.) 7601 Penn Avenue South 55423 Richfield, Minnesota (Zip Code) (Address of principal executive offices) Registrant's telephone number, including area code 612-291-1000 Securities registered pursuant to Section 12(b) of the Act: Title of each class Name of each exchange on which registered Common Stock, par value $.10 per share New York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: None ____________________________________________________________________________ Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. x Yes o No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. o Yes x No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
    [Show full text]
  • New Insights on Retail E-Commerce (July 26, 2017)
    U.S. Department of Commerce Economics Newand Insights Statistics on Retail Administration E-Commerce Office of the Chief Economist New Insights on Retail E-Commerce Executive Summary The U.S. Census Bureau has been collecting data on retail sales since the 1950s and data on e-commerce retail sales since 1998. As the Internet has become ubiquitous, many retailers have created websites and even entire divisions devoted to fulfilling online orders. Many consumers have By turned to e-commerce as a matter of convenience or to increase the Jessica R. Nicholson variety of goods available to them. Whatever the reason, retail e- commerce sales have skyrocketed and the Internet will undoubtedly continue to influence how consumers shop, underscoring the need for good data to track this increasingly important economic activity. In June 2017, the Census Bureau released a new supplemental data table on retail e-commerce by type of retailer. The Census Bureau developed these estimates by re-categorizing e-commerce sales data from its ESA Issue Brief existing “electronic shopping” sales data according to the primary #04-17 business type of the retailer, such as clothing stores, food stores, or electronics stores. This report examines how the new estimates enhance our understanding of where consumers are shopping online and also provides an overview of trends in retail and e-commerce sales. Findings from this report include: E-commerce sales accounted for 7.2 percent of all retail sales in 2015, up dramatically from 0.2 percent in 1998. July 26, 2017 E-commerce sales have been growing nine times faster than traditional in-store sales since 1998.
    [Show full text]
  • Trademarks, Metatags, and Initial Interest Confusion: a Look to the Past to Re- Conceptualize the Future
    173 TRADEMARKS, METATAGS, AND INITIAL INTEREST CONFUSION: A LOOK TO THE PAST TO RE- CONCEPTUALIZE THE FUTURE CHAD J. DOELLINGER* INTRODUCTION Web sites, through domain names and metatags, have created a new set of problems for trademark owners. A prominent problem is the use of one’s trademarks in the metatags of a competitor’s web site. The initial interest confusion doctrine has been used to combat this problem.1 Initial interest confusion involves infringement based on confusion that creates initial customer interest, even though no transaction takes place.2 Several important questions have currently received little atten- tion: How should initial interest confusion be defined? How should initial interest confusion be conceptualized? How much confusion is enough to justify a remedy? Who needs to be confused, when, and for how long? How should courts determine when initial interest confusion is sufficient to support a finding of trademark infringement? These issues have been glossed over in the current debate by both courts and scholars alike. While the two seminal opinions involving the initial interest confusion doctrine, Brookfield Commun., Inc. v. West Coast Ent. Corp.3 and * B.A., B.S., University of Iowa (1998); J.D., Yale Law School (2001). Mr. Doellinger is an associate with Pattishall, McAuliffe, Newbury, Hilliard & Geraldson, 311 S. Wacker Drive, Chicago, Illinois 60606. The author would like to thank Uli Widmaier for his assistance and insights. The views and opinions in this article are solely those of the author and do not necessarily reflect those of Pattishall, McAuliffe, Newbury, Hilliard & Geraldson. 1 See J. Thomas McCarthy, McCarthy on Trademarks and Unfair Competition, vol.
    [Show full text]
  • Pdf Recommendations to Leverage E
    Trade and COVID-19 Guidance Note RECOMMENDATIONS TO LEVERAGE E-COMMERCE DURING THE COVID-19 CRISIS Christoph Ungerer, Alberto Portugal, Martin Molinuevo and Natasha Rovo1 May 12, 2020 Public Disclosure Authorized KEY MESSAGES • In the fight against COVID-19, economic activities that require close physical contact have been severely restricted. In this context, e-commerce – defined broadly as the sale of goods or services online - is emerging as a major pillar in the COVID-19 crisis. E-commerce can help further reduce the risk of new infections by minimizing face to face interactions. It can help preserve jobs during the crisis. And it can help increase the acceptance of prolonged physical distancing measures among the population. • Public policy can only play an enabling role, tackling market failures and creating an environment in which digital entrepreneurship can thrive. This guidance note highlights 13 key measures that governments can take in the short term to support e-commerce during the ongoing crisis. The first group of measures aims to help more businesses and households to connect to the digital economy during the crisis. The second group of measures aims to ensure that e-commerce can continue to Public Disclosure Authorized serve the public in a way that is safe, even during the COVID-19 lockdown. The third group of measures aims to ensure that the government’s e-commerce strategy during the crisis is clearly communicated, implemented, and coordinated with other policy measures. • The crisis may have a permanent impact on the private sector landscape, consumer preferences, and shopping patterns. Many brick-and-mortar shops have been forced to move online.
    [Show full text]
  • Circuit City
    Circuit City The objectives of this case are to improve your understanding of capital structure issues and off balance sheet financing, with an improvement in mastery of cash flow analytics and distortions. Barry M Frohlinger Circuit City Stores Case Barry M Frohlinger copyright 2003 www.learnfrombarry.com 1 Circuit City Stores financial statements are attached. In addition, find financial information on Best Buy, Circuit City’s largest competitor. [We will use the competitor information later for analysis]. You should be aware that Circuit City has a credit card operation, managed by its wholly-owned captive bank while Best Buy does not operate a credit card operation. You will use this case to improve your understanding of capital structure issues and off balance sheet financing. A] Comment on the equity structure change of the Company as of January 24, 1997. B] Identify the amount of off-balance sheet financing for the Company. C] Comment on Circuit City's capital structure decision [including debt, equity, securitization and leasing] versus Best Buy. D] Identify the distortions to Cash Flow from Operations due to off-balance sheet financing. E] Build a simple EXCEL model with VLOOKUP to run a synthetic debt rating for Interest Coverage [EBIT/Interest] and Leverage [Debt/Debt + Minority Interest + Equity] Circuit City Stores Case Barry M Frohlinger copyright 2003 www.learnfrombarry.com 2 Circuit City Stores, Inc. was incorporated in 1949. Its retail operations consist of Circuit City Superstores, Circuit City electronics-only stores and mall-based Circuit City Express stores. Certain of Circuit City Stores, Inc. subsidiaries operate CarMax Auto Superstores, a used-and new-car retail business.
    [Show full text]
  • Low-Cost Filmmaking Puts Creative Pursuits Within Reach,Big Screen
    Big Screen Terror We asked local cult movie cinema club Dreadphile to share a list of films they think every horror fan should see. As Halloween approaches and brings out the horror fan in us all, we suggest you lock the doors, turn on the lights, settle down in front of one of these flicks and prepare to be deliciously frightened. Haunted Houses The Changeling (1980) House (1986) The Innocents (1961) Fun with Cults The Beyond (1981) The House of the Devil (2009) Rosemary’s Baby (1968) Foreign Fright Let the Right One In (2008 – Sweden) Thirst (2008 – S. Korea) Cronos (1993 – Mexico) Audition (1998 – Japan) Zombies Pontypool (2009) Night of the Creeps (1986) Zombi 2 (1979) Fun Slashers Behind the Mask: Rise of Leslie Vernon (2006) Tucker and Dale Versus Evil (2010) Cabin in the Woods (2011) The Thirds Halloween III: Season of the Witch (1982) Exorcist III (1990) Army of Darkness (1992) Check out one of Dreadphiles’ screening events this month. Halloween III: Season of the Witch: The Halloween movie without Michael Myers, Columbus Theatre, Oct 24, 8pm; Cathy’s Curse: A ’70s low- budget Canadian mashup of The Exorcist, Carrie and The Omen, Acoustic Java Cafe & Microcinema, Oct 26, 8pm; Dreadphile Yellow: A double-feature of essential Italian slasher films, Courtland Club, Oct 28, 7pm. For more, dreadphile.com Run, Charlie! Newport, 1929. Charlie Travers is the state’s leading prohibition rumrunner, bringing more than $500,000 of hooch, booze and liquor on each trip; $5 million in today’s money. A Robin Hood-type hero to the locals, Travers and his crew defied the odds and ran a pulsing enterprise across southern New England in the early part of the prohibition-era.
    [Show full text]
  • Circuit City Stores, Inc. V. Adams*
    RECENT DEVELOPMENTS Circuit City Stores, Inc. v. Adams* I. NTRODUCTION Employers need no longer worry that the arbitration agreements they include in contracts of employment will be subject to attack) In Circuit City v. Adams,2 the Supreme Court definitively stated that the Federal Arbitration Act (FAA)3 covers binding arbitration clauses in employment contracts, even if the clauses require arbitration of statutory claims.4 The FAA 5 was passed in 1925 to legitimize arbitration as a dispute resolution mechanism and to compel parties who have entered into an arbitration agreement, but who attempt to sue, to resolve their disputes through arbitration.6 To ensure continuity in the enforcement of arbitration agreements, the FAA preempts state laws hostile to arbitration.7 Until now, the precise scope of the FAA's coverage of employment contracts was unknown because of the ambiguous language in the statute's section 1 exemption provision. This exemption provision delineates the types of contracts that are not covered by the FAA, causing the arbitration provision within the contract to be unenforceable. Before Circuit City, the debate over FAA coverage of contracts of employment turned on the meaning of the phrase "engaged in commerce" in section 1. Section 1 states, "nothing herein contained shall apply to contracts of employment of seamen, railroad employees, or any other class of ' 8 workers engaged in interstate commerce. With the exception of the Ninth Circuit,9 all federal circuit courts of appeals that have interpreted the FAA's section 1 exemption language have held that it exempts only employment contracts of workers actually engaged in the transport *121 S.
    [Show full text]
  • Netflix and the Development of the Internet Television Network
    Syracuse University SURFACE Dissertations - ALL SURFACE May 2016 Netflix and the Development of the Internet Television Network Laura Osur Syracuse University Follow this and additional works at: https://surface.syr.edu/etd Part of the Social and Behavioral Sciences Commons Recommended Citation Osur, Laura, "Netflix and the Development of the Internet Television Network" (2016). Dissertations - ALL. 448. https://surface.syr.edu/etd/448 This Dissertation is brought to you for free and open access by the SURFACE at SURFACE. It has been accepted for inclusion in Dissertations - ALL by an authorized administrator of SURFACE. For more information, please contact [email protected]. Abstract When Netflix launched in April 1998, Internet video was in its infancy. Eighteen years later, Netflix has developed into the first truly global Internet TV network. Many books have been written about the five broadcast networks – NBC, CBS, ABC, Fox, and the CW – and many about the major cable networks – HBO, CNN, MTV, Nickelodeon, just to name a few – and this is the fitting time to undertake a detailed analysis of how Netflix, as the preeminent Internet TV networks, has come to be. This book, then, combines historical, industrial, and textual analysis to investigate, contextualize, and historicize Netflix's development as an Internet TV network. The book is split into four chapters. The first explores the ways in which Netflix's development during its early years a DVD-by-mail company – 1998-2007, a period I am calling "Netflix as Rental Company" – lay the foundations for the company's future iterations and successes. During this period, Netflix adapted DVD distribution to the Internet, revolutionizing the way viewers receive, watch, and choose content, and built a brand reputation on consumer-centric innovation.
    [Show full text]
  • Case No COMP/M.6314 – Telefónica UK/ Vodafone UK/ Everything Everywhere/ JV
    EN This text is made available for information purposes only. A summary of this decision is published in all EU languages in the Official Journal of the European Union. Case No COMP/M.6314 – Telefónica UK/ Vodafone UK/ Everything Everywhere/ JV Only the EN text is authentic. REGULATION (EC) No 139/2004 MERGER PROCEDURE Article 8 (1) Date: 4/09/2012 EUROPEAN COMMISSION Brussels, 4.9.2012 C(2012) 6063 final PUBLIC VERSION COMMISSION DECISION of 4.9.2012 addressed to: - Telefónica UK - Vodafone Group - Everything Everywhere declaring a concentration to be compatible with the internal market and the functioning of the EEA Agreement (Case No COMP/M.6314 – Telefónica UK / Vodafone UK / Everything Everywhere / JV) (Only the EN version is authentic) TABLE OF CONTENTS COMMISSION DECISION addressed to: - Telefónica UK - Vodafone Group - Everything Everywhere declaring a concentration to be compatible with the internal market and the functioning of the EEA Agreement (Case No COMP/M.6314 – Telefónica UK / Vodafone UK / Everything Everywhere / JV) ............................................................................................ 7 1. NOTIFICATION.......................................................................................................... 7 2. THE NOTIFYING PARTIES ...................................................................................... 8 3. THE OPERATION AND THE CONCENTRATION ............................................... 10 4. UNION DIMENSION ..............................................................................................
    [Show full text]
  • Annual-Report-And-Accounts-2019.Pdf
    Satisfying the changing needs of our customers Enabling the transition to a lower carbon future Annual Report and Accounts 2019 Group Snapshot Centrica plc is a leading international energy services and solutions provider focused on satisfying the changing needs of our customers and enabling the transition to a lower carbon future. The world of energy is changing rapidly and Centrica is now equipped to help customers transition to a lower carbon future, with capabilities and technologies to allow them to reduce their emissions. Therefore, we announced in July 2019 our intention to complete the shift towards the customer, by exiting oil and gas production. The Company’s two customer-facing divisions, Centrica Consumer and Centrica Business, are focused on their strengths of energy supply and its optimisation, and on services and solutions, with a continued strong focus on delivering high levels of customer service. Centrica is well placed to deliver for our customers, our shareholders and for society. We aim to be a good corporate citizen and an employer of choice. Technology is increasingly important in the delivery of energy and services to our customers. We are developing innovative products, offers and solutions, underpinned by investment in technology. We are targeting significant cost efficiency savings by 2022 to position Centrica as the lowest cost provider in its markets, consistent with our chosen brand positioning and propositions. Alongside our distinctive positions and capabilities, this will be a key enabler as we target
    [Show full text]