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Competitive analysis of home depot
Competitive analysis of home depot
Vision and mission statements home depot essay about
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Mission Statement "The Home Depot is in the home improvement business and our goal is to provide the highest level of service, the broadest selection of products and the most competitive prices” (Home Depot, 2017). Home Depot is a values-driven company and their culture and success are built upon eight core values, which include the following: Excellent customer service Taking care of our people Giving back Doing the "right" thing Creating shareholder value Respect for all people Entrepreneurial spirit Building strong relationship Home Depot’s mission statement is to excel customer satisfaction through consistent high quality products, customer service and competitive pricing (Home Depot, 2017). The company strives for their customers to …show more content…
All three strategic legs of the stool are unified by the goal of providing an interconnected retail experience to drive value for their customers, associates, suppliers, and shareholders (Home Depot, 2017). As technology continues to progress and e-commerce grows in popularity, customers demand increased convenience and value from retailers. Under customer experience, the firm is focused on providing customers with a seamless and frictionless shopping experience both while shopping in stores and online (Home Depot, 2017). Under product authority, the firm is focused on delivering the best and most innovative products to customers at the best value possible (Home Depot, 2017). Under productivity and efficiency, the firm is focused on optimizing the efficiency of their supply chains by connecting supplier merchandise to their customers (Home Depot, 2017). Moreover, the firm focuses on collaborating with their respective business partners to provide an interconnected and effortless retail experience for their
Established as the older company of the two, Lowe’s ranks forty-second as a Fortune 500 company. Established in 1946 as a small hardware business, Lowe’s has grown into a 40,000 product, global market enterprise that consist of 1,710 stores nationwide expanding into the countries of Canada, Mexico and Australia (Lowe's Internal, 2010) Home Depot, founded in 1978, is the fastest growing retailer in the United States. Ranked twenty-ninth as a Fortune 500 company, Home Depot continues to remain the number one do-it-yourself retail store in America. These two companies may sell products of the same nature, but comparing their Code of Ethics is their way of setting themselves apart. (Home Depot Internal, 2009)
Home Depot is the brainchild of Bernard Marcus and Arthur Blank and came about after both men lost their job in the home improvement industry in 1978 (Parnell, 2014). Home Depot has acquired several smaller home improvement stores in both the U.S. and abroad through the years which enabled it to position itself as the world’s largest home improvement chain (Parnell, 2014). Home Depot focuses on the do-it-yourself segment of the market and sells sells tools, construction products and services. Marketing is a strong point for the company. They are able to maintain a competitive advantage by keeping themselves available to their customers at all times. Home Depot has been using both online and offline marketing efforts. The internet has become a very useful tool for the company and part of the reason that they are leading the market in DIY stores. Home Depot currently provides DIY videos on YouTube and Vine that cover current topics that consumers are likely to be interested in. They also have social media pages on Facebook and Twitter, where they have a huge following. They provide online communities where actual employees answer consumer’s questions and provide assistance on
Opening its doors for the first time in 1946, Lowe’s is now the second largest home improvement chain in the world, operating over 1,800 stores in the United States, generating $56.2 billion in sales and $2.6 billion in net income for 2014 (Lowes Newsroom, 2015). Employing around 265,000 personal making them one of the top employers in the nation, there is no question that Lowe’s must be doing something right. According to Lowes Newsroom, “Lowe’s professional customers represent approximately 30 percent of total sales, approximately 16 million retail and professional customers are served each week. (2015, para 3) “Never Stop Improving”, is Lowe’s slogan; encouraging employees and customers to work together to maximize their in store
In the early 2000’s Lowe’s was rapidly intensifying its presence nationwide. The company carried a varied assortment of home improvement products and catered to the needs of retail as well as commercial business customers. Lowe’s expanded their reach by acquiring a 41-store chain, Eagle Hardware and Garden, and engaging in a strategic alliance with HGTV to obtain a more profound existence in their market (Rouse, 2005). By 2004, Lowe’s operated almost 1,000 stores with plans to continue expansion across the nation (Rouse, 2005). The company has a core competency in helping customers meet their home improvement needs at a low price. In order to use this core competency to gain a competitive advantage, the company has focused on key functional strategies. To continue their success, Lowe’s must specifically focus on marketing, logistics, and human resource management strategies.
Their mission: ‘Customer service and community service are core commitments at Lowe's — and they have been for more than 60 years. Being a good neighbor means being committed to improving the places our employees and customers call home. We see that as an investment in our future. We've grown that investment as Lowe's has grown from a small-town hardware store in North Wilkesboro, N.C., to the second-largest home improvement retailer in the world.’
Lowe’s employs more than 260,000 people in more than 1830 stores; these employees are trained to provide exceptional customer service as well as receiving up-to-date product knowledge to assist customers with their improvement needs. In addition, Lowe’s has upgraded store information technology infrastructure to assist employees in accessing product data faster and easier. This is accomplished by providing the sales team with computers that have Internet access, and Ipad’s and Iphone’s loaded with specialized apps (Lowes, 2014).
After researching Home Depots financials I would invest money in Home Depot by purchasing stock. In my research there was a lot of talk about how popular home improvement is and how many people prefer the do-it-yourself aspect. While I am sure Home Depots numbers have been better, before the recession, I do not for see Home Depot going under anytime soon. I think it is a stable company that will be in business for many years to come.
Home Depot was founded in 1978 by Bernie Marcus and Arthur Blank in Atlanta, Georgia. With their store, Marcus and Blank revolutionized the do-it-yourself home improvement market in the United States. Home Depot began as a very basic store, operated in a large, no-frills warehouse. Home Depot carries over 35,000 products, with national brand names along with the Home Depot brand. At the start, Home Depot was able to offer exceptional customer service with knowledgeable employees who could guide customers through home renovation projects. Since its opening, Home Depot has experienced incredible growth, and today is North America's second largest retailer, and the largest home improvement retailer. Internationally, Home Depot has expanded into Canada, Mexico, and is beginning to operate stores in China. Home Depot's competition includes Sears, Ace Hardware and Lowes (the main competitor).
There are a number of smaller players but lack the public existence and retail footprint of their larger counterparts. With such high levels of market absorption, both HD and LOW enjoy high bargaining power with suppliers of goods. The two companies vary significantly in terms of the strategies they employ to compel consumer traffic. Home Depot centre of attention is customer service, while Lowe’s offers discounts to improve sales. Home Depot has determined on customer service as a driver to grow customer traffic and sales, Lowe has battled mainly on the basis of lower prices. Home Depot has a status for lesser prices and more pro-friendly impression where Lowe’s is trying to capture the traditional do-it-yourself customer by trying to appeal the female customer, who the company declares, is responsible for eighty percent of home improvement
|Business |The Home Depot, Inc. is the world's largest home improvement retailer. The company incorporated in 1978 in |
Working in a Store Support Center, rather than a corporate headquarters, their leadership team knows that the most important people in the fabric of the company are the store associates and store leadership teams. Frank Blake was appointed as the Chief Executive Officer of Home Depot in January 2007 (Sellers, P.). He joined Home Depot in 2002 as executive vice president of Business Development and Corporate Operations and was responsible for real estate, store construction, credit services, strategic business development, growth initiatives, call centers and the Home Services business.
(Reingold, 2014) Nardelli had a hard edge and was driven by the numbers, whereas Blake preferred a management style of a service culture. He wanted engaged employees who excited customers with their knowledge of the latest tools and products available for purchase. He wanted to dominate the professional contracting business. He realized that employee morale is an important factor in the retail business. “He slowed store growth to focus on quality over quantity.”(Reingold, 2014) He spent money to train associates. He was determined to build a sense of pride among the associates. He felt that the training would provide for better customer service.5 Blake believed that customer service was the key to Home Depots ability to succeed. (Aluise,
In providing a brief summary of the background history information on these companies, Home Depot founded in 1978 by Arthur Blank and Bernie Marcus. On June 22, 1979, in Atlanta, Georgia were the first two Home Depot stores opened as a vision of the one-stop shopping for do-it-yourself, along with an investment banker Ken Langone and merchandising Guru Pat Farrah, the founders. Since that time the Home Depot
By being a customer oriented company Lowe’s uses the information that is given to them to help build upon their great reputation. To help show that Lowe’s is willing to help others they continue to help with disaster relief not only by donating money and supplies but also help rebuilding. Compared to its rivals I am certain that Lowe’s will be able to carry out its goals and missions. With having one of the best customer service programs in its market Lowe’s does its best to not only help its customers out as a whole but also on an individual level. Lowe’s will continue to grow across the nation to ensure to help you with your every home improvement need.
This reflective essay will critically review my personal and professional skills that I am less confident in whilst in practise, which is essential for communication and developing effective relationships with others in an organization and even for personal development. The skills identified for improvement was highlighted in a skills audit for communication and effective relationships. A SWOT analysis was carried out to focus on the skills recognised, where finally an action plan was made to address how to improve the skills, what the challenges would be to develop them and how it is beneficial. The skills audit, SWOT analysis and the action plan are included as an appendices. It will also apply communication theories to