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Home Depot Market Analysis Emily S. Snodgrass West Virginia University Abstract This paper is a continuation of the previous SWOT analysis of the Home Depot wherein an audience was selected for the marketing plan. The segmented audience chosen consists of women ages 35 to 45 that are members of generation X with similar interests in home and gardening do-it-yourself projects. A description of an ideal customer is provided as well as the benefits if chosen to market to that specific audience. Using the segmented audience, an overall goal of increasing Home Depot customer relations was set and objectives were identified to gain a positive brand image in the eyes of this targeted group. Strategies were then selected based on target audiences …show more content…
Kellie has been married for 17 years and has since lived in the same suburban neighborhood with her husband and only daughter. She attended a local college for a business management degree and her home is a dual income household with both her and her husband’s income equaling to approximately $120,000. Though her husband and she both save money for retirement, a large portion of their money goes into home improvement expenses. Kellie enjoys spending her down time on social media sites such as Pinterest and Facebook. She uses Pinterest to find do-it-yourself projects for around the home and she sometimes links projects from Pinterest onto her Facebook with a photo of what her finished project looks like. Her Facebook is also used to keep in touch with her family, especially her mother who is a Breast Cancer Survivor. While her husband watches television programs live downstairs, Kellie prefers to stay upstairs with her laptop playing small web based games or watching her favorite shows on Amazon Prime, enjoying the fact she can watch them on her own time and pause if need be. Kellie and her husband are known for saving up a small sum of money every now and then, in order to travel to outlet malls or shopping centers to find good deals on name-brand clothing, furniture or even tools for new projects. Kellie uses new technology in her smart phone to access deals on mobile applications Ibotta and Shopkick. Applications such as these use GPS location to inform their customers of deals or exclusive coupons when entering certain stores and even reward customers with points that they can later cash in for gift
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
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.
The Home Depot organization has generated quick growth throughout its operating years. From the first store openings in 1979, the firm has created an exceptional growth pattern, opening their 100th store in 1989 and continuing on into the global market. The company feels that their unique culture and values are what gives them their competitive advantage in the marketplace. Their strengths are in the strong position they have with professional
Marketing at the Vanguard Group. In light of an evolving market, faced with new competitors, and after a careful analysis of their current customers, the Vanguard Group (hereinafter referred to as “Vanguard”) realizes it must rethink its entire marketing strategy. However, in order to protect and leverage their competitive advantage, which is their low management fees, and to optimize the loyalty that their customers continuously demonstrate toward their organization, they must now target the most profitable segment for them, and develop the best way to serve and delight these customers. SITUATION ANALYSIS Highlighted SWOT Strengths Low fees strategy - a good idea.
Once Home Depot’s marketing plan contains a thorough description of the scissor lift, it will then focus on the branding, pricing, and distribution of the lift. The plan will also need to include a product branding and pricing strategy, as well as examine how the pricing strategy supports the branding strategy. In addition, Home Depot will prepare a distribution channel analysis from which it will create a distribution strategy, determine whether the company is going to use a push or a pull strategy, and how the distribution strategy fits the product.
In relation to this case, Target Corporation depicts a brand personality among its target audience. Target Corp. is considered as the retail store that caters to the younger and more educated and well-off clientele as to compare with its rival. In a survey conducted, Target Corp. shoppers fall on a 46 years old age median, mostly female, have children at home, and attended or completed college (Target Corporate Facts, 2006). Thus, the target market is perceived to be sophisticated. However, with the corporate values the corporation applies, the brand personality serves as one of its distinguishing pro.
Due to my interest in the company I am currently employed with I will be discussing The Home Depot’s governance structure as well as their strategic planning. The Home Depot is a public company and all information about them as well as their governance documents are public information and can be found on their website. The website opens up with the following statement: "The Home Depot strives to be employer, retailer, investment, and neighbor of choice in the home improvement industry. Corporate governance is part of our culture and is founded on our daily commitment to living values and principles that recognize our ethical obligations to our shareholders, associates(employees), customers, suppliers, and the communities in which we operate."
Due to Tonya’s mothers and step fathers disabilities, they live on a fix income. Since most people who live on a fixed income, they fall into t...
It has become increasingly more difficult to live on an income, especially with children. With both parents working, new issues arise within the family such as affording daycare, afterschool services, and a lack of quality family time.... ... middle of paper ... ...
Many people do not realize how important the salary of a woman is, or how much one family may depend on it. Many may think that all men are head of all households. However that is not always the case. More than fifteen point one million family households are headed by women. Of these households, thirty-two percent or 4,826,159 families have an income that falls below the federal poverty line. That’s almost five million homes and families who are considered poor all because of the unfair gender pay gap we have today (National Partnerships).
By altering Home Plus product offering the organization now has an opportunity to enter new markets. As a result the organization will attract new customers who prefer the high quality and cost products will offer. Additionally, Home Plus will have the opportunity to increase its profit by increasing its margins. Home Plus will now have excess revenue to reinvest in itself. Managers can use these funds to build new stores, purchase a wider variety of merchandise and provide better service for customers. Lastly, Home Plus will have the opportunity to diversify its product. Though it is cutting the discount products by half management intends to double the high end product that the store
The market for Frigidaire's front-loading washing machine should be divided into single segments which can then identify groups of consumers who share commonalities that have the potential to drive demand for the new product. Each segment of the market will have similar needs in quality and performance; they have a semi-uniform response to the marketing mix. The target of Frigidaire's marketing campaign will rely on the hierarchy of each segment's priorities. Typically, a market is segmented to include demographics combined with other behavioral attributes as previously demonstrated in the VALS survey. The information obtained in data collection from these market segments is crucial because the behaviors behinds these groups combined with the presentation of the product are the driving forced behind sales. One technique frequently used is a perceptual map that discerns which features are important to consumers, often called determinant attributes (Business).
1. Journal Article - Reference - Diamond, N., Sherry Jr, J. F., Muñiz Jr, A. M., McGrath, M. A., Kozinets, R. V., & Borghini, S. (2009). American Girl and the brand gestalt: Closing the loop on sociocultural branding research. Journal of Marketing, 73(3), 118-134.
Today, vast product selections require marketers to identify and understand their target market, and to ensure their message is specifically directed to, and clearly received by their target market. In Dove’s example, early marketing strategies targeted all woman who needed an alternative to harsh soaps. However, as soaps progressively became less harsh, the Dove brand required more strategic positioning in the minds of their consumer. When speaking to Dove’s re-positioning efforts, Flagg (2013), points out that while similar products associate brand image with slender, stereotypical models, Dove’s “2004 campaign for Real Beauty” (p.1) specifically targeted ordinary women, celebrating women’s diverse body shapes, and the importance of every woman feeling good about herself (p.1). With ever increasing product offerings entering the marketplace, marketers must clearly communicate to their target group why their product is right for them, as compared to other
Nevertheless, one of the most important constants among all of us, regardless of our differences, is that, above all, we are buyers. We use or consume on a regular basis food, clothing, shelter, transportation, education, equipment, vacations, necessities, luxuries, services, and even ideas. As consumers, we play an essential role in the health of the economy; local, national and international. The purchase decision we make affect the requirement for basic raw materials, for transportation, for production, for banking; they affect the employment of employees and the growth of resources, the successfulness of some industries and the failure of others. In order to be successful in any business and specifically in today’s dynamic and rapidly evolving marketplace, marketers need to know everything they can about consumers; what they are want, what they are think, how they are work, how they are spend their leisure time. They have to find out the personal and group influences that affect consumer decisions and how these decisions are made. In these days of ever-widening media choices, they need to not only identify their target audiences, but they have to know where and how to reach