History of home depot
The founders of Home Depot that was started in 1978 shared a vision of providing people with a station where they could access home development goods in a single stop. They believed in achieving quality customer service instead of prioritizing need for profits. This move helped to improve experiences among shoppers because they gained knowledge on various consumer goods and were able to regulate expenditure. The publicly listed home depot has developed into one of the leading retail shops in the United States. Since its listing in the New York Stock Exchange in 1984, Home Depot has opened over one hundred stores that enjoy undivided delivery of home improvement products from various industries across the country.
Home depot’s mission statement
The mission of Home Depot tags along three crucial values. First, they offer high quality service to all their customers. Second, Home Depot provides their customers with variety of home development products that are exclusive to their retail stores across the United States. Finally, home depot ensures that customers acquire these products at competitive market prices that allow them to meet all their home based needs without incurring unnecessary expenses. Other values that Home Depot promotes through their company include corporate social responsibility, ethical behavior, nurturing an entrepreneurial spirit, and encouraging people to invest through buying company shares.
Home depot’s business strategy
Home depot uses acquisition as its main business strategy. The company acquires existing businesses in order to achieve quick expansion into new markets. They target businesses that promote home improvement products. This strategy allows the company easy access to international markets such as Mexico and China. Another aspect of Home Depot’s business strategy is introducing new market segments in its operations. In the recent past, the company has been targeting proficient clients. The company has also opened web-based stores in order to tap needs of the fast growing online community. Many people have turned to using the internet for various needs and Home Depot wants to take advantage of such opportunities.
History of Lowe’s
Since its inception in 1946, Lowe’s has developed from a little known hardware outlet into one of the leading home improvement retail stores in the world. The biggest contributor to this steady growth was ability of the company to source products directly from industries at a lower cost. The low cost of operation means that the company’s goods are competitively priced, thus attract many customers. The unrealistic low prices helped the company to build a value-based relationship with its customers and a reputation for not changing despite numerous challenges they faced working in an unpredictable business environment. Lowe’s has managed to stay competitive in the market by being unique through privatized brands. Privatized brands allow Lowe’s customers to have products designed to their taste and preference.
Lowe’s vision
The founders of this company shared a vision of providing their customers with value based solutions, offer quality customer service, and quality products at competitive market prices. The company also envisions stable and lengthy relationships with their customers.
Lowe’s mission
The mission of this company tags along six values that have helped in building its strong reputation. These values are customer prioritization, integrity, cooperation, an attitude of admiration, delivery, and creation of shareholder value.
Lowe’s business strategy
Lowe’s business strategy is acquisition of existing businesses. This allows them easier and quicker entry into markets. The company also targets professional clients through their brands. Other notable strategies used by Lowe’s include opening web-based stores and printing exclusive magazines for their products and services. Currently, Lowe’s has concentrated its operations in rural areas and metropolitan areas.