Home Depot is a nationally and somewhat internationally recognized company. They not only have stores throughout the US but they have broken into Canada, District of Columbia, Puerto Rico and Mexico. They are the United States’ largest retailer behind Wal-Mart. Home Depot is known for its bright orange logo and its multiple departments available to individuals and businesses. They have primary operations in the home center and hardware store industry. Their strongest competition in that industry comes from Lowe’s, True Value Hardware, and Ace Hardware. Some other industry’s in which you can find Home Depot competing include building materials retail and distribution, consumer electronics and appliances retail, convenience stores and truck stops, and gasoline retailers.
Areas that drive demand for Home Depot’s primary industry are home remodeling and new homebuilding. Products included in this industry include lumber and building supplies (50%), hardware, tools, and plumbing and electrical supplies (25%), and paint and lawn and garden products (5%), (Hoovers, 2008). The home center and hardware store industry is made up of national and regional chains and independent retailers.
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Home Depot, as an established corporation, has much strength behind its name. One of the largest strengths would be that of its brand recognition. Home Depot is known by all across the United States as a home improvement/supply store. Smaller up and coming businesses would find difficulty in entering such a market with competing against stores such as Home Depot or Lowe’s. Brand recognition is of strong significance to the consumer. It provides a sense of trust to the buyer. Their well recognized logo which gains attention from its bright orange color and warehouse-like stores help consumers with their brand recognition.
Home Depot provides a strong...