Home Depot Mission Statement Analysis
This section analyzes the corporate and strategy framework in Home Depot’s internal environment. The company’s mission statement, values and ethics, corporate culture, social responsibility, corporate governance, organizational structure, and the motivation, rewards, and incentive programs available for the company’s executives are identified, analyzed, and discussed.
Mission Statement
When discovering the idea for a business, an important element of the current strategy plan is a mission statement. This simple statement declares the goal of a business and defines the explanation for the company’s presence. It offers the platform and framework to helps guide the business strategies and activities by spelling out their overall goal. A mission …show more content…
The Home Depot's mission statement evidently states that it's a home improvement business. Its declaration meets the goal of a mission statement. Analyzing the question relative to Abel's Framework strains whether a company runs on the product or customer focused objective. First, "Who's being satisfied?" The Home Depot's mission statement expresses that those looking at home improvement with the best degree of service are those who'll be most content with their business. Second, "what's being satisfied?" is discussing the customers’ needs. Nowhere in the mission statement does it really say that it's fulfilling any customer needs, and for The Home Depot this would be do-it-yourself needs. Lastly, "How are your customers being satisfied?" The core principles that are in the mission statement defines how Home Depot satisfies their customers’ needs by the broadest selection of products and selling them at the most competitive prices. Home Depot's mission statement fulfills two of the three dimensions from Abel's Framework. Thus, The Home Depot's mission statement is product oriented. Home Depot is more product-oriented than customer-oriented since the mission statement lacks what is being satisfied. This mission statement offers a foundation for formulating company strategies. Without a fulfilled mission statement, Home Depot cannot define its goals for the business
Mission Statement
When discovering the idea for a business, an important element of the current strategy plan is a mission statement. This simple statement declares the goal of a business and defines the explanation for the company’s presence. It offers the platform and framework to helps guide the business strategies and activities by spelling out their overall goal. A mission …show more content…
The Home Depot's mission statement evidently states that it's a home improvement business. Its declaration meets the goal of a mission statement. Analyzing the question relative to Abel's Framework strains whether a company runs on the product or customer focused objective. First, "Who's being satisfied?" The Home Depot's mission statement expresses that those looking at home improvement with the best degree of service are those who'll be most content with their business. Second, "what's being satisfied?" is discussing the customers’ needs. Nowhere in the mission statement does it really say that it's fulfilling any customer needs, and for The Home Depot this would be do-it-yourself needs. Lastly, "How are your customers being satisfied?" The core principles that are in the mission statement defines how Home Depot satisfies their customers’ needs by the broadest selection of products and selling them at the most competitive prices. Home Depot's mission statement fulfills two of the three dimensions from Abel's Framework. Thus, The Home Depot's mission statement is product oriented. Home Depot is more product-oriented than customer-oriented since the mission statement lacks what is being satisfied. This mission statement offers a foundation for formulating company strategies. Without a fulfilled mission statement, Home Depot cannot define its goals for the business