Lowe S Home Improvement Strategic And O

Topics: Strategic planning, Mission statement, Strategic management Pages: 9 (1575 words) Published: November 23, 2014


Lowe's Home Improvement Strategic and Operational Plan
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Lowe's Home Improvement Strategic and Operational Plan
This paper highlights the creation of Lowe’s Home Improvement strategic plans utilizing the SWOT analysis that are in alignment with the Lowe’s mission and vision statements. The strategic plan which is define as “plans cover a large span of time that is several years or decades” (Gabrielle Brown, 2014), that covers plans that are in general manner that pertains to nonspecific and less-detailed format. On the other hand, an operational plan usually covers one year and provides very fine details on how the tasks are done daily (Gabrielle Brown, 2014). Lowe’s Home Improvement Strategic Plan Overview

Strengths, Weaknesses, Threats & Opportunities (SWOT)

This strategic plan addresses the following key strengths, weaknesses, threats and opportunities for Lowe’s Home Improvement: Strengths
Weaknesses
Established presence and efficient
merchandising
Reliance on third party manufacturers could
undermine Lowe's reputation
Strong logistics and distribution system
Global Limitation
Focus on offering seamless multi-channel
experience

Opportunities
Threats
Growing e-commerce and m-commerce sales
Intense competition to strain margins

Home improvement provides an opportunity to increase sales
Housing Market
Rising immigrant population

Company’s mission

"Our mission is to provide impactful support to local communities. We've stepped up our efforts to help families and communities manage through challenging economic times" (Our Mission). Company’s vision

"We will provide customer-valued solutions with the best prices, products and services to

make Lowe's the first choice for home improvement" (Our Vision and Value).

Corporate Values

According to Farfan, B (2014) Lowe’s values are the following: “customer focused, teamwork, ownership, passion for execution, respect and integrity” (Farfan, 2014). Business Objective

Longer term business objectives of Lowe’s Home Improvement are summarized as: Lowe’s amplifying company strengths
Lowe’s ability to expand outside US boundaries
Lowe’s shifting from promotions to everyday low price
Key Strategies

Increase online sales through acquiring online home-good chain. Increase flexibility in-terms of buying and selling of goods and services by taking advantage of e-commerce and m-commerce. Strategically allocating resources by cutting-down on stores and employees Increase stores through global alliances

Strategic Action Programs
According to Skariachan, Dhanya (2012) Lowe's Cos Inc (LOW.N), the world's second-largest home improvement chain, is working on its own home project. After trailing larger rival Home Depot Inc. (HD.N) in same-store sales for 11 straight quarters, Lowe's is now investing in everything from in-store technology to its online business to win back shoppers from the industry leader” (Skariachan, 2012). Strategic programs are lunch by Lowe’s to effectively reach the objectives of the company aligning itself to the mission and vision on which it stands for. The Lowe’s Home Improvement Corporation started out acquiring online home goods store giant the ATG.com on 2012. As part of the Lowe’s Home Improvement global expansion the company decided to purchase the Canadian Home Improvement Stores (Rona) increasing the number of Lowe’s Improvement stores an additional 26 stores in Canada. Gearing towards innovation Lowe’s purchased about 42,000 iPhones for their employees and also installing WIFI in each store leading towards the increase multi-channel experience for the customers and employees (Skariachan, 2012). Effects of Strategic and Operational Planning on Stakeholders According to Robbins, S. & Coulter, M. (2013, Jan. 13) define Stakeholders are "any constituencies in the organization's environment that are affected by an organization's decisions and actions. These groups have a stake in...

References: Lowe 's Companies, Inc. SWOT Analysis. (2014, August 08). Retrieved from http://web.a.ebscohost.com.ezproxy.apollolibrary.com/bsi/pdfviewer/pdfviewer?sid=9a86c6df-6459-4ef8-a4dc-eca74aa87e57%40sessionmgr4002&vid=0&hid=4204
Our Mission
Stephen Robbins, M. C. (2010). Management.
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