Part Two-Business Strategy
Home Depot’s mission statement can be summed up in these eight core values •
Excellent customer service
Taking care of our people
Doing the “right” thing
Creating shareholder value
Respect for all people
Building strong relationships
The founder of The Home Depot had this for his vision statement back in 1976 when their first store was opened in Atlanta, Georgia: “a vision of warehouse stores filled with a wide assortment of products at the lowest prices with trained associates giving absolutely the best customer service in the industry.”
I believe that The Home Depot is living up to this vision, they are still one of the number one hardware stores in the nation and are still working to keep a competitive edge in their industry even with growing competition from such chains as Lowes or even warehouse companies such as Wallmart. I think all persons with a stake in this company would agree that they are profitable and very adaptive to the market to keep the value of their company.
Home Depot Strengths
"One of Home Depot's greatest strengths is listening to its customers," said Tom McCormick, and I believe that stands true is their dedications to customer service and relations.
Home Depot Weaknesses
The cluster strategies that home depot uses by grouping stores closer together and locking out the competition are causing higher expenses, especially the huge expenses on advertising. I would like to make a comparison between two most growing companies in the USA (Home Depot and Wal-Mart) .In 2002, Home Depot spent 32 percent more than Wal-Mart Stores Inc., the world's largest retailer. Wal-Mart with annual sales almost five times higher than Home Depot's spent $676 million on advertising last year. (Jim Lovel. Home Depot ad spending $895M. Retrieved April 25, 2003, from http://www.bizjournals.com/atlanta/stories/2003/04/28/story1.html). Therefore, the more money you...
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