Home Depot Mission Statement Analysis

"A good mission statement portrays an organization's unique and lasting reason for being, and energizes stakeholders to follow common goals. It likewise enables a focused allocation of

The Home Depot’s two main customers are at home “do-it-yourselfers” and contractors. The main products and services offered help solve the wants and needs of customers involved with home construction and maintenance,

Nike may be typically known for focusing a lot of gear solely on athletes; yet, it is not just for them. Nike’s objective

The Home Depot mission statement reads as follows: “The Home Depot is in the home improvement business and our goal is to provide the highest level of service, the broadest selection of products and the most competitive prices. We are a values-driven company and our eight values include the following: excellent customer service, taking care of our people, giving back, doing the “right” things, creating shareholder value, respect for all people, entrepreneurial spirit, and building strong relationships.”

Home Depot is the fastest growing retailer in the U.S. by some accounts. It has a fascinating history of innovation and entrepreneurship. The company had some difficulties in the mid-2000s that some attribute to cultural clashes. However, during this period the company was able to take full advantage of the housing boom. Yet when the bubble burst, Home Depot was forced to claim substantial losses. Despite these loses Home Depot has weathered the storm fairly well and is in prime position to take advantage of an economic recovery; if it ever comes.

From its roots as a vision in 1978 of a home improvement superstore The Home Depot has become a giant in this sector. Influenced by the “do-it-yourself” customer or the corporate contractors each policy and business plan is developed with a consumer stake holder emphasis. As its founders stated “We’re in the people business” (Planning), and this is maintained in its business structure today. Set up as a direct to consumer warehouse of home improvement and building products

While Lowes and Home Depot follow similar differentiation and low cost strategies, there are a few differences in marketing due to the fact that Lowes seems to be more targeted towards women with bright and colorful displays, wide aisles and product stacking that is lower and easier to reach (Clemons, 2012). While this is a calculated decision because women make 80% of home improvement decisions, it may distract from growth in the contractor business since the vast majority of home improvement professionals are men. The advantage shifts toward Home Depot since men also spend thirty five percent more than women on home improvement supplies therefore, attracting men may actually be more efficient in terms of return of investment (Goodfellow, 2013). The ability to quickly locate products and return to work is a tremendous advantage for contractors who would prefer to be on the job instead of leisurely strolling the aisles of a store while examining multitudes of options. This may be a major component of Home Depot’s rebound since they derive a larger percentage of their sales from professionals and the rebounding housing markets and rebuilding efforts from Hurricane Sandy have introduced significant cash flow into the industry (Cheng, 2013).

The Home Depot knows that they must stay on top of technology and management must be able to organize this function in a way that surpasses the competition, pleases the customers, and keep the employees satisfied.

For my Unit 2 written assignment, I have chosen the infamous brand that is known to all ages and races in America, Nike. The mission statement provided is very intriguing, It says "To bring Inspiration and Innovation to every athlete in the world”. Once entered the website, you are bombarded with visually inspiring photos of athletes doing their daily regimes. After clicking on the "About Us” page, you are greeted with the mission statement once again. Only this time it says "To bring Inspiration and Innovation to every athlete* in the world, *If you have a body, you are an athlete.” That quote right there off the back is very pleasant to read, it would make anybody the reads this feel that they are on the right track to whatever goals they

* Their vision and mission statements are straight to the point and short. The values are very lengthy and could be shortened drastically. Although it is something that some may be

The Home Depot (NYSE: HD) is a home improvement, construction products and services retailer operating over 2,000 big-box stores in the United States and abroad. The Home Depot was founded in 1978 by Bernie Marcus and Arthur Blank with the vision of one-stop shopping for do-it-yourself (DIY) customers, installation services for do-it-for-me (DIFM) customers and competitive products for the professional market. Their DIFM installation programs include products such as carpeting, flooring, cabinets, countertops, and water heaters. In addition, the company provides installation of various professional products like generators and HVAC systems.

In April 1978 two co-workers Bernie Marcus and Arthur Blank were laid-off from their jobs at Handy Dan Home Improvement Centers. Bernie and Arthur dreamed up the idea of The Home Depot while at a coffee shop in Los Angeles in 1978. Before the idea of The Home Depot came along home improvement stores were basically small hardware stores with a limited inventory and a limited variety of merchandise. Both Bernie and Arthur having worked at a hardware store and being avid DIYers themselves had a vision for a home improvement super store that would not only offer a huge variety of merchandise at great prices but would also have a highly trained staff. These employees would have the ability to not just sell products but will be able to walk customers

Last year's destruction in the Gulf reinforced the importance of disaster preparedness. The Home Depot's dedication to providing customers with the tools they need to minimize the loss of personal items during such devastating events remains a staple in the company's long-standing tradition of safety and preparedness.

Home Depot 's target market is individual homeowners/small contractors. Even though the traditional ideology is that cost leadership and product differentiation business strategies are mutually exclusive, Home Depot was successful at using a combination strategy. First, Home Depot optimized the cost leadership strategy by offering low and competitive prices to its customers by emphasizing higher sales volumes with lower margins, while instituting a high inventory turnover. Home Depot successfully offered a warehouse product strategy to the individual consumer for the first time. Previously, this type of price discounting was only available to professional contractors who earned product price

Nike has a mission statement that lets everyone know what the main objective is. “To bring inspiration and innovation to ever *athlete in the world.” Founder Bill Bowerman defined athlete the following way: “*If you have a body, you are an athlete.”(Mission statement, Nike.com) That definition is the heart of Nike’s business model and has been the center point to their vision. They are saying that everyone in the world is athlete and they want to inspire and innovate every type of demographic. Nike’s view has been a critical to their spectacular growth to be a major global