Home Depot Essay

The visual representations of their mission and vision are utilized to instill core values and principles for their associates, define the scope and purpose of the organization, and reiterate and support their competitive position as the world’s leading home improvement retailer. The Home Depot accredits its success to their values. They believe that treating people well, encouraging risks, recognizing and awarding performance, and developing and leading people are the factors. In order to remain successful they maintain an environment of mutual respect, and have a zero tolerance policy for discrimination and harassment.

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.”

My thoughts are to have core values that will replace value statements. I believe five core values will be good, easy, and simple. One core value will be “We value people” this value should be respected by employees of the business. All people need to be value in order for the business to be held in high standards. The next core value will be

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.

Lowe’s designed their stores to be the opposite of competitors such as Home Depot. The spacious and well-lit Lowe’s stores appealed to potential customers that may not regularly visit warehouse-type hardware stores, such as women (Rouse, 2005). Furthermore, to increase their current customer experience and satisfaction, the company sought to enhance their installed and special order sales as well as modify their programs to be better equipped to handle commercial business customers. To do this, Lowe’s created an installed sales program where customers were able to select the design and materials used for their project and then hire Lowe’s professionals to complete the installation. In addition, specialty kiosks were set up around Lowe’s stores to educate customers and simplify special order home improvements. Special orders enabled Lowe’s to offer an assortment of products without having to invest the money up front in inventory (Rouse, 2005). To increase their commercial business customer base, the company began to offer professional quality materials and initiated commercial financing programs. Their logistics strategy was another area of strategic importance. At the center of Lowe’s logistics strategy was their desire to find the most efficient way to stock their shelves with an assortment of products (Rouse, 2005). Lowe’s operated ten regional distribution centers

The estimated years of useful lives of company property and equipment are as follows: buildings 5-45 years, furniture/fixtures/equipment 3-20 years, and leasehold improvements 5-45 years.

The Home Depot was co-founded in 1978 by Bernard Marcus, Arthur Blank, and Pat Farrah. It is considered as the world’s largest home improvement specialty retailer. As of January 2017, there are 2,278 stores including the commonwealth of Puerto Rico and the territories of the United States, Virgin Islands and Guam, Canada, and Mexico. There are more than 400,000 associates working for The Home Depot. The Home Depot sells a wide assortment of building material, home improvement products, and lawn and garden products and they also provide many services. The mission statement of the company says the following, “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.” The vision statement is slightly shorter than the mission statement, it says that The Home Depot will provide, “one-stop shopping for the do-it-yourselfer.” The values of the company match the mission statement as well as the vision statement. The values of the company are as follows: creating shareholder value, entrepreneurial spirit, taking care of our people, respect for all people, doing the right thing, building strong relationships, giving back, and excellent customer service.

Home Depot is the world's largest home improvement retailer operating in 45 states, Canada, Chili and Puerto Rico. Home Depot stores aim to serve both do-it-yourselfers and professional contractors with home improvement superstores carrying between 40,000 and 50,000 different products. Home Depot has also been listed as one of Fortune's most admired specialty retailers for the past six years. In order for companies to succeed in the competitive current marketplace they must consider not only the bottom line and their investors but also their impacts on the community, their employees, and their customers. Home Depot was founded on the idea that treating employees well is an important responsibility. Home Depot believes employees that are

The Home Depot gives their associates the autonomy to provide creative and innovative solutions for serving their customers. They encourage their associates to find alternative solutions that best fit the situation and will positively impact the business and the customer’s experience.

products”; that is to say, Jobs wished to build a lasting business, hire employees who genuinely

Home Depot's corporate- and business-level strategy is low cost differentiation. This strategy is explained as a combination of offering consumers low cost essentials as well as offering consumers unique or unusual products (Parnell, 2014).The Home Depot uses the idea of offering specialty merchandise to those do it yourself customers along with professionals in the industry. All items that relate to home building or home improvement are offered at a low cost value. Items are not priced with high mark up. Most are low-cost items that are affordable to the average consumer.

Home Depot’s mission statement is “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

Executive Summary.……………………………………………………………….2 Problem Statement ………………………………………………………………...2 Situational Description and Strategic Analyses …………………………………...3 Strategic Analysis Overview & History.……………………………………………..3 External Environment.……………………………………………6 Internal Environment.…………………………………………….6 Intellectual Assets.……………………………………………......9 Strategic Formulation Business Level

Home Depot was utilizing a more established variant of Symantec's hostile to infection programming on its POS gadgets, , citing anonymous previous supervisors. Those supervisors likewise assert that while Home Depot had obtained programming intended to scramble Visa information when it was consistently sent from POS gadgets to focal servers, it had yet to execute the product. What's more the directors assert that the organization's innovation administrators were underfunding the home change and development retailer's data security project, prompting higher-than-normal levels of security staff turnover. Full points of interest of the rupture aren't yet known, including what number of the retailer's 2,155 stores in the United States and Canada may have been influenced, and what number of clients had card information uncovered. The break seems to have started in April and wasn't caught by Home Depot until Sept. 2, after it got warnings of strange

To begin with, Chapter two covers three important aspects of the business world which are competitiveness, strategy, and also productivity. These particular aspects are very important for any company to succeed in the world of business. With that being stated, any type of firm such as a manufacturer or a service provider, they must employ these three aspects because they play an important role in growing revenues. For an organization to even be considered successful, they must have a competitive advantage which leads to a strategy that will meet the company’s goals, while having the knowledge-ability to help produce the goods and services in a cost effective manner. Also, it is known that most organizations have a single state called the Mission Statement. The mission statement basically summarizes these three aspects of a company. One question that the Mission Statement should address is, “What level of business are we in?” This mission statement is categorized as the absolute basis for the organizational goals.