Home Depot Case Study

Unit 1 Written Strategic Management

Home Depot’s Strategic Planning and Stakeholders

For this week’s written assignment, I picked an American retail store called Home Depot. The retail store sales home improvement supplies such as construction tools and materials. Home Depot was founded in 1979, in Atlanta, Georgia (Home Depot, n.d). Home Depot has about 2,200 stores in the U.S, Canada, and Mexico, and it is the world’s largest home improvement retail store. The stakeholders that ought to be involved in the strategic planning process should be customers, employees, communities, suppliers, and investors.

The involvement of stakeholders is important in the strategic planning of Home Depot because decisions made by the company have a direct and

A customer can be a homeowner, a construction worker, a homebuilder, or a small firm that needs construction materials and tools. Additionally, the customers are able to tell what price is affordable for each product. The other important stakeholder is the employee. The employees, if properly trained, can assist better in the decision-making process because the employees are in direct contact with customers and they know the needs of all the customers. For example, when a customer steps into Home Depot, the customer directly enquires the employee about the materials and tools that they need. Moreover, the customer asks the employee to recommend the best material or tools to purchase. In this case, the employee has to guide in the purchasing process and even instruct the customer how to better use the product. Therefore, the employee is an important stakeholder and it should be on one of the top priorities after the customers. The employee’s interests are different from the customers, they are interested in job security, wages, and fair employment practices (Gregory, 2017). Also, the community should be involved in the strategic planning of Home Depot. The

Human Resources such as employees and managers are important to the process because the company entirely depends on these people. Human Resource trains employees and hires new employees with the right kind of skills and also determines the salary for the different positions in Home Depot. Definitely, Human Resource should be 100% involved in the strategic planning of the firm. The other functional area that I consider important is the sales department. This department is responsible for generating revenues and profits. The sales department determines the way to sell the products and it is crucial for the company that products get into the hands of the customers in order to generate revenue. The other important functional area should be the administration department. The administrative department is responsible for managing the business, decision-making, and communication between