ipl-logo

Home Depot Executive Summary

1052 Words5 Pages

The Home Depot (“HD”) is the world’s largest home improvement retailer based on Net Sales for the fiscal year ended February 1, 2015. The Home Depot stores sell a wide assortment of building materials, home improvement products and lawn & garden products and provide a number of associated customer services. Understanding Home Improvement Market U.S. Home Improvement market estimated to be $550 billion in FY 2014 consists ofRetail Products, Services and MRO (Maintenance, repair and operations). Retail Products constitute 65.5% of the total market followed by services 25.5% and MRO 9%. Home Depot with $83 billion sales in FY2014 holds 15% market share in Home Improvement Market. Key Elements Of Home Depot Business Strategy Home Depot is focusing …show more content…

It offers low price guarantee to beat competition across product segments. For customers requiring qualified professionals for home renovation projects, Home Depot offers installation services through pre-screened independent contractors. Free How-To Clinics and Kids Workshops are other service differentiators that have enabled Home Depot become successful in Retail product and service business …show more content…

It further categorise its individual customers as Do-It-Yourself (“DIY”) Customers and Do-It-For-Me (“DIFM”) Customers. Grow Individual Customer Segment: In-line with the changing customer needs, Home Depot is working on providing interconnected shopping experience. Company generated 4.5% of its net sales in FY 2014 from online channels. Home Depot is utilising in-store mobile technology to enable its associates to help customers with their home improvement projects. It offers a variety of clinics and workshops to impart knowledge and to build an emotional connection with DIY individual customer segment. Company offers a variety of installation services targeted at DIFM customers. Grow Professional Customers Segment: These customers are primarily professional remodelers, general contractors, repairmen, small business owners and tradesmen. Company offers a variety of special programs to these customers, including delivery and will-call services, dedicated staff, expanded credit programs, designated parking spaces close to store entrances and bulk pricing programs for both online and in-store purchases. It also offers a loyalty program, Pro Xtra, that provides professional customers with discounts on useful business services, exclusive product offers and a purchase tracking

Show More
Related
773 Words | 4 Pages

This is beneficial because it plays into pathos by using the consumer's own worries and fears of damages and costs that could come to their own home, thus allowing them to fix it themselves with such an easy

Read More
622 Words | 3 Pages

We take pride in offering solutions, customized to accommodate each of our customers. We will construct a customized plan, according to your needs and will continue within your budget. If you have plans to move your business or your home, we can help in an affordable way. Whether, you pray for us to accomplish it all, or just require help to lift some heavy things only, our professionals will take the pressure off your shoulders. 2.

Read More
1092 Words | 5 Pages

When considering the actions of customers, the consideration must be made to the comprehensive experience of the customer during their experience as a customer. From entering the store, to perusing the aisles, contemplating service purchases, employee service and solicitation, to ease of purchase and exit. Each step the customer takes from outside the store, to in, and back out again all influence the overall experience and impression of the service provided by the vendor. (Zeithaml, Bitner, & Gremler, 2013) In the case of the home improvement store, Lowes, the customer experience is geared toward the homeowner rather than the commercial builder.

Read More
1014 Words | 5 Pages

Lowe's is the second largest home improvement retailer in the United States. It holds about 6 percent of the $700 billion home improvement market and ranks seventh largest U.S. retailer overall. More than 1,250 Lowe's stores in 49 states serve do-it- yourself customers, do-it-for me customers using store's installation services, and commercial customers, including professional contractors, electricians, landscapers, painters, and plumbers. Lowe's carries 40,000 products for home decorating, maintenance, repair, remodeling, and construction. Lowe's installation services generate approximately 6 percent of the corporation's total revenue.

Read More
239 Words | 1 Pages

Lowe 's. is an American company that operates a chain of retail home improvement and appliance stores in the North America (United States, Canada), and Mexico. Lowe’s is known for helping their customers improve their homes since it was founded in 1946. They evolved from a small hardware store to a titanic home improvement company responsible for providing customers encouragement and support regardless it be in the store, online, by phone, or at their home or their business. Lowe’s offers more than 50 interior and exterior installation services that constitute of appliances, flooring and blinds; and extended protection plans, repair services, as well as credit financing. In the year 2015, they served approximately 16 million retail/professional customers on a weekly basis, and recorded revenues of $56,223 (millions).

Read More
359 Words | 2 Pages

Another thing that Home Depot needs to do is to make their good customer service a companywide value, it’s not just for those answering their phones, they have to make sure that all their employees from

Read More
347 Words | 2 Pages

Marketing relationships described the company and consumer reaching a goal to obtain a lasting relationship, where the buyer and seller have an arrangement they both agree upon based on trust coming from the customer and confidence that the company will understand the needs of the consumer. The relationship between the two parties when the marketer makes improvements on products based on the feedback from the consumer (Ferrell & Hartline, 2013). Lowes the home improvement store, one of the programs that Lowes provide to the consumer is their program where you scan your Lowes card and an individual can go to their account and look at past purchases they made, input their house floor plan and can get information as how much paint they will need

Read More
339 Words | 2 Pages

Home Depot’s strategic goal is to expand into new markets, further develop existing markets, and explore opportunities around the world. Over the past four decades Home Depot has grown a great deal and currently has a market share of 27.2%, and is the leading home improvement market with net sales of $83.2 billion for fiscal 2014.

Read More
721 Words | 3 Pages

There is more to shop for with them from chainsaws, blowers and vacs, augers, chip shredders not to mention their individual accessories and spare parts. To assist it in this line of business is a hardworking team of ever zealous spirit who are expert and have a high knowledge regarding the equipment, which is in-house. Through every step of the way this motivated staff gives you a well-rehearsed sales pitch which tells you of the features and price range of any specific item in

Read More
1168 Words | 5 Pages

Omnichannel Integration: Enhance the integration of The Home Depot's physical stores, online platform, and other channels to provide a seamless customer experience. This involves optimizing inventory visibility across channels, enabling flexible order fulfillment options (e.g., in-store pickup, ship-from-store), and ensuring accurate and timely order

Read More
765 Words | 4 Pages

Another crucial thin worth noting is that the country has an aging society, party culture. This means that residents are willing to invest more time and more money in decorating their home environments. To be very specific to the LED lighting market, the North American home improvement market space is very large. It is the second largest retailer Home Depot in the United States. Lowe’s as well as other building supplies are the world’s leading retailer of the home sales for 3 consecutive quarters of a positive growth.

Read More
1260 Words | 6 Pages

Since 2015, the company operates nearly 2,000 stores just within the U.S making up 87% of their locations in the world, with the remaining 13% split between Canada and Mexico (post 2012 China pull-out) (MarketLine, 2016). Most of their products are catered to DIY or Do-It-Yourself customers, who favor high customization and individuality when designing home projects (Gao, 2013). A SWOT analysis performed by Market Line shows just how these characteristics, as well as domestic and foreign environments, mold their overall strategy. The pertinent information from this report reveals the reasoning for Home Depot’s success in the U.S., such as the external opportunities: a growing home improvement market, and a rising immigrant population (MarketLine, 2016). It also reveals, the associated weakness: an overdependence on the U.S market, which explains why in the late 2000s Home Depot began expanding outside of North America (MarketLine, 2016).

Read More
1241 Words | 5 Pages

THD and Lowes have fundamentally the same products and huge distribution center formats. In many major markets Lowes and THD stores go head to head for the support of the do-it-yourself customer, however THD clearly comes out ahead. THD had $83.2 billion in sales compared to Lowe’s $56.2 billion in sales last year. Other small competitions are Ace hardware, Sherwin-Williams, Menard and small brick and mortar stores. Mission Statement "The THD 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."

Read More
1277 Words | 6 Pages

Major Business propositions for Woodmere and HomeHelp The business proposition for Woodmere in this case study is as follows. Woodmere would be able to secure an exclusive distribution with HomeHelp, which is a market leader in Home Decorating retail market, if it can implement time-based logistics. Woodmere’s prospective customer segment is heavily consolidated resulting in stiff competition.

Read More
1009 Words | 5 Pages

While many manufacturers rely on third party retailers to sell their products, it has become important for manufacturers to add a direct-to-consumer mix in their distribution supply chain strategy (Diorio, 2016). As a result, Dyson should sell the new product directly to consumers through its website. In addition, by selling the new vacuum directly to consumers at its existing brick-and-mortal stores Dyson will have the opportunity to demonstrate the technology in person and provide a world-class customer experience (Cuthbertson, 2016). However, until it becomes realistic for the firm to establish a wide network of physical stores, Dyson should market the new vacuum through retailers.

Read More

More about Home Depot Executive Summary

Open Document