In 2012, Lowe’s rebranded the commercial business program in order to reenergize its focus on the Pro customer and also began the new online tool, MyLowes (Lowe’s Companies, Inc.: Retail-Company Profile, Swot & Financial Report, 2013). The company delivered a solid performance with growing sales, net earnings, and operating cash flow. Therefore, for the future years of 2016-2018, the company can look at a few of its past initiatives and current weaknesses in order to proceed forward (Lowe’s Companies, Inc.: Retail-Company Profile, Swot & Financial Report, 2013). The company should aim for at least a 2.5 to 5 percent increase in revenues and profits over the next three years. In 2016, Lowe’s can begin by reexamining and researching the customers’ …show more content…
Furthermore, concentrate on research and development to improve product development and quality so that product recalls can be limited (Lowe’s Companies, Inc.: Retail- Company Profile, Swot & Financial Report, 2013). In addition, be sure to advertise these improvements so that customers will know the possible extension of service that the company has to offer. In 2017, the levels of customer service and quality should have been taken to an entirely new level based off the improvements and initiatives from the previous year. Therefore, 2017 can be used to take the time to expand through e-commerce significantly. Utilizing the internet to reach customers within the United States, as well as internationally, provides the opportunity of market penetration by introducing services and products to the world without accruing additional debt and liabilities through the establishment and operation of a 117,000 or 94,000 square foot store. Within this year, not only is advertising and marketing important, but the use of efficient supply chain management will have to play a major role in the successful sales to consumers. However, the online sales and promotions will remain vital components that have to be