Current Strategies &Alignment with goals
According to (unknown, 2017) Lowes focused is evolving around the business and to be further drive trust and loyalty by empowering customers throughout their project journey. Robert A. Niblock, Lowe’s chairman, president and CEO said that “We’re building on our past success and adapting to meet the needs of a changing customer.” Our goals are a line with the strategy of the company, few of the goal are
• Expand home improvement reach to drive profitable share gains
• Further adapt to the customer, developing capabilities to anticipate and support their needs
• Generate long-term profitable growth and substantial returns for shareholders
Compare with competition
Competition includes: Home depot, Fastenal and Wal-Mart
• Lowes
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Geographical expansion is not at very large extent
Opportunities
1. Global expansion to tap newer markets
2. Increasing product and service offerings
3. Free parcel shipping to increase customer experience
Threats
1. Cut throat competition with respect to margins
2. Touch and feel of product is not available prior to purchase in case of shipment
Gap analysis
• Strength- Lowe’s has a price matching policy. Has a third party agreement to develop 150 stores in Australia. Second largest home improvement store in the world with January 2013 revenues over $50 billion. Operates two styles of stores: 117,000 sq. ft. in large markets and 85,000 sq. ft. store in smaller markets. Plumbing, Appliances, and Tools & Outdoor Power Equipment each account for around 10% of revenues
• Weakness- Operates only 34 stores in Canada, 5 in Mexico.
Suggests strategies & Evaluates strategies
Go Back to the Basics
While it’s tempting to follow every newly-released marketing trend, Lowes insists to stop chasing trends, but Instead, look at the big picture and design their own marketing strategies which simple is merging traditional tactics - like direct mail - with Facebook ads, content marketing,
Invest in Training and