Essay On Lowe's
When developing a plan for how your company will continue to grow in the future one must determine what factors will lead them to be more successful. Lowe’s is an organization that has done very well at planning what their next business move should be to grow the business in ways that show the customers and stakeholders they are working for them. While the way customers shop changes everyday with the external environment factors, industry competitiveness, and resources needed to be successful in its target markets. When the areas of macro-environment are studied by the leadership of the corporation, they must place focus on each area to see how they are influencing the way it is remaining relevant in the business world. A tool that Lowe’s …show more content…
The best way to stay ahead of the competition is to ensure that whatever they are doing in the market reflects something that you are doing to drive there. Competition is necessary since without competition you can grow stale and not develop a product or service that pushes the organization to its fullest potential. An increase in the rivalry can occur when it does not cost the customers a much money to change which competitor they shop with (Bethel, 2017). The customer ultimately has the option to sway how businesses compete since the goal is for the customer to spend their money in their stores either in person or online. If they can present a better product or shopping experience, then the customer could easily shop with them since the cost would be a …show more content…
One way is to conduct an VRIN test (Bethel, 2017). When looking at Lowe’s with this form of analysis one may think that it has the sustainable advantage over its rivals. When assessing the value of Lowe’s and how it translates to profits it seems to be good since they continue to grow in their industry. Their ability to sustain is one that shows that it values the customers needs and ensures that the products it sales are of high quality and affordable for everyone. Their ability market its products and services in a manner that shows it is here for the long haul and will help to address the customers needs when it comes to home
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