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 annual reports and press releases of both companies slightly differ though with a portion of similarity. Although, Home Depot’s annual report is composed at the headquarters of giving an inclusive report on all of the retail stores in the world, through the company’s website these reports posted can be found. Therefore, this being impartial and all-inclusive to an extent of analysis it would have to be done on the contrasts, similarities, profitability, and performance of different retail stores in different regions or countries. However, the shareholders and customers analyze the summary provided to know the general performance. As far as, press releases go all companies have a weekly and monthly report provided by the manager in the form of a booklet of the retail store and on the company’s website these reports are posted. Furthermore, separately Lowes prepares each of these annual reports for each country to analyze on the website for which is posted. In comparing all of these annual reports would be so difficult for people through the different states, regions, and countries being the report have yet to be summarized. Lowes Company has a weakness where most
Although, Home Depot and Lowes have the same concept of Do It Yourself home improvements. The companies differ in several ways. Both companies provide discounted merchandise and market their companies as a company that cares and give back to the community. Home Depot marketing slogan is known as “Do It Yourself”. Home Depot was known for their orange apron requesting customers to ask for project assistance. Lowes does not advertise this on their website or in commercial. Lowes states they are they are thinking fresh to include innovative was to encounter the future needs of their customer. Home Depot strategic framework differentiates with customer service and employment empowerment and their framework of the three leg stool is quality
"Foundation of the Coles grocery store as a head retail outlet in the nation at reasonable rates while keeping up our capacity to create and innovate."
(High)11/7 Customer approached the desk, Korey greeted the customer with a personalized greeting asking them if they needed assistance and how there day was going.
The external environment consist of forces and factors that affect the business and its operations both directly and indirectly. It also plays a critical role in shaping the future of entire industries and those of individual businesses (Teik, 2013). To keep the business ahead of the competition, companies must continually adjust their strategies to reflect the environment in which their businesses operate. So, it is crucial to analyze the external environment to gain a better understanding of factors that influence the company’s operations and forces that can hinder succesful strategy implementation.
Visionary pioneers as the ones who “shape aggregate dreams without bounds, these pioneers give the heading to the organization and set a typical target that everybody endeavors to accomplish. Wal-Mart's mission statement gives a decent target to everybody to take after: Wal-Mart's main goal is to enable individuals to save money so they can live better." (Wal-Mart, 2011) This plainly expresses the accentuation put on the client benefit. The leaders at Walmart had a dream to take the organization worldwide and stock the stores with greatest number of things. It is this vision that prompted the accomplishment of the organization. The vision of giving products at the most minimal costs saw them collect greatest piece of the overall industry and enabled them to grow
It is done to check the environment in which the company operates. It identifies various external factors like opportunities, threats and challenges which are affecting the firm. Macro environment analysis and industry analysis are two main analysis carried out in external analysis. Macro environmental analysis mainly focuses on decisions made by the company, performance of the company and strategies used by the company. Major factors that are
The business environment is an ever-evolving beast, Change is a common phenomenon at every workplace, and it is beneficial to the business, the employees and other stakeholders in the
There are many micro environmental factors that have affected the performance of this company over the last few years. The micro environment is the proxies of the company that influence its ability to serve its customers such as the company itself, suppliers, marketing intermediaries, customer markets, competitors and the public's role in influencing their
Environmental changes are those where the organization attributes changes in the environment in which the management of the organization operates. Organizations are economic units and retailers challenge an environment which obtains clients, oppositions and the drastically changing technology. An environment can change the revenues of a single organization or a cluster of organizations. An organization in a specific environment that competes can robust all the other organizations that do not amend with. Therefore, the birth, success and failure of an organization many times depends on the business environment. For example, the success and decline of Neverland toys limited depends upon the inability of those organizations that react rapidly and optimistically to the changes of the environment. Therefore, the environmental changes are also based four elements that are called the PEST. The political element submits based on the system of the government and laws that is operated by the organization. For example, Kyle took up the responsibility on the development of the marketing plan and created templates so that each franchise manager could report and would be accountable of the weekly and monthly reports that is the sales
Our worldwide operations are aligned around a global strategy called the Plan to Win, which center on an exceptional customer experience – People, Products, Place, Price and Promotion. We are committed to continuously improving our operations and enhancing our customers ' experience.”
Competitive advantage can be defined as a business having a leading advantage over other businesses within the industry in this case being the retail industry, it is also gained by means of giving the customers value for their products in terms of having lower prices and having better benefits for its customers, while insuring that the business is efficient and effective. Business Logistics Management (2016).
Educating oneself about the customs and business etiquette of the country in which you are conducting business is also important. Sustaining competitive advantage means being attuned not just to the consumer wants, but also to the emerging technologies, control regulations, etc.
Enterprise solution should be easily acceptable to change. The areas of change in business environment are caused by growth of the niche market, intense competition caused by a rapidly changing market, demand for customization, new production facilities, environmental protection and legal pressures.  It is not static or specific. It has metamorphic qualities changing as the business environment changes. Agility becomes what it must be in order to deliver results.