Home Depot was founded in 1978 by Bernie Marcus and Arthur Blank. Along with investment banker Ken Langone and merchandising guru Pat Farrah. These three visionary had their sight on a one-stop shopping for the do-it yourselfer. They opened there first two Home Depot on June 22, 1979 in Atlanta Georgia. Home Depot is known as the largest home improvement specialty retailer and the 9th largest retailer in the world.
Customers provide revenue for the company thus making them have a stake on the company products and services they provide. According to Berens (2012), the stakeholder theory suggests that the company must consider the customer needs. Loyal customers provide a crucial and relevant insight of what a company or firms needs to do in order to satisfy the customer needs. It's through loyal customers that enable companies to retain and sustain competitive advantage. Thus very crucial to establish a relationship with the customers so as they can contribute their views and suggestions.
Stakeholder engagement is about addressing problems by providing strategies, infrastructure and processes. Identifying an entity’s stakeholders is thus important in the risk assessment process. The impact that the decisions made by companies have on stakeholders should be of high priority
Conclusions Based on Analysis According to the annual reports from both Home Depot and Lowe’s, Home Depot held an advantage over Lowe’s in the big box home improvement retail industry. As of 2016, Home Depot operates 2,278 stores in the United States, Canada and Mexico, and Lowe’s operates 2,129 stores worldwide. The metrics collected to measure the financial performance of these two large scale competitors in the retail industry are very important to determine the overall success of the company. Key financial metrics to be considered for retailers include profit margin, inventory turns and sales per square foot. The profit margin that a company maintains is a very important measure of success and health of the company, it can be calculated
What is the role of a customer? The customer is the essence of our business, their role is to come and buy/source products from us. Why are customers stakeholders Customers are stakeholders because they are the very existence of every business, without the term customer the word business would not exist. What I find particularly challenging about customers is the following example-if you tread this complaint you can see that they are sometimes being unreasonable, this customer does not want till packers to pack for her because she is always in a bad mood, she still continues to shop with us besides monthly face book complaints and misrepresentation of the truth about service. Good day Please assist Customer details:
Those undertakings in the hotel industry included accommodations, meeting space rentals, restaurants, leisure, and community involvement. Altinay and Miles (as cited by Appiah, 2016) suggested that stakeholders are a uniform group who display individual forms of stakeholder relationships. Many theorists have identified stakeholder groups, along with the expectations they hold according to Connolly; Johnson & Scholes; Kuratko,
Internal stakeholders are the individuals or bodies within a business (e.g., employees, managers, the board of directors, investors), while external partners are elements that are not within the business but rather think about or are influenced by its execution (e.g., customers, suppliers). 2.3 STEPS IN ENGAGING WITH STAKEHOLDERS Following the (AccountAbility, 2011) model, the steps involved in engaging with stakeholders are: Recognize Stakeholders and Key Issues Profile stakeholders to perceive their interests, knowledge, and ability to engage and categorize or outline stakeholders in view of their impact on the organization. These are no impact, low impact, some impact or high impact. Alternative dimensions that can be utilized to outline stakeholders include reliance on the organization, proximity and so on. This can be refined through rating scales or different strategies proper for the organization and context.
Stakeholder analysis Stakeholder are entity that will affect the organization actions, objectives and policies. There are two types of stakeholder which is internal stakeholder and external stakeholder. The McDonald’s stakeholders are customers, suppliers, employees, managers, government, local communities and pressure groups. Customers Customers are the external stakeholders of the company, no customer mean zero profit. They are interest in the company and they are very important to the company because they will affect the growth of the company.
These days, companies are opting for workforce optimization to fulfill their two goals—one being enhance their customers’ overall experience while the other being create a pool of talent. A recent survey has revealed that about 80% of consumers participated in the survey said that helpful staff always improves their shopping experience, while 75% of participants revealed that they prefer walking out of the store when they do not find any knowledgeable associate helping them. Since customer experience has emerged as an organization skill, it is important for organizations to prepare their workforce with specialized knowledge and skill sets. For example, the talent management department of the organization should learn the ropes of driving workforce in a way that creates unmatched customer experience. On the other hand, the marketing department should learn how to engage their customers in a better way through omni-channel marketing.