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The IMPORTANCE OF INTERNATIONAL MARKETING
The IMPORTANCE OF INTERNATIONAL MARKETING
The IMPORTANCE OF INTERNATIONAL MARKETING
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CHAPTER 7- INTERNATIONAL MARKETS Lowe’s is the second largest home improvement retailer and nineteen largest retailer in the world. It is also eighth largest retail company in the United States. Lowe’s expand its stores not only in the United States but also in Canada, Mexico and Australia. As of January 31, 2014, it has 1,832 home improvement and hardware stores all over the world (Lowe’s.com, 2014). Lowe’s operates 1,789 stores across 50 states in U.S, 35 stores in Canada and 8 stores in Mexico. In 2011, Masters Home Improvement stores were launched in Australia, a joint venture between Australia's largest retailer, Woolworths and Lowe’s. Masters hardware stores are growing rapidly and currently operating over 50 stores and …show more content…
Canada has $40 billion home improvement market which is about 6% the size of the U.S home improvement market. The Canadian home improvement retail sector had a compound annual growth rate (CAGR) of 3.1% from 2009 to 2013. Lowe’s considered entering Canada as its first step in global expansion because of the nation’s consistent economic growth over the past decade lead to robust housing market and spending for home renovation has grown across the country. Moreover, natural catastrophic events were occurred in Canada in 2013, storms in Toronto and Calgary led to flooded basements and completely damaged houses across the cities. Analysts estimated these damaging floods could increase renovation spending in the following year of 2014 and …show more content…
Australia has $40 billion home improvement industry. Woolworths Limited is the largest retail company in Australia and 23rd largest retailer in the world. In a joint venture with Woolworth’s Limited, Lowe’s opened a home center in Australia under the name Masters Home Improvement (Masters) in 2011. As of 2014, there are 38 Masters Home Improvement stores in Australia and Lowe’s own about one third from the joint venture. Joint venture with Woolworths helped Lowe’s to develop competitive advantage over Australian
Established as the older company of the two, Lowe’s ranks forty-second as a Fortune 500 company. Established in 1946 as a small hardware business, Lowe’s has grown into a 40,000 product, global market enterprise that consist of 1,710 stores nationwide expanding into the countries of Canada, Mexico and Australia (Lowe's Internal, 2010) Home Depot, founded in 1978, is the fastest growing retailer in the United States. Ranked twenty-ninth as a Fortune 500 company, Home Depot continues to remain the number one do-it-yourself retail store in America. These two companies may sell products of the same nature, but comparing their Code of Ethics is their way of setting themselves apart. (Home Depot Internal, 2009)
In the early 2000’s Lowe’s was rapidly intensifying its presence nationwide. The company carried a varied assortment of home improvement products and catered to the needs of retail as well as commercial business customers. Lowe’s expanded their reach by acquiring a 41-store chain, Eagle Hardware and Garden, and engaging in a strategic alliance with HGTV to obtain a more profound existence in their market (Rouse, 2005). By 2004, Lowe’s operated almost 1,000 stores with plans to continue expansion across the nation (Rouse, 2005). The company has a core competency in helping customers meet their home improvement needs at a low price. In order to use this core competency to gain a competitive advantage, the company has focused on key functional strategies. To continue their success, Lowe’s must specifically focus on marketing, logistics, and human resource management strategies.
Threat of Entry. Lowe’s is the second largest home improvement retailer in the U.S. and is expanding into other countries. Their stores carry a wide variety of major brands with “40,000 products in stock, 500,000 items available online at Lowes.com and more than 500,000 more products available by Special Order” (Lowe's, 2014).
Selfridges & Co. is a chain of high end department stores formed in 1906 and officially founded in 15 March 1909 by Harry Gordon Selfridge, in London. Taking place on the "dead end" of Oxford Street, the neoclassical building has showcased thrilling and brand new trends since its opening. During all these years, the store has been managed by a number of different groups, striving to keep the spirit of innovation firstly deployed by its founder.
Media. The main means of mass communication regarded collectively. It comes in the form of t.v., radio, newspapers, magazines etc. The media has a way of portraying a story in a way that they want it to be seen by audiences. In other words, the media only tells us only what they want us to hear; which, may or may not be the truth or include the entire story. The media is always looking for the next best story and the competition to be the first one on the scene can be intense. A documentary by 9.14 Productions tells the story of a man and his art collection; The Barnes Foundation.
Lowe’s Companies, Inc. is the fourteenth largest retailer in America, and overall the world’s second largest home improvement retailer. They are the 108th ranked corporation on the Fortune 500 top corporations list. With an impressive in store stock of 40,000 home improvement items on hand, ranging from lumber to Home décor items, plus an additional 400,000 home improvement items available through a special order program. Lowe’s provides a onetime stop for all home improvement needs, for both the Do-It-Yourselfer, and the ever-expanding market of the Commercial Business Customer.
Racism in 1912 was a very big issue and still is in our society today. W.E.B DuBois’ essay “A Mild Suggestion” portrays the idea and reality of the social inequality that took place in 1912. DuBois uses satire to offer a solution to the apparent African-American problem in the United States. Dubois writes “the colored man says ‘the next morning there would be ten million funerals, and therefore no Negro problem”’ (DuBois 93) He then goes on to state that on a chosen night, the people implement a planned mass killing of all the African-American folk, therefore solving all of their problems. The essay is able to show how effective racist language and ideas can be, as well as providing a good example of a writing style that keeps the reader engaged throughout the piece.
It should capitalize on the cost-leadership strategy and improve its customer service to edge out Ace and steal a chunk of its market share. Lowe’s should also seek to negotiate for favorable contracts with the major Australian suppliers on a cost-advantage level and thus increase its bargaining power. Moreover, such a strategy would create an entry barrier for Australian start-up competitors who might seek to use their home advantage to outcompete
As the company finance depends on upon the profit which is being generated at the end of the year and is displayed in the annual report published annually thus, the budget depends on upon the profit generated by the company as a company invests its profits. Hence on the basis of these strategies it can be forecasted that within five years, Australian Hardware will be leading the hardware and home improvement market in the Australia and gain large market share and revenue.
Opening its doors for the first time in 1946, Lowe’s is now the second largest home improvement chain in the world, operating over 1,800 stores in the United States, generating $56.2 billion in sales and $2.6 billion in net income for 2014 (Lowes Newsroom, 2015). Employing around 265,000 personal making them one of the top employers in the nation, there is no question that Lowe’s must be doing something right. According to Lowes Newsroom, “Lowe’s professional customers represent approximately 30 percent of total sales, approximately 16 million retail and professional customers are served each week. (2015, para 3) “Never Stop Improving”, is Lowe’s slogan; encouraging employees and customers to work together to maximize their in store
By being a customer oriented company Lowe’s uses the information that is given to them to help build upon their great reputation. To help show that Lowe’s is willing to help others they continue to help with disaster relief not only by donating money and supplies but also help rebuilding. Compared to its rivals I am certain that Lowe’s will be able to carry out its goals and missions. With having one of the best customer service programs in its market Lowe’s does its best to not only help its customers out as a whole but also on an individual level. Lowe’s will continue to grow across the nation to ensure to help you with your every home improvement need.
Lowe’s is a large chain of home improvement outlets with more than 1840 stores in North America. Their corporate slogan is ‘Never Stop Improving’
Woolworths has distribution centres in different geographical places in Australia. Products manufactured from different suppliers driven into distribution centre in the specified state or province. According to the ordering data, these products are assembled and distributed from distribution centres and moved forward to the prescribed retail stores.
Second, the rapid development of the Home centers such as The Home Depot, with prices 30% less than the traditional hardware store made Black & Decker to lose market share to Makita. As per Exhibit 2 we could notice that in the home center channel that represent 25%of the trades...
The food and staples retailing is an increasingly competitive industry. The market giants (competitors) are Coles (owned by Wesfarmers) which has 741 stores across Australia and plans to add 70 m...