Mission statements describe what a company is all about. Ireland and Hitt (1992), noted, “An effective mission statement describes the firm’s fundamental, unique purpose. An important part of this description indicates how a firm is unique in its scope of operations, and its products of service offerings” (p. 35). The description of the mission statement becomes an integral part of the product branding of the company. Even if we are talking about a small business or a mega-business, the mission statement brands the firm and differentiates it from the competition so that customers understand that the company is committed to a purpose, products and services. This paper will evaluate Home Depot’s Mission Statement and Nike’s Mission Statement …show more content…
Abraham (2012) notes, “A mission statement answers the questions, “What do you do?” and “What is your raison d’être (reason for being)?” (p. 40). My Strategic Plan (n.d.) defined the Home Depot’s mission statement as: Home Depot’s mission statement states “The Home Depot is in the home improvement business and our goal is to provide the highest level of service, the broadest selection of products, and the most competitive prices. We are a values-driven company and our eight core values include the following: Excellent customer service, Taking care of our people, Giving back, Doing the “right” thing, Creating shareholder value, Respect for all people, Entrepreneurial spirit, and Building strong relationships. (My Strategic Plan, …show more content…
Nikes explains through inspiration and innovation they will serve their customers if they an athlete. This is where I think Nike fails to define its customer base. Not everyone may consider themselves an athlete. In the current environment there are casual activities like walking which you don’t have to be defined as an athlete to perform. Not everyone will be the next Michael Phelps or Tiger Woods. Nike mission states generalizes, they only reach out to those who have the body to be an athlete. Nike mission statement clearly misses the mark when it comes to defining their core competencies and their employee’s commitment. Lastly, Nike mission statement is narrow and broad by brining inspiration and innovation to every
A mission statement express the core purpose of an organization and its reason for existence. Mission statements are vital to an organization because they communicate and set the foundation of the purpose of their existence. They shape the attitudes and behaviors of the members of the organization and the perceptions of the public (Hess, 67).
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.
The Home Depot is recognized as being the leader in the home improvement retail industry by combining the economies of scale inherent in a warehouse format with a level of customer service unparalleled among warehouse-style retailers. ("Home Depot to", 1999)
During 1990’s, the Home Depot was well renowned for its amazing customer service as orange- blooded entrepreneurial culture and outstanding customer service. Since the initiation Home Depot took a long-term approach by training its employees to form enduring customer relationships rather than push for incremental sales gains. This made the company grow very quickly becoming the fastest
This mission statement allows the customers to form expectations, for the business to meet these objectives which are stated in the mission. So far Bass Pro has been able to satisfy it mission statement. Bass Pro focuses its business around this mission statement by providing the services it does. The company offers educational courses for all sportsman and young people interested in the outdoors or conservation, this helps them to meet their obligation to society. It is very important from a company to live up to its mission statement in order to be considered a successful
As a mother and wife, I'm always looking to save time and money. I can sometimes achieve that by choosing to shop at our local Dollar General. Because I am a frequent customer of their company, I was interested in learning what their mission statement contained and whether or not they did a good job relaying that message in their “About Me” section of the company website. Here are my findings...
Home Depot is the brainchild of Bernard Marcus and Arthur Blank and came about after both men lost their job in the home improvement industry in 1978 (Parnell, 2014). Home Depot has acquired several smaller home improvement stores in both the U.S. and abroad through the years which enabled it to position itself as the world’s largest home improvement chain (Parnell, 2014). Home Depot focuses on the do-it-yourself segment of the market and sells sells tools, construction products and services. Marketing is a strong point for the company. They are able to maintain a competitive advantage by keeping themselves available to their customers at all times. Home Depot has been using both online and offline marketing efforts. The internet has become a very useful tool for the company and part of the reason that they are leading the market in DIY stores. Home Depot currently provides DIY videos on YouTube and Vine that cover current topics that consumers are likely to be interested in. They also have social media pages on Facebook and Twitter, where they have a huge following. They provide online communities where actual employees answer consumer’s questions and provide assistance on
Content 1.Preface 2.Introduction 3.Problem definition 4.Summary 5.Conclusion 6. Chapter 1: External analysis of Home Depot Inc. 7. Chapter 2: Internal analysis of Home Depot Inc. 8. Chapter 3: Strategic forces. 9.
No matter what people think about Home Depot or Lowe's, it can be agreed that both stores have contributed for the greater good to the public. Both stores have made significant marks and impacts on our nation and the world. Even if Home Depot may have the upper hand, for now, Lowe's has and will make the general public believe and see its worth. Both companies should be taken seriously and not be ignored. If everyone gives these two companies the recognition they deserve, it would give the employees of Home Depot and Lowe's great joy to see their work rewarded with gratitude.
A brand is utilized by a company to differentiate its products from others in the market. Some techniques for accomplishing this are through the use of distinguishing logos, names, color schemes, and slogans. An effective branding strategy is one of the most important components for gaining a significant advantage in a progressive market. Basically, a company brand is its promise to its customers about what can be expected from its product and how it differentiates from the competitors. The branding strategy is the part of the marketing plan that explains how and to whom the company proposes on conveying its brand messages. It will also explain where the company plans to advertise and what it will publicize both visually and verbally (Williams, 2013). Home Depot’s marketing plan will contain domestic and global branding strategies and will be a collaboration of brand messages from both Home Depot and Reach the Top®.
Strategic plan reviews the mission and vision of a company (Armajani 2012). For Best Buy, it aims at providing customers the latest devices and services at an attractive price at any time via multi-channel. And apart from just selling, it provides technical services and warranty of products in order to further improve customers’ experience to which the company highly valued (Best Buy 2014, p.25).
The marketing goals are: Increase customer retention, Increase eCommerce Sales, Increase our Community Involvement. The first goal specifically works towards reaching 60% repeat sales through different promotional strategies like emotional marketing and sponsoring different professional athletes. Customer retention is extremely important to maintain Nike’s market leader position. Increasing eCommerce is a major focus for Nike. Last year we were able to increase our eCommerce sales by a profitable 51%. Our second goal is to continue this trend by increasing online sales by 50% every year for the next four years. It is our belief that doing so will solidify Nike as a leader in the online athletic market. Nike truly believes that sport can change
Nike is the number one innovator in the world in athletic footwear, apparel, equipment, and accessories. This worldwide company operates in an extremely different organizational structure than other companies, such as Reebok and Adidas. Nike operates tremendous marketing strategies and develops inventive designs to inspire athletes around the world. This company is one of the largest suppliers in the world in athletic footwear and apparel, main producer of sports equipment, and making Nike the most valuable brand among sports companies. The task for Nike is to join diversity and inclusion to encourage ideas and innovation. Around the world, this company is a popular brand.
In the case of Nike footwear they have segmented into the following groups: Running shoes, Soccer, Basketball, Football, Hockey, Golf, Tennis, Skateboarding, men’s training and women’s training. Nike footwear has a lot of target markets but their main target market is athletes and fitness professionals. The second target market are people who train, work out and play sports as hobbies or who are semi-professional. Nike also targets the fashionable people. Nike footwear is has further segmented their market according to the people that endorse the products. For example: Jordan, Kobe, Lebron and Durant to name a few. The footwear segment has also been segmented on the bases of brands like Jordan and Converse. (Nike website). According to Svezia Nike will continue to use “premium channels of distribution to family and value channels, it will continue to segment and take market share wherever it presents itself.” (Canadian
A company’s mission is just a big goal that needs to be accomplished within a certain amount time and should support the company’s overall vision. Within the organizations mission there can be smaller goals which need to be achieved to attain the mission. A mission statement will describe, “the purpose of the company, and/or what the company strives to do” by a certain time. (Hill, Jones, & Schilling, 2015). “A mission statement communicates the organization’s reason for being, and how it aims to serve its key stakeholders. Customers, employees, and investors are the stakeholders most often emphasized, but other stakeholders like government or communities (i.e., in the form of social or environmental impact) can also be discussed” (Carpenter, Bauer, & Erdogan, 2015). Mission statements are often longer and more in-depth than vision statements and are usually have a shorter time period associated with