Identify stakeholders that could negatively affect the project what will you do to minimize this impact?
When determining whether this is a feasible project we need to take into consideration, which stakeholders could negatively be affected and what will The Home Depot do to minimize this impact. It is important that positive outcomes surpass negative outcomes, otherwise, this project will not succeed. The textbook states, “"The importance of aligning projects with organization strategy cannot be overstated.” This quotation means that above all, this project must relate to the mission strategy of the organization in order to maintain the interests of the stakeholders. Without stakeholders on board, this project would not be possible. The Home Depot’s actions in completing this project needs to be sensitive to any group that affects or can be affected because The Home Depot’s reputation is always being evaluated.
Stakeholders that can negatively impact Home Depot’s project are Home Depot’s project team. Due to the fact that fifteen employees are traveling to New Delhi to open a new location the organization has to ensure the team is mentally ready for the project. A lot of capital is being invested into this project and The Home Depot cannot afford to make
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Thus, in order to have temporary residency Home Depot will have to pay. Moreover, The Indian Government has control over the political division of the country, and without support from the government New Delhi’s Home Depot would not be approved. The textbook states, the best way to achieve cooperation is to use tactics such as law of reciprocity. This means, “one good deed deserves another.” The Home Depot could get the government on board by explaining that economic growth is a stone throw away from
Masters Home Improvement is an Australian home improvement chain that started the market in 2011, and it is managed by the joint venture between Woolworths Limited and Lowe’s, USA in order to create an opportunity for Woolworths Limited to expand its market. Bunnings is the market leader in this industry who gains 64% of total market share, followed by Mitre 10 with 13.0%, and Masters with 8.0% of market share (The Australian, 2016). The company’s revenue continuous increased since they started the business in 2011 to 2014, they gained total revenue around $1527 million in 2014 (Woolworths, 2015) but the company still got loss from their operation expenses. Moreover, the sales dropped
For this analysis we have chosen Home Depot Incorporated a home improvement retailer. It primary clients are professional “professional remodelers, general contractors, repairmen, small business owners, and tradesmen” (Yahoo Finance, 2015). In addition Home Depot sub contracts installations to third parties (Yahoo Finance, 2015). Home Depot has 2,270 stores in the US and international stores located in Mexico and Canada (Yahoo Finance 2015).
Home Depot is built on the principle of creating value for our stockholders while never forgetting our values. We seek to be profitable, responsible and balance the needs of our communities. Throughout our company, our associates are challenged with finding ways in which we can provide the best products for our customers, provide the best possible work environment for our associates, have a positive impact on the communities in which we operate, and provide excellent returns for our stockholders.
The main functional strategy to compare and contrast is the marketing functional strategy. Home Depot markets to home improvements, and is geared toward males. The stores are primarily stocked with products for these projects. Lowe’s on the other hand, primarily targets women and their product offerings are geared toward female buying patterns. Lowe’s has more products that make a home comfortable and inviting, whereas, Home Depot has more products for the overall structure of the home. Men spend 35% more than women on home improvement (If Lowe’s Wants, 2013). Financially, Home Depot outsells Lowe’s and operates mores stores; 1,977 Home Depot and 1,805 Lowes. However, both stores performed well in 2016 and both are leaders in the home
The company has 8 values they drive: excellent customer service, taking care of our people, giving back, doing the right thing, creating shareholder value, respect for all people and entrepreneurial spirt. They have many policies in place to ensure they keep up with competitors such as Lowes, JC penny, Harbor Freight, Lumber Liquidators etc. An example of such policies is the "meet and beat" policy in which at point of sale they meet any competitors price of an item plus take off an additional 10% off. The Home Depot’s strategic factors include creating an emotional connection with all customers. They have opened customer call centers so customers can call to receive the best customer’s services and fix any issues they might be having. They have recently created a new returns system to increase customer satisfaction as well as a new scheduling system for store employees to ensure maximum coverage at all times. Another strategic factor is product authority. The company aims to keep an assortment of products in all departments. Another strategic factor is productivity and efficiency. The company is dedicated to building the best relationships with its supply chains as well as leveraging new technology that allows them to lower operating cost and increase shareholder value. A strategic
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
There are many stakeholders in this case and each stakeholder could be affected in various situations.
Projects are widely used by many organizations and government institutions in the course of conducting their business. One of the reasons for this is because they have been proven to be effective in initiating change and translating strategic programs into daily activities. However, it has been established that most projects fail to deliver on time, budget, and customer specifications. In most cases, this failure is caused by over-optimism by the project management team. This over-optimism commonly referred to as optimism bias can simply be defined as overestimating the projects benefits and conversely underestimating its cost and duration time. Research have portrayed that this is often caused by failure to properly identify, understand, and manage effectively the risk associated with the project therefore putting its success at jeopardy(Mott McDonald, 2002). Fortunately, this biasness can be detected and minimized during the project gateway process.
A1: Dollar General's main business strategy is to focus on being the leading distributors of consumable basics, with 30% of the merchandise at $1.00 or less. Dollar General believes in maintaining an assortment of consumable merchandise and making shopping for everyday items hassle free and simplistic.
The purpose of this essay is analyze the case of IKEA, which has involved in the HR management. Meanwhile, choose two topics to identify the IKEA current situation, including training and development and cross-cultural management. From those two points, give some forward suggestions on the IKEA HR management practice.
Sometimes, the stakeholders of the projects have their own personal objectives which become a hindrance in carrying out the project successfully.
Once Home Depot’s marketing plan contains a thorough description of the scissor lift, it will then focus on the branding, pricing, and distribution of the lift. The plan will also need to include a product branding and pricing strategy, as well as examine how the pricing strategy supports the branding strategy. In addition, Home Depot will prepare a distribution channel analysis from which it will create a distribution strategy, determine whether the company is going to use a push or a pull strategy, and how the distribution strategy fits the product.
This paper will reflect on the different uses of Project Risk Management and ways in which it can benefit organizations to have the ability to identify potential problems prior to the problem occurring. Risk, this is not something to be taken lightly whilst dealing with matters that include high end projects meeting specific details, deadlines and expectations for the end client. Project risk management teaches one to be aggressive early on in the phases of planning and implementing the tools for a project. This is usually easier as costs are less and the turnaround time to solve the issues at that present moment is beneficial rather than later. The result in a successful project for one’s self and other key people involved in the process is also another requirement. Stakeholder satisfaction is important because the
In this process, it was important for me to establish the sense of urgency as well as the vision of the project. I accomplished this by meeting and working with the stakeholders, securing their consensus and working with the technical team to develop technical...
When planning a new project, how the project will be managed is one of the most important factors. The importance of a managers will determine the success of the project. The success of the project will be determined by how well it is managed. Project management is referred to as the discipline that entails the processes of carefully planning, organizing, controlling, and motivating the organization resources so as to foster and facilitate the achievement of specific established and desired goals and meet the specific criteria of success required in the organization (Larson, 2014). Over the course of this paper I will be discussing and analyzing the importance of project management.