Home Depot is the largest home improvement retailer in the United States. Through its mission and vision statements, the company has secured a leading position in the industry. Ideally, a company’s mission outlines the strategic approaches towards its vision.
The founders of this retail giant created a unique mission for the company that revolves around the provision of high-quality services in addition to offering a broad range of products to its clients. Affordability is also a critical aspect of its mission.
Unsurprisingly, the company has a vision related to its mission. More specifically, the chief aim of Home Depot vision is the creation of value for its clients. Providing an irreproachable level of customer service is one way of creating this value.
Moreover, the vision includes a call to its staff members to participate in charitable donations. Another point of note is that the company has three critical values among its eight values.
They include providing excellent customer service, creating shareholder value, and giving back to the community. Therefore, Home Depot values, vision, and mission revolve around customer service and charitable giving.
|NAME||The Home Depot|
|HEADQUARTERS||Atlanta, Georgia, USA|
|STATUS||Public Independent Company of NYSE|
|INDUSTRY SECTOR||Hardware stores|
|TRADING SYMBOL||NASDAQ: HD|
Home Depot Mission Statement
Home Depot mission statement is “to provide the highest level of service, the broadest selection of products and the most competitive prices.” The company’s mission statement is a window into its primary focus as it carries out its activities. More specifically, Home Depot focuses on providing a high quality of service. Doing so helps it retain its client base in addition to attracting customers from its competitors.
Another point of emphasis is the selection of products that it has. The company goes to great lengths to ensure that the people who visit its stores can access everything they need for home improvement. It goes a step further by trying to make sure that the prices it has on these items are affordable. Therefore, the company has three pivotal points in its mission that would explain its activities such as staff training, procurement, and pricing models. These points are as follows:
- The level of service
- The selection of products
- The price of the products
Home Depot sells construction products and tools. These products are available to other retailers as well as its competitors. Consequently, the company improves its level of services to set itself apart from its rivals.
For example, the level of ambiance at Home Depot is better than that of other stores that sell similar goods. Additionally, Home Depot shows a higher level of concern to its customers than other stores do. In the second pivotal point, Home Depot focuses on making sure that the people who frequent its outlets have access to everything they might need in a home improvement store.
In other words, the firm ensures that a customer does not miss an item at one of its stores. Therefore, the home improvement giant retains its customers and attracts new ones by offering them everything under one roof.
That means every tool and construction product that a contractor or homeowner could need for improving their home or office is available at Home Depot. In the third pivotal point, Home Depot examines pricing as a critical part of a consumer’s shopping experience.
It knows that consumers do not want to run out of money when they could end up with some extra change at a competitor’s store. To put it differently, the retail giant understands the need for competitive pricing. Therefore, it ensures that its products have the lowest possible price. Bulk purchases and high volume sales compensates helps it deal with low pricing.
Home Depot vision statement is “to create a company that would keep alive the values that were important to us. Values like respect among all people, excellent customer service and giving back to communities and society.” Home depots vision hinges on two primary aspirations.
- Showing respect to everyone through its values.
- Going beyond respecting everyone by giving back to the community.
A breakdown of these aspirations enhances one’s understanding of Home Depot vision. For example, the company understands that construction workers are ordinary people who mostly earn an average wage.
It also knows that these workers also work in a stressful environment. Consequently, Home Depot puts a smile on their faces by treating them with respect. Doing so improves their mood and makes them feel at ease. It encourages them to be loyal to Home Depot as well even when they move to other companies or locations.
Home Depot also knows that the US has a fair share of people who are suffering. These people need an adequate level of attention and assistance. Therefore, the retail giant steps up in various ways to help underprivileged people in American societies.
It uses its vast resources and workforce to make a difference in their lives because it will not sit idle as underprivileged people suffer. Instead, it will take various steps to alleviate this suffering including the creation of several programs targeting people in need. These people include veterans or people in disaster-struck areas.
Home Depot core values are “excellent customer service, creating shareholder value, and taking care of its staff.” It expresses other values as well including building strong relationships and pursuing an entrepreneurial spirit. Here is an analysis of its chief values.
- Excellent customer service: Home Depot is aware of the fact that retaining a loyal client base is impossible without excellence in customer service. Therefore, it seeks to ensure that the people frequenting its outlets feel honored and respected so that they can become loyal to the company.
- Creating shareholder value: Home Depot understands that the people who own the company should benefit from owning it. Therefore, it strives to ensure that it creates value for the shareholder. This value is measurable in various ways including an increase in dividends that shareholders receive and the price of a share in the company.
- Taking care of its staff: Home Depot also recognizes that it cannot accomplish its goals without a dedicated and motivated staff. Therefore, it goes through great pains to ensure that it meets the needs of its staff. These needs include an adequate level of benefits and suitable working conditions.
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