Home Depot

  • Uncategorized

HomeDepot

HomeDepot Marketing Plan

HomeDepot is a company renowned for its sale of tools, constructionmaterials, and services that are required for the improvement andmaintenance of houses. With its main offices in Atlanta-Canada, HomeDepot has extensions in various countries summing up to 150 branches.Customer satisfaction is achieved through timely supplies of theproducts and stocking in a manner that meets the needs of thesurrounding communities. As such, the company is recognized thelargest not only in Canada but also in the United States of America.There is a dire need to come up with a brand image that will attractthe targeted consumers.

BrandingStrategy

Tailoring Stores to appeal to the professional customers isimportant. Specifically, the contractors and tradesmen need to bedrawn to the products in the store. Positioning strategy requires theidentification of the uniqueness of products and the realization ofdifferences from other competitors. Currently, the company ispresented in a way that may not attract all customers. A closeoutlook indicates that there is an aura of maleness in the overallpresentation. Similarly, the website page needs more attractivetouches that will appeal to all categories of clients. Therefore amore feminine touch could be added. Brand extension can be done topromote sales [ CITATION Bri15 l 1033 ].For example, a new commodity can beput on display with the brand name of a famous product. Sincecustomers already understand the quality of that brand, they will aswell strive to acquire the introduced item.

Themain competitor is Lowe, who has an appealing outlook and womanlycharacteristics. It is for this reason that many female shoppersprefer to do their shopping here than at . This is awake-up call to review the appearance. Accessibility to the tools andproducts, lighting and color effects need to be streamlined toattract both male and female customers as well as experienced andnovice clients. Despite the differences, the branding method in usestill works in attracting the possible consumers. However, much needsto be done to ensure that maximum sales have been achieved.

Perceptualmap

HighQuality

HomeDepot

Lowe

LowPrice High Price

LowQuality

MarketingStrategy

Themarketing strategy for this company is founded on several factors,namely on the quality of services, the broad range of products andthe competitive pricing schedule. The brand name serveswell as it gives the idea of the firm. The logo that is used must bestraightforward and easy to interpret. For instance, the currentdesign can be changed to depict an icon of a home together with theinitials H.D. The Slogan is focused on the prices. Although this isa great move, having one that reveals the promise and reason tobelieve would be more appropriate. Therefore, the slogan that wouldfit best is “Save money, achieve your home’s worth.”

Agood marketing strategy should work towards ensuring customersatisfaction. As such, the approach will include several importantsteps. These stages include proper advertisement both on the websitesand in the stores, improved accessibility and also an appealing aurato everyone. Social media is an excellent platform to place theservices of Home Deport as well as the introduction of new products.By providing excellent service and quality tools and products, thecompany will make the clients have a pronounced affinity for theproducts offered. Pricing is another important part of the strategy[CITATION Dav03 l 1033 ]. Assuring customers that products aresuperior, full spectrum and affordable is a great way of improvingthe sales and attracting more individuals to the stores. The shoppingexperience can be further enhanced by making sure that all the itemspeople need are available and accessible. If not, the customers canbe assured of a timely delivery of the equipment required.

Atimetable to implement this plan requires both financial input andhuman resources. The process can be done in phases, beginning withstreamlining the overall presentation, then the quality and lastlythe prices. In this way, the profit estimation will be easilyachieved while at the same time considering affordability. The shortperiod possible should be taken. A maximum of three months can beallocated to implement these aspects.

PositioningStatement

Thepositioning statement that suits this company is that provides homeowners with lower prices on equipment, constructionmaterials, and services than any other store. We achieve this byalleviating overhead, forming partnerships with major brandmanufacturers and offering quality products with costs that match anyother online prices.

RelevantConsumer Behavior

Ingeneral, the consumer behavior is shown by the high influx ofcustomers who are self-doers. However, the ratio of male to femalecustomers is distinct. Apparently, more men shop in compared to women. This might seem reasonable since most men areinvolved in home maintenance and construction. Nonetheless, acomparison between and Lowe indicates that more women shopin Lowe. This phenomenon raises a hypothesis that the competitor hasa particular characteristic that attracts the females. As mentionedearlier, the opponent’s presentation is feminine and moreattractive. The new brand name, logo, slogan and position statementwill entice the customers to try out the store. By creating a systemthat is both attractive, appealing and affordable will pull both menand women customers. The logo serves well in giving an idea of theavailable items, the slogan and position statement emphasize on thequality and price schedule. They also promise the clients of a betteroutcome. Brand extension plays a vital role in increasing the sales.In this scenario, new products and innovations will be easily placedon the market, and consumers will associate it with the allocatedbrand and hence its acceptance and subsequent trading [ CITATION JLu98 l 1033 ].

MissionStatement

Themission statement of is grounded on high levels ofservice, the broad spectrum of equipment and materials as well aspricing. Since three aspects define the overall mission, thestatement must encompass them. The applicable mission statement isthus to provide the best quality house improvement products andservices, a broad variety and costs that are friendly to all. Themain reason behind the selection of this phrase is the way itcommunicates the purpose of the business entity. It is imperative tomake sure that this mission guides all the operations, define thegoals and also direct the decision-making process. A close analysisof the mission statement reveals that it does cover the threeessential components. First and foremost, the key market (contractorsand/or house owners) has been clearly spelled out. Secondly, theproducts have also been mentioned i.e. the items that applied forhouse improvement. The last constituent is what makes unique, and this is catered for by mentioning the wide variety ofproducts, the friendly cost and also the good quality. Any potentialcustomer reading this mission is highly likely to be attracted to theorganization and try it out.

TheCompany Introduction

Anintroduction presentation needs to be turned up to make a goodimpression especially to the target market and community. Theaudience needs to be engaged and focused on the content beingshowcased. Having high quality images and videos in the introductionplays a vital role in attraction. Similarly, colors that are bothappealing and related to the products offered are essential. The logoand slogan further enhance the company overview in telling its story.

HomeDepot Inc. is a company located in Canada and has its outlets inother countries, including Mexico and the United States of America.We provide a variety of products and services for use in improvingand maintaining houses. Additionally, our streamlined avenues allowcustomers to order items that are out of stock and receive thempromptly. Online orders are available at competitive prices.Moreover, stocking is done based on the specific needs of thecommunities being served. We are currently recognized as the largesthome improvement retailers operating a total of 2,234 stores. We sella wide assortment of commodities including building materials, houseimprovement, lawn and garden products as well as a list of relatedservices. We operate about 34 Expo design stores, more than two THDDesign Centers and approximately five Yardbirds stores. Not only areour business spread out in Canada and the United States but also inMexico and China. We also offer our customers with support in all ourcenters. Moreover, we have our website at www.homedepot.com,which provides a platform for our esteemed customers to view annualreports, products, offers and prices. All the internet services arefree of charge. Accessibility and affordability are the keystrategies for ensuring customer satisfaction. We strive to meet ourclients’ requirements at their points of need.

References

David, R. (2003). Its time to redraft your mission statement. Journal of Business Strategy, 11-14.

Holland, B. (2015, November 30). How To Write a Brand Positioning Statement In 3 Easy Steps. Retrieved from Branding: https://milesherndon.com/blog/how-to-write-a-brand-positioning-statement

Lucas, J. (1998). Anatomy of a vision statement. Management Review, 22.

Close Menu