Home Depot Marketing Strategy

A brand is what can either attract people to you or make people avoid you; people would identify you by the brand you portray. One can communicate their brand through actions and words. “It is essential to understand that wherever we are, in whatever we do, we are all building our brand”.

Home Depot’s retail strategy is one of reasons for its fast growth and continued leadership in the home improvement retailer industry. Its focus on speed, efficiency, and quality has made it one of the largest retailers in the world. Home Depot focuses on being a leader in “product authority.” Walmart and Costco are leaders

A brand is a name, term, design, symbol, or any other feature that identifies one seller 's good or service

Target Corporation’s first store was opened in 1962 and was focused on discount retailing. Today, Target has opened more than 1,500 stores in 47 states, including a line of SuperTarget® stores which have expanded to include grocery shopping at those Target stores, in addition to the photo processing, pharmacy, and Food Avenue® restaurants found in almost every other Target. Recently, Target has also expanded it’s presence to other countries such as India.

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

The Home Depot (NYSE: HD) is a home improvement, construction products and services retailer operating over 2,000 big-box stores in the United States and abroad. The Home Depot was founded in 1978 by Bernie Marcus and Arthur Blank with the vision of one-stop shopping for do-it-yourself (DIY) customers, installation services for do-it-for-me (DIFM) customers and competitive products for the professional market. Their DIFM installation programs include products such as carpeting, flooring, cabinets, countertops, and water heaters. In addition, the company provides installation of various professional products like generators and HVAC systems.

Market Strategy: Every company has numerous target markets. Lowes markets itself both externally and internally as a customer-oriented company while Home Depot markets itself as a contractor organization. Lowes does provide its customer with a easy to navigate, brighter store that makes it more attractive to all people, not just contractors.

An industry of competition, and tight margins The Home Depot, and Lowe 's Company are still at it. Both of these companies stand now as the industry standard for the home improvement sector. The numbers that will be presented in this study show proof that both companies have extremely strong financial positions, and a long future in the home improvement industry. Competition is good for the retailer, but even better for the customer.

During fiscal 2004, other business operated under The Home Depot Supply brand, which distributes products and sells installation services primarily to business and governments through the following companies: Apex Supply Company, Your Other Warehouse, The Home Depot Supply, White Cap Construction and HD Builder Solutions group. The Company also has two stores called The Home Depot Floor Store that primarily sells

“Home Depot is credited with having revolutionized the American home improvement industry. Since the recession, the company has witnessed phenomenal growth with the stock price growing by over 270% in the last five years alone. With services encompassing Do-It-Yourself, Do-It-For-Me, and Professional (Pro) customers, Home Depot has managed to carve its way to being the industry leader with an ~27% share. In this note, we analyze Home Depot’s business using the SWOT analysis to assess Home Depot’s strengths, weaknesses, opportunities, and threats. Using this, we look at what might be in store for Home Depot going forward.” Trefis Team, Oct 6, 2015

After 90 years of growth, target has over three hundred stores across Australia with stores conveniently located in both metropolitan and regional areas (Wesfarmers, 2016). Target offers its customers a diverse range of products including Branded clothing, cosmetics, toys, homewares, electrical, fitness and consumer electronics. Few premium brands, mostly mid-range seasonal fashion lines (Target Australia, 2017). Target’s core marketing strategy is targeting fashion conscious shoppers by collaborating with designers like Jean Paul Gaultier and Stella McCartney (Catie Low, 2016) with a focus on quality and customer in-store shopping experience, and entering high volume brands, exiting unprofitable sales and toy sales.

Marketing strategies are focused on the customer, and a business has to choose which customers to target. Your product will not be needed by everyone. You will have to figure out which segments of the market to pursue. There is a huge market for home repair, including professional carpenters and builders. Home Depot’s competitive advantage would not be strong in the market segment composed of professionals, in which the distribution channels are strong and well established.

Home Depot 's target market is individual homeowners/small contractors. Even though the traditional ideology is that cost leadership and product differentiation business strategies are mutually exclusive, Home Depot was successful at using a combination strategy. First, Home Depot optimized the cost leadership strategy by offering low and competitive prices to its customers by emphasizing higher sales volumes with lower margins, while instituting a high inventory turnover. Home Depot successfully offered a warehouse product strategy to the individual consumer for the first time. Previously, this type of price discounting was only available to professional contractors who earned product price

According to the American Marketing Association (AMA), a brand is a “name, term, sign, symbol, or design, or a combination of them intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of competition”. However, as Keller highlights, a brand is also “something that has actually created a certain amount of awareness, reputation, prominence, and so on in the marketplace”. Therefore, a brand is an identity created to differentiate itself from the competitors and to be remembered in consumer’s mind.

Although the website allows automated ordering and delivering, there are times when customers may have questions or find difficulty ordering products on the company’s website. Customer service is important in sales volume and customer satisfaction. It is crucial that Organic Vita-Hair offers constant customer service to their current and potential customers. Two of the company’s service representatives are dedicated to these types of inquiries on a constant basis while the other two representatives are in charge of sales and order fulfillment.