Table of Contents
Introduction
Home Depot is one of the largest home improvement retailers in the USA. They are offering construction services and products as well as tools suitable for construction workers.
The first two stores of Home Depot were opened in metro Atlanta by Bernard Marcus, Ron Brill, Pat Farrah and Arthur Blank in 1979. In 1981, the company went public and joined the NYSE in 1984.
In 1989, Home Depot surpassed Lowe’s stores by becoming the largest home improvement store in the U.S.A. Since then. It has grown to employ around 400,000 employees in 2,285 locations (as of October 2019).
Home Depot, as a company, strives to have a genuine focus on resilience, self-reliance, and tireless optimism. Since 1986 Home Depot has continuously poured effort to train its associates to provide outstanding value while also making sure that they obtain the products and services they need.
The company has also initiated the DIY clinics, one to one sessions and customer workshops that are since renowned all over the country.
Where does Home Depot has its headquarters?
The Home Depot headquarters are in the Atlanta Store Support Center, Cobb County, Georgia, U.S.
What is the slogan of Home Depot?
You know a slogan to be a short, catchy and memorable phrase and is associated with identifying a brand in adverts. The slogan associated with Home Depot is “More saving. More doing.”
What is Home Depot’s Mission Statement?
Home Depot’s Mission Statement is “being focused on offering the largest selection of products and very comprehensive service at an affordable price.”
Its mission statement is a clear indication of how the company performs all of its services and how it sells products.
Their mission is to assist customers with any purchase regardless of their price and ensure that they get the best value for money. That’s why Home Depot managed to proliferate in the last decades, as it seamlessly focuses on value for money while also offering additional services to make customers happy.
Also, the mission statement it’s about customer needs. Home Depot does an outstanding job of ensuring that they cover just about any requirements regardless of their nature or concept. At the same time, Home Depot’s mission is to make all these purchases very affordable.
They have the current mission statement ideas:
- They want to offer the best product prices on the market and ensure that customers get to return thanks to the affordability aspect.
- Home Depot’s mission is to provide a very high service level that’s unseen in the industry.
- Home Depot customers will be able to access some of the largest selection of home products and utilities in the entire country.
While the company sells tools and construction products, they strive to offer only some of the most reputable brands. But they also have an affordable option, a clear nod to their mission to help all customers as much as possible.
At the same time, Home Depot has a very high level of concern when it comes to what other companies are doing. And they always surpass the competition by offering top standard solutions, one of the things that make them stand out in front of other similar businesses. To do that, the company always studies competitors and makes sure that it adapts accordingly to still stand out of the crowd and offer better quality and value.
Their mission is also to help people find any products they want extremely fast. Dependability is vital for Home Depot, and that’s why they are fully focused on quality and very high standards. They are also studying competitors’ prices, and then they adjust their prices accordingly. It’s their primary mission to offer both quality and great value, and it delivers.
Home Depot also does an excellent job with their marketing. Included in their mission statement is a significant focus on expansion and on getting close to its customers. The company tries to make the entire customer experience more straightforward, more convenient and adaptable to the consumer requirements.
By adding in a lot more products and better quality, they are offering more value to the customer base. And customers find it easier to fulfill their requirements thanks to these professional and affordable solutions. Home Depot is also a company focused on respect. They work very hard to show customers that they are always respected, and their employee training reflects that.
The entire Home Depot team is always focused on fulfilling your requirements. They will go above and beyond to ensure that all your needs are fulfilled at the highest possible level. The Home Depot mission is also to help people in dire need of assistance, so the corporate division of this business is actively donating to people that need support and help. They are working very hard to deliver solutions and professional systems that the unfortunate people can access and enjoy at their own pace.
Respect Among People
You must have heard the saying that everyone deserves to be treated with respect. For Home Depot, it focuses on addressing these people with respect. This is because the class of people that come to purchase its products is for ordinary people.
Construction workers work in stressful environments, treating them with respect puts a smile on their faces, changes their mood and in turn, makes them loyal to Home Depot even when they move to other environments.
Giving back to communities and society
- We know that there is something called Corporate Social Responsibility (CSR), a scheme under which companies give back to the community. For Home Depot, this is part of the vision, not just a mandated responsibility.
The fact that even in the US, there is a percentage of people suffering and lacking adequate assistance and attention from the government. Home Depot prides in meeting the needs of such people who are underprivileged when compared to others.
There are sometimes that uncontrollable events occur in the form of natural disasters, and most times, it is this category of people that suffer. The giant of home improvement products has made it their duty to come to the aid of such people.
It does this by using its vast workforce and resources to affect lives, such that when people see their brand anywhere, they are happy to associate with them, and go as far as buying their products and investing in their brand.
What are company Home Depot’s Core values?
Home Depot is a company created with the idea of outstanding customer service in mind, all while taking great care of its staff and creating shareholder value. Aside from that, some of the other core values for Home Depot include pursuing the entrepreneurial spirit and establishing a compelling connection with all of its customers.
Core values are inherent to your company. They are like the adjectives that can be used to qualify your company. For Home Depot, its core values are “creating shareholder value, taking care of its staff, excellent customer service.”
Asides these values, Home Depot demonstrates an entrepreneurial spirit and delights in building strong relationships. You might be surprised to see “excellent customer service” again under core values after reflecting on the mission and vision statements.
This is proof that excellent customer service is at the heart of what Home Depot does, and you should incorporate it into your business, too, for higher results. We will be looking at the other two components of the core values asides excellent customer service.
1. Great customer service
One of the top core values of Home Depot is to provide customers with solutions that are extraordinary and hard to find. Besides, the company also makes sure that any issue is handled extremely fast. That helps make sure that every customer will receive a good return on investment for every purchase. It also shows that any problem encountered by a customer will be solved professionally and without downsides.
2. Taking great care of its staff
Home Depot’s attention to detail also extends in the case of its staff. The company understands that its staff is critical, and they offer excellent salaries and complementary packages. That helps provide the solutions that employees need to stay happy and motivated. They are also working hard to further improve working conditions to make employees productive.
No firm can achieve its vision and mission without a motivated and dedicated workforce. Successful Founders and CEOs like Richard Virgin have this at the heart of their businesses.
One of his quotes has it that when you train your workers well, they will leave, but when you treat them well, they will stay. This does not devalue training as a means of treating your workers well.
Asides giving your employees a pay rise and flexible working hours, it is also vital to ensure that they have good working conditions. This makes them become ambassadors of your firm.
3. Establishing the right shareholder value
Aside from taking great care of customers, Home Depot is also focused on offering an excellent stock value and on constant growth. One of the main targets and core values for Home Depot is to provide excellent shareholder value and reach new levels in the industry. The company has grown considerably, and they have opened dozens of new locations in the past decades, a testament to the core values and quality provided by Home Depot in general.
You will be discouraged as a shareholder when the value of your shares and dividends is stagnant or at worse, decreasing. These are measurable ways through which you can know if your company is doing well.
Home Depot prides itself in creating values for its shareholders. This value creation is done by making sure that the shortest activity has a benefit it is adding to the value chain of the company.
This encourages potential investors and shareholders to have a part in Home Depot.
In conclusion, you can see that from the Home Depot story, mission statement and core values, that there are principles, you can learn for your business to improve. I encourage you to adopt these feasible principles.
References
Burkitt, L. (2012). Home Depot Learns Chinese Prefer ‘Do-It-for-Me’. The Wall Street Journal.
Charan, R. (2006). Home Depot blueprint for culture change. Harvard business review, 84(4), 60.
en.m.wikipedia.org/wiki/The_Home_Depot
Darrow, W. P., Smith, R. D., & Fabricant, R. A. (1994). Home Depot and the home center industry competitive strategy. The Mid-Atlantic Journal of Business, 30(3), 227.
Home Depot – About.
McAlexander, J. A., & Hansen, E. (1998). J. Sainsbury Plc and the Home Depot: Retailers’ Impact on Sustainability. Island Press.
Panmore.com/home-depot-vision-statement-mission-statement
Richardson, K. (2007). The six sigma factor for home depot. CHANGE, 40, 0-26.
