Marketing Strategy for Home Depot

Marketing Strategy
IG005 Marketing Strategy
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Executive Summary of Marketing Plan
This paper addresses the following; services, household products and the marketing
Home Depot Strategy. It is one of the largest household products’ company. That is
evidenced by the fact they also have their set of problems. Its aim is also to identify
strategies of the firm, their execution and how they fit in the company in the short and
long run.
Product’s Analysis of Market Opportunity
The company has great plans for investing in $5.4 billion for sharpening their Omni channel strategy. It also have the plans for heightening inventory. That
will develop fundamental geographic boundaries which will enable the response of software in the region’s different area. Additionally, the technology is
also significant in analyzing the services’ and products’ market opportunity. For example, technologies enable the usage of data by the company, in a
manner that is traditional during the advertisement of products and services. The use of technology reduces cost while increasing the efficiency of analysis
for better decision making in advertising. With the current age, the use of data analytics and artificial intelligence technology have opened up countless
opportunities for marketing. Companies can now develop a strategy where they can have an acute understanding of the interests of consumers with what
they search, read and watch online. An example is the pop-up advertisements that normally appear on YouTube as a person is watching.
Analyze the External Environment
The pest analysis of home depot indicated the fact that some external factors could have potential effect on the companies basing on the macro-
environments. Additionally, external factors could open up more opportunities, despite the visibility of threats in environments that are remote. External
threats open up the scope of doing business, for the company. Because for the fact that different environments possess different traits and characteristics,
companies and businesses are forced to comply and expand their scope of operation to accommodate diverse environments. Also, the center of focus for
the Home Depot officials are on the political issues’ effects in the market for performance enhancement. External political factors are deemed as
international trade expansions, presenting opportunities. External political factors have great impact on multinational corporations.
Market Analysis with the Porter’s Five Forces
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The firm exploited regional expansions in analyzing the market of Home Depot using the Porter’s Five Forces. That is majorly because of the fact that
their political position is both stable and unpredictable in targeting customers. There is also a direct influence on the company by economic factors, given
the fact that it determines the economic conditions of the company. Social conditions also have a huge impact on the company, like investors and
employees. Technology also encompass the management systems and automations within the company that will present knowledge and opportunities for
the business. ERP systems for example, is a singular software with which dozens of company processes and functions are managed. Therefore, ERPs
completely changes the way of managing businesses.
Analysis of the Risk of Market Entry
Considering Home Depot’s large position in the industry, it bears a moderate risk of market entry. Despite the competitors in the sector of retail, the size
and position of Home Depot are partly because of the ability of Home Depot to maintain its large position in the industry and also because of the fact that
the company offers a program of consumer loyalty. That provides a cutting edge for the company, in the industry. The strength and opportunities of Home
Depot provides highlights to resilience, productivity and the competitive advantage that will continuously outweigh the weaknesses and threats of the
company for many years.
Objectives and Mission Description
The objectives and mission statement of the company highlight the activities of the business and their strategic direction. The vision and mission statement
underwent implementation in 1978. The company now leads in the improvement of home retail chain across the world. In addition to that, the mission
statement that is illustrated bears the concern for competitive pricing, quality and attractiveness for stakeholders and customers. The vision and mission
offers an indication of fulfillment of its original mission and vision statement.
Target Market Description
Home Depot leaders developed a target market for the maintenance of its marketing mix for the purpose of pleasing consumers. That kind of a strategy is
used for the selection of organizational objectives, characteristics and product attributes. For example, the company chose the differentiated targeting
strategy to gain the attention of contractors and homeowners. Business leaders identified the usefulness of the strategy because it enhanced the reputation
of the company and increased its sales.
Creating a Position Strategy
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