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Strategic Audit For Lowes - Essay Example

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Founded in 1946 by H. Carl Buchan, the company was initially a small retailer, selling bathroom products and even those that are not related to the households. Lowe's sooner became public in 1961 and this time having contracts and deals with people related to house building as it had started taking off in U.S…
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Strategic Audit For Lowes
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Download file to see previous pages Back in 1962, the company had got only 15 stores and sooner the number kept increasing and so as the number of states. Today, the company is having more than 1250 stores in 49 states across U.S. Last year's sales were $43.2 Billion and the company employees are over 185,000 people. The future goals of Lowe's are simply to delight more and more of population by providing them with a luxury to feel. Lowe's uses the latest technology to assist customers and provide solutions for their home improvement projects. The majority of customers are retail customers (Do It Yourself) who are individuals buying Lowe's products, however there is a considerable amount of commercial customers as well, such as professional house builders, contractors and architects etc.
The company is strategically identifying places to enter, there is a lot of gap in the market and Lowe's has got the immediate focus on filling the existing gaps in the society and to move itself from number 2 spot to number 1. The company has targeted states where the population is more than 500,000 and it is still trying to increase the number of stores by 16% a year. Lowe's is currently expanding to new markets across the U.S, also targeting metropolitan cities and recently opened new stores in metropolitan cities like New York and Chicago. ...
o the strategies the company is using are in relation to the market growth and expansion which exactly is their objective apart from serving the people at their homes. The company's vision statement says, "We will provide customer-valued solutions with the best prices, products and services to make Lowe's the first choice for home improvement"(vision statement).
Policies:
Lowe's doesn'tjust offer the tools to help you create your dream home. We're helping lay the foundation for a better place to live.
As one of the world's leading retailers, we realize everything we do impact the people and environment around us. That's whywe're committed to helping communities grow stronger.
By investing in people and communities, promoting measures that protect the environment and providing opportunity in the workplace, Lowe's is raising the bar in every aspect of the way we conduct our business.
To us, the best way to do business is by being a good neighbor.
In the company's laws and regulations part from the employee's view point, it has been clearly stated that,
Lowe's values its reputation for complying with applicable governmental laws, rules and regulations in the conduct of its business. Therefore, every Employee, while acting on behalf of the company, shall comply with all applicable governmental laws, rules and regulations, and should avoid engaging in any conduct that, even though legally permissible, is inconsistent with the ethical principles to which Lowe's subscribes.
If there is any uncertainty about what is required or is prohibited by law or by regulations adopted by federal, state or local government agencies, Employees should seek guidance from the company's General Counsel.
Strategic Managers
Board Of Directors:
The company has got a list of 11 board of ...Download file to see next pagesRead More
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