They try to keep their prices very competitive because they are both aiming at a mass market of ordinary people, who need all kinds of household hardware, and professionals in the fields of home construction,…
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As a result, each brand wants to draw the customers more towards their own products and away from their competitor.
In the past Lowe’s has concentrated on providing a better range of products for customers, and on improving customer service so that shopping is a pleasant experience. This matches the preferences of women and the do-it-yourself customers who want to have some choice in their purchases and who take their time to review all the products. The larger stores that Lowe’s tends to have are expensive to run, however, and so their latest plans include a drive to increase efficiency in those stores, so that there is a better return on this investment in space.
Home Depot, on the other hand, caters more for serious professionals and so it has concentrated on providing a large number of stores in convenient locations. This is geared to contractors who want reliable availability of known products in the immediate vicinity. Home Depot has paid less attention in the past to the shopping experience and there has been a tendency to cram a lot of products into crowded spaces. This may be changing as competition gets tougher. Each company appears therefore to be analyzing the strengths of the other, and aiming to catch up in these specific areas with their major competitor.
It is difficult to judge which company has the better competitive image. In terms of customer preference, it appears that Lowe’s has the better image, because 53% of customers stated a preference for Lowe’s against only 46% for Home Depot. Given that Lowe’s has considerably fewer stores than Home Depot, this is an indicator that they have done a better job in making their brand known to the public and attracting customers to come into their stores. On the other hand, customers spend less at Lowe’s on each shopping trip that they make.
Home Depot achieves higher sales figures, which proves in concrete terms that customers rate them highly. On balance, then, it appears that
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Both the stores play a very vital role of providing service to their customers, in the home improvement market. Since the recession has hindered their plans to expand the current existing stores, they feel that the best way to increase the sales is by the improvement of customer loyalty, which currently does not exist for both the stores.
4 3. Discuss whether Lowe's should have distinct merchandising strategies for men and women shoppers. 5 4. Explain the criteria that Lowe's should use in selecting new suppliers. 5 References 7 1. Discuss the preferences of both men and women regarding shopping at Lowe's as compared to Home Depot Preferences of male and female customers have always been different regarding shopping.
One of the major barriers in the home furnishing and decorating industry is the high capital requirement. The initial cost required to start a business is too high for the new entrants to afford (Harrison and John). Therefore, it is essential for the company in the industry to operate with contracts to establish credit with a financial institution in the long run.
Lowe's was not only customer friendly but also appealed to women as well as men. It was easy to find what one was looking for and the customer service was quite good. This paper will discuss how Home Depot approached the inevitable culture change that had to occur to compete.
Thus, the demands for new and innovative home care products and accessories have become symbols of status and fashion statements. Shultz say that it is the end-users who now control the markets rather than the marketers (Shultz, 2001). It
In a survey performed to US shoppers revealed that 53% of the corresponded preferred Lowe’s compared to 47% of the correspondents liked Home Depot better. The people that preferred Lowe’s claimed the store has better product
ome improvement and appliance stores Lowe’s have also come under such economic conditions, which discouraged consumers from maintaining and improving their homes and thus negatively influence the activities of both companies. It has been determined that about twenty- five
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