The idea of Home Depot started from a coffee shop with a dream to fulfill people’s dream homes. Two pioneers of the company Bernie Marcus and Arthur Blank worked toward their vision to build a superstore where people could find merchandise at a reasonable price. They are committed to providing high-standard service with a wide range of products at a competitive price. After 40 years of Home Depot, they are still stuck with the vision and mission and have great progress. Starting with two stores, Home Depot has more than 2,200 stores in three countries.
Home Depot Mission Statement
Home Depot uses its mission statement as a business development guideline. Every mission has a specific purpose that defines the company’s activities. Let’s analyze the mission statement of Home Depot.
The mission statement is ‘ To provide the highest level of service, the broadest selection of products, and the most competitive prices.’
The focal points we find from the statement are:
- Highest level of service
- Broad categories of products
- Competitive price
Highest level of service: Home Depot aims to deliver top-notch service and earn customers’ respect by offering the highest level of service. To do so, they innovate products according to the customer type. Augmented reality app is an excellent endeavor for customers through which customers can visualize their selected products in a real-life setting and customize them by choice. Buy Online Pick Up In Store (BOPIS) is another innovation for customer convenience.
Broad categories of products: Home Depot has the broadest categories of products. From hardware to plant suppliers, Home Depot has numerous categories based on the users. Products are made as per the requirements of customers. Three distinct categories of customers of Home Depot are – Contractor’s pros, DIY customers, and do it for me.
Competitive price: Home Depot has set its mission to be the most competitive price provider in the market. They hold the mission and work accordingly. To attract targeted audiences, Home Depot has adopted the everyday low price (EDLP) pricing strategy, which is another strategy to attain the mission.
Home Depot Vision Statement
The vision statement of Home Depot is ‘ To create a company that would keep alive the values that were important to us. Values like among all people, excellent customer service, and giving back to communities and society.
Home Depot’s vision statement illustrates the long-term goal and what the company stands for. The following components are prominent:
- Nurture Values
- Excellent customer service
- Responsibility for society
Nurture Values: Home Depot has the vision to nurture values like providing the best service and working for the betterment of society. They believe success comes from creating value for customers and stakeholders. The envision comes true by working hard, and Home Depot does great action for nurturing values. Three-leg stool is a strategic framework that ensures long last values for customers and stakeholders.
Excellent customer service: Home Depot puts customers first and always goes the extra mile to deliver excellent customer service. They believe customers should expect the best quality products and services. In this regard, they develop excellent customer service with a trained workforce and put customers and other associates first.
Responsibility for society: One-stop solution -Home Depot emphasizes creating value for society. Their long vision strives to give back to communities. Home Depot ensures employment opportunities, provides community service hours, financial support, investment scops, and donates during the pandemic.
Core values of Home Depot
Home Depot thinks the key to success lies in its core values. Core values represent the company philosophy and the basis of the company.
- Doing the right things
- Building strong relationships
- Giving back
- Taking care of our people
- Respect for all people
- Excellent customer service
- Creating shareholder value
- Entrepreneurial spirit
Does Home Depot change its mission and vision statement?
No, Home Depot never changes its mission and vision statement.
What is the slogan of Home Depot?
The new slogan of Home Depot is ‘ How does get more done.’
What is the philosophy of Home Depot?
The philosophy of Home Depot is to build a strong relationship based on trust and honesty.