Home Depot Life Cycle

However, like all companies around the world, there are pitfalls that Home Depot could potentially face in the future, some being less probable than others. Just by looking at the financial statements over the past few years, one threat to the company may be their enormous amount of inventory. While that has been one of their selling points— a “one stop shop”— they could still reach a point in their business when they have trouble moving this huge inventory. While this scenario is highly unlikely to be fatal to the company, it could be an issue that stunts its growth or even causes decline at

Home Depot’s acquirement of numerous companies over the years demonstrates its capability to expand nationally and globally. Not only that, but Home Depot has sustained and managed to adapt to changes according to the needs of its shareholders in this globalized era. It has endured economic downturns yet succeeded to remain the leading home improvement store in its industry. Still, its dedication to exceptional customer service and commitment to offer wide assortment of products and services are not lost. More importantly, the organization recognizes the importance of its employees; their effort and individual talents are the drivers for the company’s accomplishments.

Home Depot Inc., is one of the largest retail home improvement industry worldwide. Home Depot offers 2,275 stores worldwide. The company generates nearly $75 Billion in revenue annually. Home Depot was founded by Bernie Marcus and Arthur Blank. These two individuals originated there dream from a coffee shop in LA during 1978. Home Depot distributes varies targeting, segmentation strategies, and market research when selling products to consumers. Home Depot focuses heavily with DIY(Do-it-yourself) consumers. Home Depot implement their activities, distribution, and marketing home improvement ideas simple and proficient for consumers who enjoy DIY projects.

The Home Depot, Inc. was a success story of three men creating a new business that redefined the industry. By 2000, the company had reached $40 billion in revenues faster than had any retailer in U.S. history. The founders then left the management of the company in the hands of Robert Nardelli, who it was hoped would continue the company’s success.

-consumers want to believe a product has power. They want the pieces to be made whole again - whether

As previously explained, the returned merchandise policy is a main component in the customer life cycle, not only is present in all stages, but its relevant for throughout acquisition, retention and development. As if it wasn’t enough, this policy is crucial to the product value proposition and its a main differentiation factor from all competitors, since there’s no other company thats so flexible on the returned merchandise.

Sales force should not be forced to sell products to the customers. They should provide proper and useful information to help the customer’s need.

Almost 40 years ago Home Depot opened their doors to the world. Since that time the store has developed into a one-stop shop for all of your home improvement needs. Through their 2,260 North American and online store, Home Depot brings in about $75 billion annually. Home Depot has expanded their merchandise inventory and services to address the needs of specific markets. When you look at where Home Depot is today they have made their store convenient not only to contractors but for the regular consumer as well giving them both access to items that are sometimes hard to find. The company’s primary concern, since being incorporated, is for the do-it-yourself consumers. Today many consumers are opting to do-it themselves rather than hiring a contractor to do it for them. Home Depot has not however forgotten about their contractors. They still provide them support with software that helps them prepare estimates as well as proposals. The company knows that if the contractor does well with their goods and services it will keep them as well as new consumers and contractors coming back rather then them taking their business elsewhere.

and customer goes hand in hand, if the customer is unhappy then this will badly effect the business and that might lead to loss and if the customer is happy then profit will surely go up. But in achieving the needs and demands of the customer, most of the company forgets

Numerically, year one reported 3,556 customers, an average of 296 customers per month, and annual sales of $3644, with average monthly sales totaling $303.67. These figures were further evaluated and their variances demonstrated that consumer numbers did not necessarily translate into increased sales. The variance in sales per

They never want to discourage customers through irresponsible manner. Therefore, at any time, you can expect best customer service from them.

You can prevent the loss of precious, non-refundable minutes of your life spent on paperwork or problem solving for customers by preparing ahead of time. Keep your customers happy, prevent dissatisfaction: start by investing in your employees training opportunities to respond to incidents before they occur. You can overcome unavoidable service breakdowns via a process known as service recovery. Through service expert Solomon’s (2014) method we can utilize the acronym A.R.F.D.: Apologize, Review the complaint, Fix the problem (also Follow-up), and Document. Additionally, good customer service and building loyalty consist of being sharp, knowing what you are talking about, and giving the customer what they want. Customers will leave for competitors when their needs or expectations cannot be met from your business. The outcome of maintaining customer loyalty is having consistency, and that by building good relationships with consumers will continue to provide future profit and support your business.

The next step is exploring what these consumers will buy. The importance of customer satisfaction diminishes when a firm has increased bargaining power.

A major problem in the determination or measurement of Income is related to the point at which the revenue is recognized. It is possible to recognize the revenue at different points in the production/selling levels. Example:

had used the service department in the past. This question was selected because it is believed that returning customers have a higher satisfaction level than customers visiting Marley’s for the first time.