5%; Shares Fall (Update11)) Thus the company Home Depot is for serving both the new construction and maintenance/repair/upgrade necessities from lumber to carpeting to light bulbs to lawn care in the year 2005. (a Case for Home Depot) Home Deport is required to search out if there is any after sales consideration. There should be a scope of concentrating on smaller stores that are more consumer-friendly. That would also permit them to expertise in the niche categories like lawn or business. (How to Revive Home Depot: The nation's second-largest retailer needs to jump-start growth)
3) Buy suppliers - Eliminate middle man supply chain example lumbar
The brokers and middle-men are conveniently been avoided by the Home Depot with direct purchasing from manufacturers and supplying the wares to various stores on their own. This assists in reducing the price of the ultimate sale a little. This process is considered to be useful for the company if pursued in a practical mode. (Going to Check Out the new Home Depot Store this Week in Cornwall? Make Sure to Check This Out First)
4) encourage culture of customer service and product knowledge
To meet the requirement of the customers, Home Depot is required at the first instance to ensure a safe environment for customers and associates. Safety is a prime concern. All the subsidiaries are required to be dedicated to ensure the associates and customers about its security. The objective is to entail every customer with excellent customer service. This incorporates the greeting of customers and querying about their requirement of assistance. It further implies walking with each customer to the products rather than just pointing to merchandise. (the Home Depot Inc.) it is required to inform the customers about the installation of the products purchased by them. (Going to Check Out the new Home Depot Store this Week in Cornwall? Make Sure to Check This Out First) the arrangement should be that the customer search out every thing they require, in job-lot quantities to accomplish their project objectives. The store ensures the accessibility of the products by the customers through heavy stockings, fast order turnaround and complete vendor shipments. The product collection is required to be continuously varying so as to maintain pace with the varying techniques and styles, and to match the requirements of the increasing customer base. (the Home Depot Inc.)
The company is required to offer the best deal possible for its customers and their customers are necessary to be aware of this. The approach is to gain the loyalty of the clients by advancing the cheapest and most convenient place to shop for home improvement products and generating free training classes on do-it-yourself home improvement projects. (a Case for Home Depot) it was quite an error to depend so greatly on part-time staffs that are not well skilled in customer service and are not paid enough to care. They are required to invest in full-time employees who would have a stake in the future progress of the company. (How to Revive Home Depot: The nation's second-largest retailer needs to jump-start growth) the personnel need to be trained so that they can pass the basic know-how of the products to the customers. The associates are required to fabricate relationship with the customers so as to educate the customers and to provide the customers with the confidence to finalize the projects. (the Home Depot Inc.)
Home Depot bottom line surges in 2004. February 22, 2005. Retrieved at http://atlanta.bizjournals.com/atlanta/stories/2005/02/21/daily8.html. Accessed on 20 March, 2005.
Home Depot 4th-Qtr Profit Rises 9.5%; Shares Fall (Update11). Retrieved at http://www.bloomberg.com/apps/news?pid=10000087&sid=aK_sYO4yD604&refer=top_world_news%E2%80%9DAccessed on 20 March, 2005.
Landley, Rob. A Case for Home Depot. Retrieved at http://www.fool.com/portfolios/rulemaker/2000/rulemaker000114.htm. Accessed on 20 March, 2005.
Maier, Matthew. How to Revive Home Depot: The nation's second-largest retailer needs to jump-start growth. May 01, 2003. Retrieved at http://www.business2.com/b2/web/articles/0,17863,515610,00.html. Accessed on 20 March, 2005.
McIntosh, Ewen. Going to Check Out the new Home Depot Store this Week in Cornwall? Make Sure to Check This Out First. 2 December 2004. Retrieved at http://www.thecrofters.ca/News%20Archives/ewenrant.htm. Accessed on 20 March, 2005.
The Home Depot Inc. Retrieved at http://www.homedepot.com/HDUS/EN_US/corporate/about/our_stores.shtml. Accessed on 20 March, 2005.
The Home Depot Plans China Business Operation. June 11, 2004. Retrieved at http://rermag.com/Home_Depot_China_061104/. Accessed on 20 March, 2005.
Zhang, Yeshang. Learning to pay more attention to urban consumers: What home improvement companies could learn in China. Retrieved at http://www.cerc.com/pdfs/home_improve.pdf. Accessed on 20 March, 2005.