Home Depot Mission and Vision Statement Analysis
Introduction
The Home Depot is one of the largest US-based home improvement retail farms that started its business in 1978. They are one of the key players in the field as it has more than 2000 operating stores in North America. They aim to provide their customers with high-quality products at a competitive rate. They are known for their broadest collection of items and skilled staff to guide the buyers. Though the business earns revenue from selling home renovation retail products, they also offer services like furniture installation, windows, furnaces, etcetera.
The company aims to sell the products at the lowest price, which is one of its key goals. Their availability of high-quality items and competitive prices have made them one of the biggest retailers in terms of revenue generation. To expand its profits, Home Depot has also started operating online. However, their mission has remained unchanged.
The mission statement of The Home Depot explains the reason for its existence, and it lies in the word 'to serve.' Their service is not only limited to their customers, but they aim to work with the community of their consumers, associates, and shareholders. Their mission statement has influenced their vision as they hold onto their core values.
A Home Depot mission and vision statement analysis will help with better knowledge about the firm. This article will analyze mission and vision statements by creating a mind map using EdrawMind. The Home Depot's mind map will have all this information more creatively, making it engaging for the students to learn more about this company and its core values.
Mission Statement of The Home Depot
The Mission Statement of The Home Depot is "to provide the highest level of service, the broadest selection of products, and the most competitive prices." The mission statement of the company shows how it influences its business strategies. They want to serve the community while offering their products at a reasonable price rate.
The Home Depot's mission statement highlights that the brand wants to be recognized as a "one-stop" home improvement retailer. Their competitive price and broad collection of items are not just strategies to bring in more customers but also to fulfill that goal. Thus, they also emphasize having skilled staff to guide the customers and choose the perfect product.
The below components help in elaborating Home Depot's mission statement:
Nature of Service
The main highlight of the mission statement of The Home Depot is "service." As the best home improvement retailer, the company provides its customers with varieties of products, and that too at a price much lesser than most other retailers. They also offer services, such as customer guidance, chimney installations, and other furniture pieces. However, their "service" is not limited to their customers. Even their employees and shareholders also come on the list.
Price
As their mission statement suggests, the brand strictly maintains a price range that is much lesser than their other competitors. This fair pricing has helped them earn a loyal customer base.
Collection of Items
As a one-stop solution for home improvement, they have the broadest selection of items. They aim to be the customers' first choice, whether for pricing or their collection.
Vision Statement of The Home Depot
The Vision statement of The Home Depot is "to create a company that would keep alive the values that were important to us. Values like respect among all people, excellent customer service, and giving back to the community and society." You can see that its Vision statement is an extension of its mission statement. The company wants to prioritize its service as its primary goal while keeping social responsibilities as one of its top targets.
The company has a broad group of buyers, and its vision to be "one-stop shopping for the do-it-yourselfer" has attracted people who enjoy home improvement as a hobby. Being the perfect place for hobby and necessity at the same time has impacted their business strategies and long and short-term goals. Home Depot's Vision statement defines its current business strategies.
You can break the Vision statement into the following ideas:
Top-Customer Service
The Home Depot is not a monopoly and has other retailers working in the same area. Therefore, the business keeps customer service and pricing to attract buyers. The idea of providing the customers with top-notch services drives their values and purposes.
Giving Back to the Society
The vision statement shows how the company's goal is responsible for the customer base expansion and serving the community. Their social responsibilities and core values also contribute to their position as the best improvement retailer.
Core Value of The Home Depot
The mission and visions of The Home Depot show their dedication to serving the community, which has helped them garner a massive customer base. Their Vision statement hints at how they are inclined to stick to their core values while giving back to the community. The core values of The Home Depot are:
- Caring for People and Society
- Respect for Everyone
- Serving is the best form of business
- Strengthening the Community
Home Depot's core values lie primarily around serving, caring, and giving back, and all of these allow them to create a strong bond between their employees, clients, and shareholders. The company prefers to help the customers by giving them proper advice about their purchases. They also offer installation services when required. Their competitive price is not a way of bringing in more customers but also a method of giving back to society. They encourage their employees to do their best while having "respect" and wishing for "growth." This mutual respect allows them to create a community that works in close contact with each other.
Home Depot Mission and Vision Statement Analysis Mind Map
Creating a mission and vision statement for a company is very important. If one is trying to understand the company's future goals, checking out its core values is considered one of the most important aspects. However, looking at the elaborated guides might look obsolete to some. So, instead of analyzing traditional ways, you can create mind maps using EdrawMind pertaining to all the important information. Here is an example of such a mind map:
View, edit, and download this template in EdrawMind >>
Mission
- Nature of Service
- Price
- Collection of Items
Vision
- Top-Customer Service
- Giving Back to the Society
Core values
- Caring for People and Society
- Respect for Everyone
- Serving is the best form of business
- Strengthening the Community
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Key Takeaways
Home Depot has consistently maintained its position as one of the biggest home-improvement businesses in terms of revenue and survived the competitive market because of its clear mission and vision. Their mission has impacted the way they plan their future steps. Hence, its vision is a reflection of its mission. They have worked to become the "one-stop" solution for home-improvement items. Today, they are still adhering to the same goal. Their business strategies show how dependent they are on their vision. The business has successfully created a dominant client base and brand image, as its core values have helped them to hold onto its motto of serving the community.
As you can see in this analysis article, creating a mind map using EdrawMind is a great way to understand a company, its statements, and core values. With EdrawMind, you get mind mapping features, like structures, templates, cliparts, different viewing options, remote collaboration, and more. In EdrawMind Gallery, you will find templates ranging from education, business, health, and personal/professional growth. Head to the download option and start analyzing the mission and vision statements of different companies.
