Established as the older company of the two, Lowe’s ranks forty-second as a Fortune 500 company. Established in 1946 as a small hardware business, Lowe’s has grown into a 40,000 product, global market enterprise that consist of 1,710 stores nationwide expanding into the countries of Canada, Mexico and Australia (Lowe's Internal, 2010) Home Depot, founded in 1978, is the fastest growing retailer in the United States. Ranked twenty-ninth as a Fortune 500 company, Home Depot continues to remain the number one do-it-yourself retail store in America. These two companies may sell products of the same nature, but comparing their Code of Ethics is their way of setting themselves apart. (Home Depot Internal, 2009)
Lowe’s begins their manual with
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Therefore, every employee, while acting on behalf of the company, shall comply with all domestic or foreign government laws that are not consistent with the ethical principles’ to which Lowe’s subscribes. (Lowe's Internal, 2010)
Home Depot compiles advertising, antitrust and confidentiality in policy of Compliance with Laws, Regulations, Policies, and Standard Operating Procedures. Advertising is to be provided to consumers with accurate, fair, and lawful information that is intended to help them make informed decisions. Antitrust laws in the United States and other countries are intended to preserve a free and competitive market place. Confidentiality is extremely important, as internal information is not to be shared with any outside venders, competition, or family members. This is to provide a guide for employees’, as Home Depot seeks competitive advantage. (Home Depot Internal, 2008)
Lowe’s and Home Depot maintain their competitive advantages by “warning” employees not to give away information that cause unfair balance while attempting to gain an edge. Both companies feel that free market is up to each individual company to strive for innovative ideas that separate the two. Though confidentiality is listed in different sections of the manuals’, both feel that the integrity
The Home Depot mission statement reads as follows: “The Home Depot is in the home improvement business and our goal is to provide the highest level of service, the broadest selection of products and the most competitive prices. We are a values-driven company and our eight values include the following: excellent customer service, taking care of our people, giving back, doing the “right” things, creating shareholder value, respect for all people, entrepreneurial spirit, and building strong relationships.”
The Home Depot knows that they must stay on top of technology and management must be able to organize this function in a way that surpasses the competition, pleases the customers, and keep the employees satisfied.
Lowe’s is continuously being threatened by Home Depot in losing market shares. It is a constant battle; Lowe’s and Home Depot are expanding substantially in attempts to take over territory claimed by the other as well as unclaimed territory. The biggest weakness for Lowe’s is its lack of customer service. Customers are leaving Lowe’s in search of credible, knowledgeable service which is found at Home Depot.
Lowe’s is part of an oligopoly type market structure. An oligopoly is a situation in which a particular market is controlled by a small group of firms with at least two firms controlling the market. The main key to behavior in an oligopoly is that companies must take into account what other companies will do. In perfect competition, firms are price-takers and can ignore other firms (Basic Economics, 2009). The home improvement retail stores are an industry that includes Home Depot, Lowe’s, Builders Square, and in other states, Menards. Smaller companies have to try to compete with them to stay in business.
The home improvement sector of the economy is large with two major players in the industry and with many smaller local and regional competitors. These two major competitors are Home Depot and Lowe’s. These two companies account for over $110 billion in total sales each year. Even though sales have gone down over the past few years due to the downturn in the economy they have not gone down nearly as much as home sales and this is due to more people deciding to do more home improvements to their own home then buying a new home. Both of these companies have been able to keep up sales and increase them year over year by improving current
I chose to do my research on the Target Corporation. I feel they have a reputation of service to their customers, employees and community. Target’s mission is great value, the community, diversity and the environment. Target takes 5% of its income and puts back into the community. The Reading and Education Program, The Military and Veteran Support Program and The Social Services Program are just a few of several programs Target Corporation offers to the community. Target has a great reputation to be a positive fixture in the communities they serve. I think it says a lot about a company and the way it does business. I would feel good about working for a corporation like this. The Target Corporation has good ethics and is socially
Lowe’s Companies, Inc., is a $26.5 billion company that employs 122,000 people. It is the world’s second largest home improvement retailer and the 14th largest retailer in the United States as well as the 30th worldwide. Lowe’s owns 854 stores in 44 states and serves eight million do-it-yourself and commercial customers weekly. Headquartered in Wilkesboro, N.C., Lowe’s has been in business for 57 years and publicly held for 41 with stock listed on the New York Stock Exchange under the symbol LOW. The company offers products and services in home improvement, home décor, home maintenance, home repair and remodeling and lawn and garden.
Fifty eight years ago Lowe’s began as North Wilkesboro Hardware Company, a neighborhood hardware store fittingly named after the small town it was located in. Owned by partners H. Carl Buchan and James Lowe, this concept was more than a living, it
Home Depot and Lowe's believe in big warehouse space, an informal atmosphere and low prices. They are able to offer the lower prices to consumers due to their purchasing power. Inventory differs depending on the story type, home centers typically sock more lumber and building supplies, as their biggest customers are contractors. They pay their floor employees minimum wage, and keep overall costs down by keeping them as part time employees.
Lowe’s Companies, Inc. is the fourteenth largest retailer in America, and overall the world’s second largest home improvement retailer. They are the 108th ranked corporation on the Fortune 500 top corporations list. With an impressive in store stock of 40,000 home improvement items on hand, ranging from lumber to Home décor items, plus an additional 400,000 home improvement items available through a special order program. Lowe’s provides a onetime stop for all home improvement needs, for both the Do-It-Yourselfer, and the ever-expanding market of the Commercial Business Customer.
Lowe 's is the world 's second largest home improvement retailer and the 14th largest retailer in the U.S. Lowe 's is in the midst of an aggressive expansion plan, opening a new store on average every three days. Lowe 's is an active supporter of the communities it serves. Through the Lowe 's Heroes volunteer programs and the Home Safety Council, it provides help to civic groups with public safety projects and share important home safety and fire prevention information with neighborhoods across the country. Lowe 's has been a publicly held company since October 10, 1961. Its stock is listed on the New York Stock Exchange, with shares trading under the ticker symbol LOW.Lowe’s Companies, Inc., together with its subsidiaries, operates as a home improvement retailer in the United States and Canada. The company provides a range of products and services for home decoration, maintenance, repair, remodeling, and property maintenance. It offers home improvement products in various categories, such as appliances, lumber, paint, flooring, building materials, millwork, lawn and landscape products, fashion plumbing, hardware, lighting, tools, seasonal living, rough plumbing, outdoor power equipment, cabinets and countertops, nursery, rough electrical, home environment, home organization, and windows and walls. The company’s products also include boards, panel products, irrigation pipes, vinyl sidings, and ladders. It serves
Lowe’s was first founded in the small town of North Wilkesboro, North Carolina by H. Carl Buchan. At the time, Buchan was a co-owner of the North Wilkesboro Hardware Company, but he always dreamed of creating his own chain of hardware stores. This is what led him to purchase the small town hardware store Lowe’s from his brother-in-law and partner, James Lowe. Since World War II just ended, Buchan used the building boom to his advantage as he focused on selling only hardware, appliances and unique building materials. Buchan believed in dealing directly with manufacturers so he could establish relationships to get the merchandise he needed at a lower price. This enabled Lowe’s to develop a reputation for low prices. As years went by, Lowe’s sales
Lowe’s grew from a small hardware store opened in 1960 to a successful retail chain and Fortune 500 company, providing a huge range of home items and home improvement products. 30% of their sales are to professional construction and maintenance customers.
Recommendations by the employees of Sears for unnecessary repairs to be completed on their cars were given to customers in order for quotas to be met. The quotas are goals the lead to a desire outcome set by management and people will strategize to meet those goals (Trevino & Nelson, 2014, p. 257). It is important the strategy create is ethical. Another ethical issue is that the CEO of Sears denied any wrong doing when California Department of Consumer Affairs made an accusation against Sears. The CEO claimed to make changes for the isolated errors brought up by the California Department of Consumer Affairs but it was later discovered that these changes were not
First Energy prides itself on the ethical standards it has created. These standards are the basis that builds upon the trust between customers, shareholders, employees, and the surrounding communities. First Energy encompasses more than five states and supplies millions of customers. As a service company, First Energy expects its employees to adhere to a workplace free of harassment, unethical or unlawful business activities, and discrimination. Each employee must conduct him or herself accordingly with high ethical standards while conversing with customers, other employees, and First Energy suppliers. These standards