- Published: January 15, 2022
- Updated: January 15, 2022
- Level: Masters
- Language: English
- Downloads: 37
Answer There is much competition between Lowe’s and Home Depot because primarily they are both in the same business of décor and furnishing including furniture and accessories of home and office décor. The increasingly easy access to technology, changing dynamics of society and fast changing lifestyle has made customers more interested and conscious towards their living style. Thus, their changing lifestyle is reflected in changes in their home décor who prefer contemporary furniture and accessories that go with their new style and define their standard of living. That is one of reasons that statistics show more sale revenue for Home Depot which is more accessible due to more branches!
Answer 2
Lowe’s and Home Depot, being in the same business, have distinctly differentiated market strategy. Lowe’s is more focused to the needs and requirements of women and housewives who are more incline to buy décor accessories and unique products that can make a fashion statement for them. Home Depot, on the other hand, caters to the bulk buyers like contractors and retail customers, men especially, who are seriously into DIY (do it yourself) products.
Answer 3
Home Depot has a better competitive image because they not only have more stores but they have also realized the need to improve on their quality and customer service. They are also thinking of expanding their product line to cater to wider customer base. Lowe’s, on the other hand, is just intending to improve on its customer service which is inadequate in the current scenario of recessive trend and highly competitive business environment.
(words 260)
Reference
Resource uploaded.
