Home Depot’s Vision Statement & Mission Statement

The Home Depot vision statement and mission statement case study and analysis
A Home Depot in New York. The Home Depot’s vision statement and mission statement are comprehensive and specific to the home improvement retail business. (Photo: Public Domain)

The Home Depot’s mission statement and vision statement specify the company’s business activities and strategic direction. Established in 1978, the firm is now the leading home improvement retail store chain in the United States in terms of revenues. Home Depot’s mission statement indicates that the business emphasizes quality and competitive pricing. The firm’s popularity is an indicator of the attractiveness of its business format. Home Depot’s vision statement shows the purpose and underlying target conditions of the business. The company’s current condition indicates the fulfillment of its original vision statement.

Home Depot follows its vision statement and mission statement to maintain profitability in its home improvement business. Corresponding strategic objectives are based on these corporate statements.

Home Depot’s Vision Statement

Home Depot does not have an official vision statement. However, the company uses two main vision statements for its business. Home Depot’s vision statement, based on the founders’ original purpose, is to provide “one-stop shopping for the do-it-yourselfer.” In addition, Home Depot’s founders added that the firm’s vision statement is also “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 communities and society.

Home Depot’s vision statement highlights a number of key factors that define the business today. For instance, the vision statement shows that the company aims to be a one-stop shopping venue, which involves a wide array of home improvement products. Also, Home Depot’s vision statement specifies that its target customers are do-it-yourselfers. In addition, factors like values and corporate social responsibility are included in the statement. Thus, Home Depot’s vision statement is quite comprehensive in including information about business purpose, the target market, values and organizational culture, and corporate social responsibility.

Home Depot’s Mission Statement

Home Depot’s mission statement influences the strategies and activities the firm uses for business development. Home Depot’s mission statement is “to provide the highest level of service, the broadest selection of products and the most competitive prices.” This mission statement has the following key elements:

  1. High quality service
  2. Broad product selection
  3. Competitive prices

Based on these elements of Home Depot’s mission statement, the broad product selection ensures a one-stop home improvement shopping experience, which relates with the company’s vision statement. Also, the high quality service and competitive pricing elements of Home Depot’s mission statement help attract customers to the company’s stores. Thus, the main strategic goals on service, goods, and pricing are included in Home Depot’s mission statement. The company can use its mission statement to develop training programs for high quality service at Home Depot stores.

Home Depot’s Mission & Vision Statements – Recommendations

Home Depot’s vision statement addresses various aspects of the business. However, the company can improve its vision statement by clearly specifying an ideal future condition, such as leadership in the global home improvement retail market. Home Depot’s mission statement also covers the different strategic areas of the business, such as pricing, service, and product diversification. However, Home Depot can improve its mission statement by including ideas on how it achieves these objectives. Theoretically, mission statements should give ideas about organizational activities or strategies to reach business goals. Thus, Home Depot’s mission statement can be improved through the addition of general information about how to achieve high quality service, a broad product selection, and competitive pricing.

References
  • Bartkus, B., Glassman, M., & McAfee, B. (2006). Mission statement quality and financial performance. European Management Journal, 24(1), 86-94.
  • David, F. R. (2003). Its time to redraft your mission statement. Journal of Business Strategy24(1), 11-14.
  • Lucas, J. R. (1998). Anatomy of a vision statement. Management Review, 87(2), 22.
  • Mullane, J. V. (2002). The mission statement is a strategic tool: when used properly. Management Decision40(5), 448-455.
  • The Home Depot (2015). Our Company.
  • The Home Depot (2015). Our History.
  • The Home Depot (2015). Stores, Products, and Services.
Tags:


COPYRIGHT NOTICE:
This article may not be reproduced, distributed, or mirrored without written permission from Panmore Institute and its author/s. Copyright by Panmore Institute - All rights reserved. Small parts of this article may be quoted or paraphrased for research purposes, as long as the article is properly cited and referenced together with its URL/link.