We all know the company Lowe’s and what Lowes’s does which is a hardware store that provides ways to improve your home. Lowe’s has both a vision and mission statement. First lets look at the vision statement: “we will provide customer-valued solutions with the best prices, products, and services to make Lowe’s the first choice for home improvement.” Having worked for Lowe’s in management I can say that they hold true to this statement by providing really great prices and most of the time great products. I think the product side of things is where Lowe’s may drop the ball in some categories. Yes get a product at a good price from a supplier but when you price that product at a mark up due to wanting to make the most money, but that product gets returned a lot due to it not being made of quality materials. I think that’s where Lowe’s drops the ball in a lot of scenarios. Now switching over to their mission statement: “together, deliver the right home improvement products, with the best service and value, across every channel and community we serve.” Within this statement I would have to say where Lowe’s does not do good at positioning itself is customer service. There are good employees out there that want to help the company/brand do well and there are some that are there to just collect a check. But that just doesn’t go for Lowe’s that is everywhere in retail.
With Lowe’s great prices and community service it does throughout towns, it positions itself over its competition like Home Depot and Menards. Lowe’s will match any price from its competition and do whatever it takes to get the business of its competition’s customers. From it’s start in 1921, Lowe’s has made it a point to make sure the customer comes first over anything else.
One way Lowe’s made a change to focus more on branding was to hire a new marketing vice president. One example of what was done was advertisements that was run on all social media platforms plus teaming up with the National Football League and having ads run on Sundays where millions of people see it. But one of the biggest ways Lowe’s gained ground and passed its competition was a new marketing tactic called the “Bucket Brigade”. Its Bucket Brigade helps communities in need by providing necessary supplies to those affected by natural disasters like the California wildfires. So, as the pandemic started to hit the United States and the country went into lock-down, Marisa Thalberg, Lowe’s newly appointed Executive Vice President, Chief Brand and Marketing Officer, leaned into Lowe’s heritage of being there for communities. Nurturing this core value, Thalberg guided the company into a new marketing strategy that emphasized brand-driven stories in addition to traditional marketing tactics (Veronika Sonsev, 2021). Overall Lowe’s has done good at keeping up with the competition and surpassing most.
References:
Forbes. Veronkia Sonsev. (March 11, 2021). How Lowe’s Grew Loyalty By Amplifying Brand-Driven Marketing. https://www.forbes.com/sites/veronikasonsev/2021/03/11/how-lowes-grew-loyalty-by-amplifying-brand-driven-marketing/?sh=3da3371d5eaa
Lowes Mission and Vision Statement Analysis. (2021). https://mission-statement.com/lowes/
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