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The Preferences of Men and Woman Regarding Shopping at Lowe's as compared to Home Depot.
Lowe is one of the well known retail home improvement and appliance stores that was founded in 1946 in North Carolina and it enjoys a wide range of customers who are well acquitted with the several needs that the its customers these needs are varied from house hold goods to clothing thus making it a place that contains varied goods that cater for the needs of each individual in the community (Chen, 2008).
Lowe being one of the leading stores in America boasts of its customer input but despite the customers high turn out the company receives stiff competition from Home Deport a company that deals in the same trade as the Lowe's retail store, this automatically has resulted to the company to become one big threat for the Home Deport company, (CBS Interactive, 2010) this is because the Lowe company has added a wide range of feminine products in its store as opposed to the past when it was basically composed of men product, some of these feminine products that Lowe has included includes material that are associated with the decoration of the house which includes bathroom accessories, small and large appliances, outdoor living appliances , lighting, amongst other feminine products like window coverings, furniture and floor mats and other house decor- related products.
The other reasons that make Lowe to become a better place than Home Deport is the clean inside environment of Lowe, this atmosphere was the key reason that made Lowe to become better than the Homes Deport, this cleans atmosphere made women be attracted to Lowe store as Lowe had all the needs that the women wanted but were not being offered at Homes Deport, (NewsBlaze, 2011). This is clearly seen when Home Deport majored on items like Plumping Pipes Lowe became more sentimental and brought pretty products like Window coverings that were appealing to both the men and women thus it outsmarted Home Deport.
The differences in the customer's attitudes about product selection and pricing at Lowe's and Home Depot.
The difference attitudes in men and women has affected the pricing of these companies products, Lowe being a company the has many customers most of them being women is forced to slash down its prices in order to certify its customers (Wallender , 2008). This is because most women aren't interested in the high pricing, so in order for the company to be able to achieve in maintaining its customers demands and flow it has to have cheap pricing of its products in order to take in the interests of most of its customers who in most cases are women. (CBS Interactive, 2010) Therefore Lowe has to be sensitive when setting its prices in order to maintain its women customers.
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Home Deport that consists of a large number percentage of masculine products such as Plumping pipes and other construction materials (NewsBlaze, 2011). Has to sell sits products at a higher slight n higher price than the Lowe store this is because most of its customers aren't the price conscious and will be willing to pay the high prices when purchasing a product.
Should Lowe have a distinct stocking strategy for its men and women shoppers?
Lowe should be very selective when purchasing its products in that it should be majorly buy more of the products that are aimed at fulfilling the wishes and demands for its customers who are mostly women, therefore in the process the store should be at the point of ensuring that the products that it purchases are well monitored to fulfill the varied needs of the men and women customers (Wallender , 2008).
It's noted that both women and men needs and wants are varied and Lowe is trying to fulfill the demands of these opposite sexes by providing them with products that are able to fulfill there varied demands (NewsBlaze, 2011). In this case the Lowe company will have to make a clear evaluation that will enable it determine the products that suits the interests of these people, this will only be fulfilled if the company diversifies the products that it puts in its stores with this strategy of evaluating the demands of its customers and then aim at keeping a splendid performance to its customers.
Explain the criteria that Lowe's should use in selecting new suppliers
The company will use the varied demands of its customers in choosing its suppliers, this will be experienced when its customers will be coming to the store and ask for products that aren't available in the store, thus the store manager will be able to come- up with the new products that are being demanded by there customers and in the process the store will be able to be filled with the demands of the customers thus making it qualify to fulfill the diverse needs of the customers.The other way of selecting the products is when the company checks at the competitor stock and then diversifies on the products that the competitors is missing.
The company will also select its new suppliers through the records of the products and the prices of there products, in this point the company will ensure that it monitors the lifeline of each products and the producers name (CBS Interactive, 2010). This form of information will be achieved if the company through the customers informs the company of the strengths of the products after they are purchased, and at the same time check on the ways the products are bought including the product liking by the consumer.