What were the results of the internal environmental scan findings for Lowes?

  

The company is Lowes.Use the environmental analysis you researched.Create a 10- to 12-slide presentation including detailed speaker notes in which you include the following:Examine the results of the internal environmental scan findings in the analysis.Examine the results of the external environmental scan findings in the analysis.Discuss the findings of the scans as they relate to relevant research.Recommend 3 strategic objectives based on the SWOT analysis.Translate each objective into a business goal.Create a related operational tactic for 3 distinct sectors of the organization such as marketing, finance, accounting, etc.Format your assignment consistent with APA guidelines.

Introduction:

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Lowes Company is a leading home improvement retail company. They pride themselves on providing high quality products and service to their customers. In a highly competitive industry, it is important for Lowes to consistently evaluate and adapt to its internal and external business environment. This analysis will examine the results of the internal and external environmental scans in order to identify strategic objectives for the company, which will translate into business goals and operational tactics for different areas of the organization.

Description:

In order to stay competitive in the home improvement retail industry, Lowes must continuously analyze its internal and external business environment. An internal environmental scan examines the strengths and weaknesses of the organization, while an external environmental scan focuses on the opportunities and threats present in the industry.

The internal environmental scan found that Lowes has a strong brand reputation and a loyal customer base. However, the company’s financial performance has been relatively weak in recent years, which could indicate issues with efficiency and cost control. Additionally, Lowes has a limited e-commerce platform compared to its competitors.

The external environmental scan indicated that some of the key trends influencing the home improvement industry include the expansion of e-commerce, growing social consciousness regarding environmental sustainability, and the shift towards urbanization. Furthermore, Lowes’ biggest competitors, Home Depot and Amazon, are well-established and have significant market share.

Based on these findings, three strategic objectives for Lowes include improving cost efficiency, expanding e-commerce capabilities, and enhancing sustainability efforts. These objectives will be translated into specific business goals, such as increasing profit margins, expanding online sales, and reducing the company’s environmental impact.

Finally, operational tactics will be developed to help achieve these goals in different sectors of the organization, such as marketing, finance, and accounting. For example, in marketing, Lowes could develop an online marketing campaign focused on promoting their sustainability initiatives. In finance, Lowes could implement a cost-cutting strategy to improve profitability. In accounting, Lowes could develop a system to track and report on their environmental impact.

Objectives:

1. To determine the internal environmental scan findings and analyze them to identify the strengths and weaknesses of the company.
2. To identify the external environmental scan findings and analyze them to identify opportunities and threats for Lowes.
3. To recommend three strategic objectives based on the SWOT analysis to help Lowes to develop a plan to achieve growth and success.

Learning Outcomes:

1. At the end of the presentation, learners will be able to examine the results of the internal environmental scan findings in the analysis.
2. At the end of the presentation, learners will be able to examine the results of the external environmental scan findings in the analysis.
3. At the end of the presentation, learners will be able to discuss the findings of the scans as they relate to relevant research.
4. At the end of the presentation, learners will be able to recommend three strategic objectives based on the SWOT analysis.
5. At the end of the presentation, learners will be able to translate each objective into a business goal.
6. At the end of the presentation, learners will be able to create a related operational tactic for 3 distinct sectors of the organization.

Internal Environmental Scan Findings:

1. Assess current workforce skills
2. Analyze financial performance
3. Evaluate employee satisfaction levels
4. Evaluate organizational culture
5. Assess brand reputation and image

External Environmental Scan Findings:

1. Analyze industry trends and competitors
2. Evaluate the market demand and customer preferences
3. Identify the economic factors that may affect the company
4. Evaluate regulatory and legal factors

Recommendations:

1. Increase the employees’ satisfaction levels through training, development, and retention programs.
2. Expand market share by investing in online channels and international expansion.
3. Diversify the product portfolio by introducing environmentally friendly products.

Business Goals:

1. Increase employee satisfaction by 15% within the next year.
2. Increase online revenue by 20% within the next 2 years.
3. Increase the environmentally friendly products’ share in the product portfolio by 15% within the next 2 years.

Operational Tactics:

1. Provide professional development programs to employees and offer a higher salary package compared to competitors to retain them.
2. Invest in online channels to reach potential customers globally and offer free shipping and easy returns to increase customer loyalty.
3. Partner with environmentally-friendly suppliers and invest in research and development to introduce new eco-friendly products.

Solution 1:

Internal Environmental Scan Findings:
– Strong brand name and reputation
– Large employee base with diverse skills and experience
– Decentralized organizational structure
– Limited technological innovation
– High employee turnover rate

External Environmental Scan Findings:
– Growing demand for eco-friendly products
– Intense competition in the home improvement industry
– Economic uncertainty affecting consumer spending
– Increasing reliance on e-commerce

Related Research Findings:
– Home renovation and remodeling market set to grow at a compound annual growth rate of 4.5% until 2025
– Online sales in the U.S. are set to increase to $4.9 trillion by 2021

Strategic Objectives:
1. Increase online sales by 20% in the next 2 years
2. Develop a sustainability program, with a focus on environmentally friendly products
3. Decrease employee turnover rate by 15% within the next 3 years

Business Goals:
1. Expand e-commerce capabilities and streamline the online shopping experience
2. Reduce the company’s carbon footprint by 50% by 2025 through offering more eco-friendly products
3. Provide more comprehensive training and development opportunities for employees to increase job satisfaction and retention

Operational Tactics:
1. Marketing: Launch a digital advertising campaign targeting millennials and young homeowners who are more likely to shop online
2. Finance: Allocate a portion of the budget to research and development of environmentally friendly products
3. Human Resources: Increase employee retention through offering competitive compensation, benefits, and job training programs

Solution 2:

Internal Environmental Scan Findings:
– Strong financial position and steady revenue growth
– Large employee base with diverse skills and experience
– Decentralized organizational structure
– Limited technological innovation
– High employee turnover rate

External Environmental Scan Findings:
– Increasing competitiveness in the home improvement industry
– Economic uncertainty affecting consumer spending
– Growing demand for DIY products and services
– Aging population creating demand for home accessibility products

Related Research Findings:
– Revenue in the U.S. home improvement market is expected to grow to $1.1 trillion by 2025
– Aging in Place market expected to reach $12.4 billion by 2025

Strategic Objectives:
1. Increase market share in the DIY home improvement industry by 5% in the next year
2. Develop a line of home accessibility products to cater to the aging population’s needs
3. Develop a mobile app to enhance the customer shopping experience

Business Goals:
1. Offer a wider range of DIY products and services to appeal to the DIY market
2. Expand product offerings to include home accessibility products
3. Streamline the customer experience through a mobile app

Operational Tactics:
1. Marketing: Develop a digital marketing campaign targeting the DIY market and promoting Lowes’ expanded DIY offerings
2. Product Development: Invest in research and development of home accessibility products
3. IT: Collaborate with a technology firm to develop a mobile app that enhances in-store and online customer shopping experience.

Suggested Resources/Books:

1. “Strategic Management: Concepts and Cases: Competitiveness and Globalization” by Michael A. Hitt, R. Duane Ireland, and Robert E. Hoskisson
2. “The Sustainability Handbook: The Complete Management Guide to Achieving Social, Economic and Environmental Responsibility” by William R. Blackburn
3. “Sustainability Marketing: A Global Perspective” by Frank-Martin Belz and Ken Peattie

Similar Asked Questions:

1. What are some recommended books for strategic management and environmental sustainability in business?
2. How can companies incorporate social responsibility and environmental sustainability into their strategic planning?
3. What are some key findings of an internal and external environmental scan in business?
4. How can businesses use SWOT analysis to develop strategic objectives?
5. Can you provide examples of operational tactics in different sectors of an organization based on strategic objectives?

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