I feel I have a good handle on Home Depot's industry competitors. I have identified numerous companies such as Lowe's, Menard's and so forth. The problem I am having is identifying its competitors from the marketing and strategic group perspectives. The marketing perspective states that competitors are organizations that satisfy the same customer need. The strategic groups perspective states that competitors are those organizations in your strategic group that follow the same strategy in a particular market or industry. I believe that some of the companies within the industry may fit in these as well. Any thoughts? Please help.
First, we need to split the marketing and strategic prospective and see what they really mean.
The Marketing prospective is more narrow and deals with the customer perception of the company. It's the image the company gives off to the customer.
The Strategic prospective is more of the way the business fulfills the needs of the customer. Whether the company just sells certain products or whether they also put the products together if needed.
Here are the top 10 competitors for Home Depot:
Lowe's- They are almost like Home Depot but most people perceive them as lower priced and they distribute in the United States and Canada (like Home Depot except Home Depot is also in Mexico). They definitely fit in the Strategic prospective as they fulfill the same need except they don't cover Mexico. And even though they may also fit into the same Marketing prospective, I would say that Home Depot does a much better job of this which sometimes ...