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Term Paper-Lowe's Bd 10-Year

In: Business and Management

Submitted By brovide
Words 3561
Pages 15
Introduction
As Lowe’s seeks new international markets to expand its highly successful home improvement model, the opportunities in the Asia market provide a unique untapped region. In Korea, recent political changes have opened its economy to foreign investors and businesses. Korea’s strong economic growth provides Lowe’s with the ideal situation of opening up stores before their competitors. Based on research I conducted, this assessment considers the potential of expanding Lowe’s into the Korean market.
With any major investment, it is important to consider the monetary and non-monetary aspects including gaining an understanding of the culture, the ideal management approach, past and future trends, along with political roadblocks. In this paper, the following information provides a roadmap to the decision-making process. First, an assessment of the Lowe’s vision, mission, and promise are discussed and compared to the similarities and differences within Korea. Then, an analysis considers Korean trends that support the expansion of Lowe’s. Next, a culture assessment of Lowe’s base country (USA) is compared against Korea including management styles to consider for the local corporate office and stores. Lastly, a communication strategy is discussed based on the cultural assessment and offers best practices for the expansion of Lowe’s into Korea. This paper is intended to assist Lowe’s senior managers begin an assessment of expansion into the Asian market via Korea by highlighting key factors necessary for success.

Company Overview
Founded in 1946 and based in Mooresville, N.C., Lowe's is a FORTUNE® 100 company and is the second-largest home improvement retailer in the world. A summarized version of Lowe’s Vision, Mission, and Promise includes the following: committed to enhancing the customer experience by delivering the entire home improvement…...

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