La-Z-Boy Bundle
What are the Mission, Vision, and Core Values of the Company?
Mission and vision statements are foundational pillars for any thriving enterprise, articulating its purpose, aspirations, and guiding principles. They are not merely corporate declarations but strategic blueprints that steer business decisions and foster a cohesive corporate identity. The Company, a global leader in residential furniture, designs, manufactures, and distributes a wide array of furniture products.
With consolidated sales of approximately $2.3 billion in fiscal year 2024, the Company holds a significant market position. Their mission, vision, and core values act as the compass for their strategic direction, influencing everything from product innovation to customer relations and their commitment to sustainability. Learn more about their strategic position in the Company BCG Matrix.
Key Takeaways
- La-Z-Boy's mission centers on delivering comfort and quality, a core tenet driving its product development and customer experience.
- The company's 'Century Vision' aims for sustainable growth and market leadership by 2027, demonstrating a forward-looking strategy.
- Core values of courage, curiosity, compassion, honesty, and integrity guide La-Z-Boy's operations and employee conduct.
- Strategic initiatives, including sustainability efforts like emissions reduction (achieved 15% reduction in Scope 1 and 2 emissions in FY24) and waste management, reflect these values in practice.
- The company's purpose extends to enriching lives and transforming spaces through comfort and a commitment to a sustainable future, as highlighted in their 2024 Impact Report.
Mission: What is La-Z-Boy Mission Statement?
La-Z-Boy's mission is 'to bring the transformational power of comfort to people, homes, and communities around the world.'
The La-Z-Boy mission statement emphasizes leading the global furnishings industry. This involves leveraging their comfort expertise, providing a superior consumer experience, creating high-quality products, and empowering their workforce. Their aim is to transform rooms, homes, and communities globally.
Customer-Centric Focus
The La-Z-Boy mission statement clearly defines its target customers as individuals and communities globally, with a focus on homes.
Product and Service Offerings
The company offers a wide array of furniture, emphasizing comfort and quality as core aspects of their products and services.
Global Market Scope
La-Z-Boy aims to lead the furnishings industry on a global scale, reflecting an expansive market reach.
Unique Value Proposition
Their unique value proposition lies in delivering the 'transformational power of comfort' and enriching lives by turning houses into homes.
Operational Reflection
Continuous investment in research and development, such as power reclining and adjustable lumbar support, directly enhances customer comfort.
Corporate Social Responsibility
In fiscal year 2024, La-Z-Boy gifted over 16,000 pieces of furniture to Ronald McDonald House Charities globally, demonstrating their commitment to 'transforming communities.'
The La-Z-Boy mission statement reflects a deep commitment to enhancing living experiences. This commitment is evident in their product innovation and community engagement. For more on the company's journey, explore the Brief History of La-Z-Boy. Understanding La-Z-Boy's vision for the future involves recognizing their dedication to quality and customer satisfaction, which are central to La-Z-Boy's corporate mission statement and values.
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Vision: What is La-Z-Boy Vision Statement?
La-Z-Boy's vision is 'to make the best products on earth, and to leave the world better than we found it.'
The La-Z-Boy vision statement emphasizes a commitment to product excellence and environmental stewardship. This forward-looking perspective guides the company's long-term strategies, ensuring that innovation and sustainability are central to its operations. It reflects a dedication to both quality craftsmanship and responsible business practices for future generations.
Customer Focus
La-Z-Boy prioritizes understanding and meeting customer needs, ensuring satisfaction through quality products and service.
Integrity and Respect
The company operates with honesty and treats all stakeholders with respect, fostering trust and ethical conduct.
Innovation
La-Z-Boy continuously seeks new ways to improve products and processes, driving creativity and market leadership.
Teamwork
Collaboration among employees is essential, promoting a supportive environment to achieve shared goals.
Accountability
Employees are responsible for their actions and results, ensuring commitment to performance and objectives.
Sustainability
The company is dedicated to environmentally responsible practices, contributing positively to the planet and communities.
La-Z-Boy's long-term business strategy, termed 'Century Vision,' aims to elevate brand reach, strengthen enterprise capabilities, and drive profitable, sustainable growth in the lead-up to its 100th anniversary in 2027. This strategic La-Z-Boy vision statement is distinctly future-oriented, setting a clear objective for market leadership and sustained expansion as they approach a significant milestone. Its scope is broad, encompassing brand elevation, operational capabilities, and financial growth, all with an underlying commitment to sustainability. The vision appears realistic yet aspirational, building on La-Z-Boy's nearly century-long legacy of innovation and quality. Despite facing challenges in fiscal year 2024 with a sales decrease compared to fiscal year 2023, their strategic initiatives and focus on La-Z-Boy core values are positioning them for future growth. The brand's recent refresh in July 2025, part of the Century Vision strategy, aims to ensure the brand remains relevant and appeals to a broader, potentially younger, consumer base, demonstrating a proactive approach to evolving market dynamics. For more details on the company's structure, consider reading about the Owners & Shareholders of La-Z-Boy.
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Values: What is La-Z-Boy Core Values Statement?
La-Z-Boy's corporate culture and operations are deeply rooted in three primary core values: courage, curiosity, and compassion. These values, along with honesty and integrity, guide the company's strategic decisions and daily operations.
Courage
Courage embodies the willingness to embrace innovation, challenge the status quo, and do what is right. This value drives product development, such as the continuous pursuit of new features like power reclining and adjustable lumbar support.
Curiosity
Curiosity drives La-Z-Boy to relentlessly understand its business and consumers, asking questions, exploring opportunities, and embracing change. This is evident in their active pursuit of customer feedback to improve product design and comfort.
Compassion
Compassion emphasizes honoring their nearly 100-year legacy, leading with empathy in support of employees, consumers, and communities. This value is strongly manifested in their commitment to uncompromising quality and outstanding customer service.
Honesty & Integrity
Honesty and integrity are foundational, ensuring ethical business operations and long-term value creation. These core values of La-Z-Boy furniture guide all interactions and decisions.
These core values of La-Z-Boy provide a strong foundation for the company's identity and operations. To understand how La-Z-Boy's mission and vision influence its strategic decisions, continue reading the next chapter.
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How Mission & Vision Influence La-Z-Boy Business?
A company's mission and vision are fundamental to its strategic direction, shaping how it operates and grows. These statements provide a compass for decision-making, ensuring alignment across all levels of the organization.
La-Z-Boy's Mission: The Transformational Power of Comfort
The core mission of La-Z-Boy is to deliver the transformational power of comfort to its customers.
- This mission drives product innovation, focusing on enhanced comfort and functionality.
- It influences the customer experience, aiming to provide relaxing and supportive living spaces.
- The brand purpose is centered on improving lives through the comfort of its furniture.
- This commitment is reflected in their continuous development of ergonomic features.
La-Z-Boy's Vision: A Century of Growth and Leadership
La-Z-Boy's 'Century Vision' is a forward-looking strategy designed to prepare the company for its 100th anniversary in 2027, focusing on elevating brand reach, strengthening enterprise capabilities, and driving profitable, sustainable growth.
Influence on Strategic Decisions: Retail Expansion
The vision directly influences strategic decisions, such as expanding the retail footprint. In fiscal year 2025, the company built 12 new locations and acquired seven stores, with plans to acquire an additional 15 stores in the Southeast region by October 2025. This will bring the total number of company-owned stores to 220, representing 60% of their network.
Influence on Product Development
The mission to provide comfort fuels product development, leading to innovations like power reclining and adjustable lumbar support, enhancing the user experience and reinforcing the brand's commitment to comfort.
Core Values: Sustainability and Responsibility
La-Z-Boy's corporate strategy is infused with a commitment to sustainability, a direct reflection of its core values. This includes achieving Science Based Targets initiative (SBTi) validation for near-term targets, aiming for significant reductions in Scope 1, 2, and 3 emissions by fiscal year 2032. In fiscal year 2024, the company achieved a 96% recycling rate for non-hazardous waste and reduced hazardous waste generation by 20% year-over-year, with renewable energy covering 75% of U.S. electricity consumption.
Guiding Principles in Action
These guiding principles shape day-to-day operations and long-term planning, ensuring responsible resource management and a human-centered approach. As stated by Melinda Whittington, La-Z-Boy Incorporated Board Chair, President and CEO, 'Our 2024 Impact Report is more than a reflection of our progress — it's a testament to what we can achieve when we stay true to our values'. Understanding these elements is key to grasping the Growth Strategy of La-Z-Boy.
La-Z-Boy Company Values and Brand Identity
The La-Z-Boy company values, mission, and vision collectively define its brand identity and influence its business philosophy, ensuring a consistent and purposeful approach to market engagement and operational excellence.
Mission and vision profoundly influence La-Z-Boy's strategic decisions, from retail expansion to product innovation and sustainability initiatives. Explore how these elements can be further refined in the next chapter: Core Improvements to Company's Mission and Vision.
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What Are Mission & Vision Improvements?
The La-Z-Boy mission and vision statements are foundational to its operations, but can be enhanced to better address evolving market dynamics and consumer expectations. Focusing on digital integration and direct consumer engagement could further solidify its market position.
Enhance Digital Innovation in Mission Statement
The La-Z-Boy mission statement could explicitly incorporate a commitment to digital innovation and direct-to-consumer (DTC) strategies. This aligns with the global furniture market's projected growth from USD 597.71 billion in 2025 to USD 878.14 billion by 2032, where e-commerce is a significant driver.
Incorporate Digital Leadership in Vision Statement
Refining the vision statement to emphasize being a leading digitally-enabled comfort provider, leveraging AI for personalization and seamless omnichannel experiences, would better reflect industry trends. U.S. furniture e-commerce revenues neared USD 125 billion in 2024, highlighting the importance of digital presence.
Strengthen Sustainability Commitments
Explicitly mentioning circular economy principles or product longevity in the mission statement would resonate with consumers increasingly prioritizing sustainable home decor. This focus on sustainability is crucial as consumer preferences shift towards eco-conscious purchasing.
Emphasize Customer Co-Creation and Personalization
The company's vision could also highlight a commitment to customer co-creation and personalized experiences, perhaps through augmented reality (AR) visualization tools. This addresses the growing consumer desire to actively participate in the design process, as seen in Revenue Streams & Business Model of La-Z-Boy.
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- What is Sales and Marketing Strategy of La-Z-Boy Company?
- Who Owns La-Z-Boy Company?
- What is Customer Demographics and Target Market of La-Z-Boy Company?
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