EBSCO Publishing has just released a new book summary. The Caterpillar Way by Craig T. Bouchard and James V. Koch provides a detailed example of how Caterpillar, Inc., or CAT, has continued to excel through economic downturns, uncertainty in the marketplace, and changing work environments. This once struggling company, the subject of bankruptcy rumors in 1984, continues to flourish thanks to intelligent management. By embracing change, CAT’s global market share is on an upswing and profits remain on the rise. While CAT is an American company, its management team has embraced collaboration with a host of foreign markets. In addition, the company has taken a thorough and hard-line approach to union and employee issues. Product quality, pricing, and branding strategies have made CAT an example for other businesses, large and small, to follow.
Caterpillar, Inc. (CAT) has a successful that philosophy includes several key aspects:
· Manufacturing products in growing markets and globalizing by becoming local in foreign countries. Continuous retooling and cost reduction is the key to accomplishing these goals.
· Creating a global network of committed dealers and keeping them motivated to push profits. Caterpillar and its network of dealers use corporate branding as a weapon to stave off competitors and foster a culture of service delivery and quality.
· Negotiating labor contracts and focusing intensely on positive working capital. Cash flow is maximized while research and development are maintained.
· Promoting managers who are willing to take career risks while expanding the core business through acquisitions. Employees should be measured and rewarded on the basis of profit return on investment.
· Budgeting annual growth and trough scenarios. A culture of loyalty and enthusiasm for the company must be created to sustain a profitable environment.
· Fostering and influencing government decisions within the marketplace. Challenges, unexpected or otherwise, should be met quickly and transparently by both the CEO and qualified management team members.
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