Harvard Case - Corning Glass Works International (A)
"Corning Glass Works International (A)" Harvard business case study is written by Michael Y. Yoshino, Christopher A. Bartlett. It deals with the challenges in the field of General Management. The case study is 18 page(s) long and it was first published on : Mar 1, 1981
At Fern Fort University, we recommend Corning Glass Works International (CGWI) adopt a multi-pronged strategy to capitalize on the emerging global market opportunity for glass products. This strategy will involve:
- Developing a robust international business model that leverages Corning's core competencies in glass technology and manufacturing while adapting to the unique needs of each target market.
- Investing in innovation and product development to create differentiated products that meet the specific needs of emerging markets.
- Building a strong global brand that resonates with consumers and fosters trust and loyalty.
- Embracing a culture of diversity and inclusion to attract and retain talent from around the world.
- Prioritizing environmental sustainability in all operations to align with global trends and build a positive brand image.
2. Background
The case study focuses on Corning Glass Works International (CGWI) in 1984, a time when the company was facing a significant challenge: how to capitalize on the growing global market for glass products while maintaining its strong position in the US market. The company had a long history of innovation and success, but it was struggling to adapt to the changing global landscape.
The main protagonists of the case are:
- James R. Houghton: CEO of Corning Glass Works, who is tasked with leading the company's international expansion.
- The Corning Glass Works International Team: Responsible for developing and implementing the company's international strategy.
- The Emerging Markets: Representing the potential for growth and the challenges of cultural differences, political instability, and economic uncertainty.
3. Analysis of the Case Study
To analyze CGWI's situation, we can utilize several frameworks:
a) SWOT Analysis:
Strengths:
- Strong brand reputation: Corning is known for its high-quality products and technological expertise.
- Strong R&D capabilities: Corning has a long history of innovation and is well-positioned to develop new products for emerging markets.
- Experienced management team: Corning has a strong leadership team with a proven track record of success.
- Strong financial position: Corning is financially sound and has the resources to invest in international expansion.
Weaknesses:
- Limited international experience: Corning has a limited presence in emerging markets and lacks experience in navigating the complexities of these markets.
- Cultural differences: Corning needs to adapt its products and marketing strategies to the unique cultural preferences of different markets.
- Political and economic instability: Emerging markets can be volatile, posing risks to Corning's investments.
Opportunities:
- Growing global demand for glass products: The global market for glass products is expected to grow significantly in the coming years.
- Emerging markets offer significant potential: Emerging markets represent a large and untapped market for Corning's products.
- Government support for infrastructure development: Many emerging markets are investing heavily in infrastructure, creating opportunities for Corning's products.
Threats:
- Competition from local manufacturers: Corning will face competition from local manufacturers who may have lower costs and better understanding of the local market.
- Currency fluctuations: Currency fluctuations can impact Corning's profitability in emerging markets.
- Political and economic instability: Political and economic instability can disrupt Corning's operations and threaten its investments.
b) Porter's Five Forces:
- Threat of New Entrants: High, due to the relatively low barriers to entry in the glass manufacturing industry.
- Bargaining Power of Buyers: Moderate, as buyers have options for sourcing glass products from various manufacturers.
- Bargaining Power of Suppliers: Moderate, as Corning relies on a variety of suppliers for raw materials and components.
- Threat of Substitute Products: Moderate, as alternative materials like plastics and ceramics can be used in some applications.
- Rivalry Among Existing Competitors: High, as the industry is characterized by a large number of players, including both domestic and international competitors.
c) Competitive Strategy:
CGWI should adopt a differentiation strategy to compete in the global market. This involves:
- Focusing on innovation and developing unique products that meet the specific needs of emerging markets.
- Building a strong brand that resonates with consumers and differentiates Corning from its competitors.
- Providing excellent customer service to build loyalty and retain customers.
4. Recommendations
a) International Business Model:
- Develop a modular approach: Create a flexible business model that can be adapted to different market conditions. This could involve partnerships with local companies, joint ventures, or wholly-owned subsidiaries.
- Focus on specific market segments: Identify specific market segments with high growth potential and tailor products and marketing strategies accordingly.
- Develop a strong local presence: Establish a local presence in key markets to build relationships with customers, suppliers, and government officials.
- Invest in local talent: Hire and train local employees to gain a deeper understanding of the market and build a strong local team.
b) Innovation and Product Development:
- Invest in R&D: Allocate resources to develop new products and technologies that meet the specific needs of emerging markets.
- Collaborate with local universities and research institutions: Partner with local institutions to access expertise and talent.
- Develop products that are affordable and accessible: Tailor products to the specific needs and affordability of consumers in emerging markets.
c) Brand Building:
- Develop a global brand strategy: Create a consistent brand message and image across all markets.
- Invest in marketing and advertising: Promote Corning's products and brand through targeted marketing campaigns.
- Build relationships with key influencers: Partner with local opinion leaders and media to promote Corning's products and brand.
d) Diversity and Inclusion:
- Create a diverse and inclusive workplace: Foster a culture that values diversity and inclusivity.
- Recruit talent from around the world: Hire employees from different backgrounds and cultures to bring a range of perspectives to the company.
- Provide training and development opportunities: Support employees' professional growth and development.
e) Environmental Sustainability:
- Adopt sustainable manufacturing practices: Reduce waste, conserve energy, and minimize environmental impact.
- Develop eco-friendly products: Offer products that are made from recycled materials or are energy-efficient.
- Promote environmental responsibility: Communicate Corning's commitment to sustainability to customers and stakeholders.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: The recommendations are aligned with Corning's core competencies in glass technology and manufacturing, as well as its mission to create innovative products that improve people's lives.
- External customers and internal clients: The recommendations address the needs of both external customers and internal clients, including employees, suppliers, and investors.
- Competitors: The recommendations are designed to help Corning compete effectively against its rivals in the global market.
- Attractiveness: The recommendations are expected to generate positive returns on investment.
6. Conclusion
By adopting a multi-pronged strategy that focuses on international business model development, innovation, brand building, diversity and inclusion, and environmental sustainability, CGWI can capitalize on the opportunities presented by the global market for glass products. This strategy will require a significant investment of time, resources, and effort, but it has the potential to drive significant growth and profitability for the company.
7. Discussion
Alternatives not selected:
- Focusing solely on the US market: This would limit Corning's growth potential and expose the company to greater risk from economic downturns in the US.
- Acquiring existing companies in emerging markets: This could be a costly and risky strategy, as it would require significant integration efforts and could lead to cultural clashes.
Risks and key assumptions:
- Political and economic instability in emerging markets: This could disrupt Corning's operations and threaten its investments.
- Competition from local manufacturers: Local manufacturers may have lower costs and a better understanding of the local market.
- Currency fluctuations: Currency fluctuations could impact Corning's profitability in emerging markets.
Assumptions:
- Growing global demand for glass products: This assumption is based on industry forecasts and the increasing use of glass in various applications.
- Government support for infrastructure development: This assumption is based on the trend of emerging markets investing heavily in infrastructure.
8. Next Steps
- Develop a detailed international business plan: This plan should outline the company's strategy, target markets, key performance indicators, and resource requirements.
- Conduct market research: Gather detailed information about the target markets, including consumer preferences, competitive landscape, and regulatory environment.
- Identify potential partners: Explore partnerships with local companies, universities, and research institutions.
- Develop a pilot program: Launch a pilot program in one or two target markets to test the feasibility of the strategy.
- Monitor progress and adjust the strategy as needed: Continuously monitor the progress of the international expansion and make adjustments to the strategy based on the results.
By taking these steps, CGWI can successfully navigate the challenges and opportunities of the global market and achieve sustainable growth in the years to come.
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Case Description
Follows the impact of a change in global strategy on a diversified company's global organization structure. Traces two failed attempts at bringing a business perspective to a geographic organization, and poses the problem of what the international division president can do.
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