Apply: Porter's Five Forces

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Entrepreneurial Strengths and Actions to Increase Value Creation

Complete the table below, assessing the company’s strengths and weaknesses and describing the company’s approach to innovation.

Company name: Caterpillar

Company website URL: https://www.caterpillar.com/

3 to 5 entrepreneurial strengths of the company (90 – 175 words)

The company has a strong brand image that is appealing to their target customers who seek their services.

Their large-scale assets have the ability of performing any tasks they are given to do.

-The company has a strong global network of distributions which allows their products and services to be found easily all over the world.

-They focus on quality products and services that are offered at premium prices thus allowing many customers to be taken care of at the same time.

- They make quick pre-planned decisions that enable them work towards achieving the goals of its target market.

Major elements of the company’s approach to entrepreneurship and value creation (175 words)

Caterpillar ensures that they stick to their legacy of commitment to their target market and work towards meeting the expectations of their customers. Even with the changing marketplace, the company ensures that they offer timely solutions to their customers while at the same time offering them the opportunities that they require to make their lives easier while working with their machines.

The company has ensured their factories have been fully automated to produce high quality products that are easily accepted in the market. Their manufacturing systems are also flexible enough to produce products and services that go hand in hand with the expectations of their target market

1 action the company could take to increase entrepreneurial value creation

Caterpillar can increase its opportunities in the market by being innovative to increase their competitive advantage among their competitors. The company can develop and diversify their products into other countries that have not received them thus growing and expanding more. Since there is a construction boom in many countries, the company can take the opportunity and penetrate those markets to make their products and services available.

References:

2021. [online] Available at: <https://www.caterpillar.com/en/brands.html> [Accessed 4 July 2021].