Whirlpool Corporation                                             Introduction

My company of choice is Whirlpool Corporation. Whirlpool Corporation, headquartered in Benton Michigan state, is an American manufacturer and marketer of home appliances. The company trades on the New York Stock Exchange as WHR. Whirlpool Corporation is a market leader in the manufacturing, selling and marketing of home appliances. Such facts imply that the firm must be having some kind of competitive advantage over its peers. Its annual revenue stands at approximately $21 billion and boasts of a workforce of over 100, 000 employees. Besides, it has an extensive network of research and manufacturing centers across the world (Whirlpool Corporation, 2017). For a long time, the Whirlpool brand had been inspired by how people care for their families. The firm has thus been at the fore front in designing home appliances that are focused on improving how these families give and get the care they need with the latest technologies and innovations.

Body

Whirlpool Corporation establishment and success can be attributed to various environmental forces. Since inception, the corporation’s mantra has been that doing the right thing matters. The company values its employees, community and excellence. Management and the employees demonstrate a great passion, work ethic and life-changing innovations that equate to more quality moments in and out of the home for people around the world (Muller & Hutchins, 2012). Opportunity for Whirlpool Corporation was brought about by three key environmental factors, that is, economic factors, social factors and technological factors.

The company started on a humble ground and was based on a business failure that wanted to manufacture household equipment. Lou Upton, one of the founders bought the patents to the initial business venture that sought to develop a hand washing machine that he thought might be electrified. Lou along with his uncle Emory and brother Fred later joined together to produce motor-driven wringer washers (Whirlpool Corporation, 2017). Social factors that contributed to the success of Whirlpool corporation related to the consumers buying and consumption pattern, beliefs of people and their purchasing power. The American people were committed to social change and were moving towards a more sedentary lifestyle. They were also more than willing to buy items that could ease their daily operations. After completing the first machine, the company’s first major order for one hundred washing machines came almost immediately.

Whirlpool Corporation’s other major boost was its commitment to the community and the subsequent economic boom of 1950s. After the second world war, the company made a promise to reinvest in the community by providing financial and leadership support for nonprofit organizations that were dedicated to improving the quality of life in the communities where the company operates gaining it a good public image. The post war economic boom also meant an excellent market for Whirlpool Corporation products.

In recent years, there have been changes in the purchasing patterns of Whirlpool Corporations target market that appear to be shifting loyalty to products that are more environment friendly say in energy consumption and waste disposal. The corporation is thus losing part of its market to competitors such as General Electric. Another key purchasing trend is the emergence of government regulations that aim at standardizing operations say by introducing stricter regulations with regard to water efficiency in consumer appliances. The corporation thus has lost consumers in areas where such laws are being implemented.

Today’s ever-changing market requires that your product not only delivers what it promises, but also exceeds customer expectations (Lapersonne, 2013). Improved technology has driven consumer expectations higher in the sense that they expect more from the home appliance items. Socially, increased advocacy for healthy lifestyles have seen the demand for light fryers increasing. Also industrial pollution has seen an increase in the demand for air purifiers. Economically, the increase in disposable income has seen the demand for built in appliances to enhance convenience. Technologically, advances in technology will see an increase in the demand for premium products, such as coffee machines and robotic vacuum cleaners.

 

The company’s marketing efforts and product offering in the future is likely to be influenced by the nature if competition and technological innovation. Increased competition will mean that Whirlpool Corporation’s marketing efforts should be aimed at communicating the superior qualities of the product promising more efficiency and value for money on the part of the consumers. The company should embrace Information Technology and Social media marketing in its marketing and product promotion strategy. The Geek squad case study provides vital lessons on the role technology and excellent customer service can be used to achieve business success.

 

 

 

 

References

Whirlpool Corporation (2017). History & Heritage | Whirlpool Corporation. Whirlpoolcorp.com. Retrieved 30 January 2017, from http://www.whirlpoolcorp.com/history/

Lapersonne, A. (2013). Managing Multiple Sources of Competitive Advantage in a Complex Competitive Environment. Future Studies Research Journal: Trends And Strategies, 5(2), 221-251. http://dx.doi.org/10.7444/fsrj.v5i2.120

Whirlpool Corporation (2017). Our Company | Whirlpool Corporation. Whirlpoolcorp.com. Retrieved 30 January 2017, from http://www.whirlpoolcorp.com/our-company/

Muller, A. & Hutchins, N. (2012). Open innovation helps Whirlpool Corporation discover new market opportunities. Strategy & Leadership, 40(4), 36-42. http://dx.doi.org/10.1108/10878571211242939

 

 

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Status NEW Posted 07 Aug 2017 03:08 PM My Price 10.00

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