Corning Incorporated is an innovative company with a wide array of products, selling specialty ceramicist, glasses, and other like products worldwide. Corning’s market is segmented into Display Technologies, Telecommunications, Environmental Technologies, Specialty Materials, and Life Sciences. Examples would include Gorilla Glass in cell phones, lab equipment, acoustic material for loud and powerful car, fiber optics, cooking ware, and much more. Growth has been fairly consistent regarding this company, though the 2008 financial crisis took a tole on the business, causing lay-offs. External situations are a risk or Corning as are all unexpected downturns in the economy for any business. Corning, founded in 1851, currently consists of almost 41,000 employees and supplies a large majority of the jobs this company originated in. It is a diverse and global company, but there is a lack of knowledge about the company globally, therefore a revision on the marketing plan is required. Immense opportunities from its innovative technologies are in the foreseeable future for Corning Inc. M I S S I O N S T A T E M E N T “For more than 165 years, Corning has combined its unparalleled expertise in glass science, ceramics science, and optical physics with deep manufacturing and engineering capabilities to develop life-changing innovations and products. We live all seven, all around the world, all the time. Quality. Integrity. Performance. Leadership. Innovation. Independence. The Individual.” This is their mission statement as found on their website. S W O T A N A L S I SThe strengths, weaknesses, opportunities and threats regarding Corning Incorporated are analyzed below.STRENGTHSDiverse productsInnovative qualitiesDiversityFairly consistent growthWEAKNESSESLarge, but few customersLow brand awarenessCompetitionOPPORTUNITIESNew product potential with innovationTechnology ties encouraging growthGlobalized Confidential1/12/2018Tactical Marketing Plan2THREATSReduction in globalizationMarket changesEconomic downturnO B J E C T I V E SAs corning Incorporated’s Gorilla glass was used in 5 million devices, these kinds of numbers would be ideal in other markets.
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Their market share consists of .86% in life sciences, 1.39% in environmental technologies, 3.8% in display technologies, and 1.58% in telecommunications. To increase any of these numbers, reaching out to other companies is necessary. To increase the purchase of this product along with there brand name awareness throughout the world, an increase in marketing and advertising is necessary. M A R K E T I N G S T R A T E G YTARGET MARKET1. With these technological advancements, Corning has an edge on many companies starting to, or already producing, products that require said technologies. 2. With a growth in the automotive industry and ties with Telsa, BMW, and other major manufacturers, targeting other similar companies is ideal.3. After outsourcing Pyrex, there was a reduction in the quality of the glass. Therefore, increasing quality and marketing towards household items or kitchen ware has clear openings for growth when targeted. M A R K E T I N G M I XPRODUCTThe tangible and intangible assets that Corning possesses gives them a competitive advantage. Primarily their intangible assets that protect their products, they keep this company profitable and under strict legal protection. PRICEDue to the nature of their products, their pricing strategy is well established. High quality glass items retain higher prices, though competition keeps them manageable.PLACECorning produces their products in many different locations, sending them to there few customers who purchase in large amounts. After that they are distributed to stores or put into products which will then be distributed. Confidential1/12/2018Tactical Marketing Plan3PROMOTIONWhile promoting the products Corning produces, innovation showing commercials have
Their market share consists of .86% in life sciences, 1.39% in environmental technologies, 3.8% in display technologies, and 1.58% in telecommunications. To increase any of these numbers, reaching out to other companies is necessary. To increase the purchase of this product along with there brand name awareness throughout the world, an increase in marketing and advertising is necessary. M A R K E T I N G S T R A T E G YTARGET MARKET1. With these technological advancements, Corning has an edge on many companies starting to, or already producing, products that require said technologies. 2. With a growth in the automotive industry and ties with Telsa, BMW, and other major manufacturers, targeting other similar companies is ideal.3. After outsourcing Pyrex, there was a reduction in the quality of the glass. Therefore, increasing quality and marketing towards household items or kitchen ware has clear openings for growth when targeted. M A R K E T I N G M I XPRODUCTThe tangible and intangible assets that Corning possesses gives them a competitive advantage. Primarily their intangible assets that protect their products, they keep this company profitable and under strict legal protection. PRICEDue to the nature of their products, their pricing strategy is well established. High quality glass items retain higher prices, though competition keeps them manageable.PLACECorning produces their products in many different locations, sending them to there few customers who purchase in large amounts. After that they are distributed to stores or put into products which will then be distributed. Confidential1/12/2018Tactical Marketing Plan3PROMOTIONWhile promoting the products Corning produces, innovation showing commercials have