Corning Incorporated. It’s strategies and innovations Essay
Corning Incorporated. It’s strategies and innovations, 505 words essay example
Essay Topic: how to, i believe, motivation, top
Corning is continuously innovating because they are sticking to their roots the strategy that they started with is that strategy that remains intact to this day. Corning is one of few companies left with a centralized R&D department but this helps ensures that researches from diverse backgrounds can collaborate under one centralized department. Corning leveraged their expertise in glass and materials science making them able to produce so many high quality products throughout their history. Corning's innovations are so diverse making them successful for 160 years this is mostly because of the R&D department that they had in place. Corning helps protect their innovations from imitators with their customer-partnering strategy. This strategy charges customers a switching fee if they want to switch to another supplier. This method basically gives customers "motivation" to stay with Corning because they are charge a fee if they decide to leave Corning. Also, Corning's customer-centered approach to innovation also plays a big part in their innovation strategy. This customer-centered approach to innovation is focused towards key pieces to highly innovative systems. Corning's demand-pull approach is using the company's cutting edge technology to solve customers' problems but this approach is limited by the customers' imagination and fear of taking risks. A really important strategy to this approach is picking the correct customers and if Corning does not take advantage of choosing the right customers, they can miss out on a big market opportunity.
Corning has an innate ability of creating innovative products either based on demand or creating products and then creating the demand for that product. Corning finds a way to create products based on their R&D and then finds a way to continue to innovate those products. A big thing that Corning does is create product necessities of for products that are already on the market. These products include light bulbs, glass, fibers for telecommunication networks, etc. But the products are not the only thing that makes Corning's innovation successful. The innovation strategies that Corning instill are part of Corning's innovation success. As far as the innovation landscape map, Corning should probably choose the radical innovation approach. This approach is strictly technological and I believe that is what Corning is all about. Creating critical parts for telecommunication systems, solving customer problems, while discovering new applications for its technologies.
Corning also does something that a lot of companies do not. They implement their innovation strategy into their business strategy which allows them to stay the course of long term goals all while creating more value. Corning has kept their "old, outdated" R&D in place all while creating top of the line innovations without steering away from core values. Corning understood that not all strategies work for every company so when innovation strategies changed and companies changed to build around these strategies, Corning stuck to their guns and did what they know how to do best and that is why they are still successful after 160 years. Corning created optimal innovation through their business strategy.