Corning Incorporated – Reinventing new business model
Corning Incorporated is an American manufacturer of glass, ceramic, and materials for the industrial and scientific applications. It was known as Corning Glass Works in 1875. Its strong commitment to innovation was known as the company’s roots. The company committed between four to six percent of its sales to Research, Development, and Engineering (RD&E). As of today, Corning has been primarily operating from Asia Pacific and North America in five market segments – Display Technologies, Environmental Technologies, Telecommunications, Life Sciences and Specialty Materials and two joint ventures – Dow Corning and Samsung Corning Precision Glass. The company had a history of science-based innovations following World War II and the strategy by management was research and "disruptive" and "on demand" product innovation. They have shown many strengths and weaknesses – strong industry recognition with a track record of successful innovation, focus on RD&E, diversified product portfolios and balanced revenue streams – narrowing market with intense competition and environmental regulations.
With a strong passion for innovation, Corning has been creating many deep technological products to be used as material for other new application such as heat-resistant glass in 1908. In 1912, this product was being reused to develop the shatterproof lanterns for the railroad. Their products were first used for scientific purposes and later for consumer cook-ware products. By realizing the improvement in optical glassmaking, Corning had started to produce the television tubes project and it made the TV affordable to the consumers’ market during 1970s. However, this project considered a steep loss in profit and productivity because of the competition from Japanese imports. Corning went through many changes including lay-offs, selling or closing many plants in order to rebound. The following years, company made a partial...
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