Case 6: Turnaround of Iconic Brand"The value of an idea lies in the using of it." ~ Thomas Edison |
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| Situation | Former industry leader in consumer electronics had allowed their competitive position to erode and was in danger of closing | |
| Background | Nine consecutive years of losses, low margins and weak management team necessitated implementing a comprehensive turnaround plan | |
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Analysis & Action: Our Process |
- Developed and introduced 21 new, higher margin products - Acquired high end niche competitor and integrated into main brand - Installed new management team across all functions - Expanded product lines enter to mid-price and computer multi media - Built new engineering and manufacturing facilities - Received endorsements of category gurus to leverage brand value |
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| Result |
- Increased margin by 22% - Entered mass market distribution without losing specialty distribution - Increased manufacturing efficiency by 16% - Professionalized staff and re-established industry technical leadership |
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