BUSINESS INFORMATION PROJECT- SP16 MGMT 301 4
Hoover’s: Hoover’s, Inc. (2016). CorningInc. Retrieved March 22, 2016
As at March 21, 2016, Corning Incorporated’sstock price stood at $20.17 after an increase by $0.15. Since thebeginning of the year, the share price has increased by a cumulativesum of $0.75 (Hover’s, 2016)
According to NAICS industry codes, CorningIncorporated falls under five industries because of the diversity ofactivities that it engages in. They include life sciences,environmental technologies, display technologies, telecommunicationsand specialty materials. All the segments of business are independentof each other in terms of administration. The NAICS industry codesfor Corning Incorporated are as follows 335921, 334210, and 327211(Hover’s, 2016).
The headquarters of Corning Incorporated arelocated along One Riverfront Plaza, Corning New York, United States.Over the past three years, the company’s revenue has increased from$5 Billion to $9 Billion. The company was able to experience allthese achievements under the leadership of Wendell Weeks, the ChiefExecutive Officer of Corning Inc. Weeks who has been a member of theboard since 2000, was named chairman and CEO of the company in 2005.
Corning Incorporated employs about 34,000people (Hover’s, 2016). At the Chairman level of leadership, thereare 77 employees. The vice president level comes in second with 67employees. The directors and managers of the company amount to 295and 1598 respectively. The rest of the firm’s employees are underthe non-management category. The company has its branches in variousregions including Africa, South America, Asia and the Middle East.
The numerous industries that CorningIncorporated has ventured mean that it has different competitors forevery industry. The main competitors for the display technologiessegment are Asahi glass, AvanStrate, and Nippon Electric (Hover’s,2016). In the telecommunications industry, primary competitors areADC communication, Tyco Electronics and 3M Company. Competitors forthe specialty materials segment are Asahi Glass, Nikon and Ahoya. Thelife sciences segment faces competition from Greiner, Schott, andKimble while the competitors for the environmental technologiessegment are Denso, Emitec and NGK.
IBIS world, IBISWorld (2016), IBISWorldIndustry Report, 327211
The global displays industry is projected tohit $155.54 Billion in 2020. For the 2015 year, the consumerelectronic section held the largest proportion of the market share.The rise in demand for high-resolution displays for emergingSmartphones is a major boost to this industry.
The environmental technologies industry hasnumerous prospects with the rising interest in environment friendlyproducts. The shift towards clean energy and recycling raw materialshas seen the industry rise, which analysts estimate to be the valuedat around $100 Billion.
The telecommunications industry is wide and hasmany components. Some of the sections in the telecommunicationsindustry are Information technology, Mobile phone manufacture, andinternet service providers. With the current trend of increasingtechnology, the industry is bound to keep growing as the timeprogress. However, the industry has experienced many entrants andcompetition is likely to go a notch higher.
ABI/Inform: Chen, A., (2015, April 28).
The article by Angela Chen on Wall StreetJournal talks about the profit made by Corning Inc. in the firstquarter of 2015, despite slower growth in specialty material. Thecompany’s earnings increased by 35% percent. The earnings of thespecialty materials segment of the company went up by a meager 8%(Chen, 2015). Because it is still new in the market, very fewcompanies are using it to make their phones. Samsung and Sony haveused the screen to make high caliber phones. The budget phones bythese companies still use the regular display screens. Othercompanies such as HTC, Alcatel, and LG are yet to adopt thetechnology.
This article is related to class materialbecause it offers crucial information about a business. One of theobjectives of this course is to gather business information,regarding companies, from multiple sources. This information could beimportant to anybody who might be interested in the affairs ofCorning Inc. these individuals include potential investors,employees, the government and the executive board.
Statistical Abstract of the United States(Proquest)
Over the past 10 years, government and private sector spending onhealth and nutrition has seen an upward trend. Total expenditure onhealth and nutrition in 2015 was $3.3 Trillion up from $3.1 Trillionin 2014. Part of this expenditure by the government and the privatesector is on modern equipment. Stakeholders are increasing theirinvestment on modern health equipment of which Corning Inc. is a keyplayer in the industry.
Corning Inc. could use this information to project the future ofsales of its equipment in the life sciences industries. Corning Inc.produces glass for new technology such as the Magnetic ResonanceImaging. With increasing spending on such technology by thegovernment and the private sector alike, the company is likely tomake more sales in the life sciences industry. Currently, the lifesciences section of the company is not performing according toexpectations because many entities are yet to adopt new technology.
Corning Inc. interacts with other businessesusing the B2B model. The company produces unique products from othercompetitors in the same industry. New products such as the gorillascreen for Smartphones and LED screens for TVs make Corning Inc.’sproducts to be heterogeneous in the industry. The model is alsocomplex in that the company uses numerous fronts to cushion itsattempts at innovating unique products.
Company Website: Corning Inc. (2016).Corporate citizenship, Retrieved March 22, 2016
The primary role of the Corning Inc.’scorporate citizenship program is to uphold trust with all thestakeholders. The company prides itself for a proactive role incorporate social responsibility. Among the areas that the companyfocuses on are sustainability and environmental conservation. Thecompany uses the minimal energy possible to produce its products. Italso focuses on renewing its products. Other areas of corporatecitizenship are health safety for employees and diversity in theemployee population.
Bureau of census (2016). Spending on health and nutrition- public andgovernment spending since 2010 proquest statistical Abstract of theUSA. 2016 online edition, Retrieved fromhttps://rowman.com/ISBN/9781598887938/ProQuest-Statistical-Abstract-of-the-United-States-2016
Chen, A., (2015, April 28). CorningProfit Rises Despite Weaker Growth in Specialty Materials. Wallstreet Journal. Retrieved March 22, 2016 from ABI/inform Database.
Corning Inc. (2016). Corporate citizenship.Retrieved March 22, 2016 from<https://www.corning.com/in/en/about-us/corporate-citizenship.html>
Hoover’s, Inc. (2016). Corning Inc. Retrieved March 22, 2016
IBISWorld. (2016). IBISWorld Industry Report. 327211. Displaysindustry in the USA. Retrieved March 22, 2016 from IBISWorlddatabase.
Wall street Journal, IBIS World