Potter qualifies a successful business organization on its ability to identify its key strengths, weaknesses, opportunities, and threats (Porter 332). These components inherent in LECO have helped distinguish the core competencies of the business organization in terms of customer value, demographics, and implementation. For the bold, entrepreneurial, risk taking, business executives, these distinguishing marks of success stand out boldly in positioning the organization in a strategic position in the market.
Deducing from the above case study, customer value was one of the distinguishing marks of success. The company introduced products such as LECO mind storms; a product developed after many years of research in one of the prestigious universities renown for technological inventions and innovations, MIT (Porter 334). In addition (Porter 333) highlights the strategic value components the company valued for maintaining and attracting a large market share. In its vision the products were to be characterized by unisex outlook, be of all ages, have an opportunity for all year round use, while being leaders in safety and quality among several other values (Porter 333).
Outstanding success for the company can be traced in its incorporation of demographics as a core competence component. The clever company executives had tailored their products by introducing a variety of them in the market targeting different age groups of children and tailoring the products according to their needs. This fact is demonstrated on (Porter 333) of the case study. Many of these products range from T-shirts, puzzles, comic books, diversely differentiated and strategically tailored for the purpose of attracting customers’ attention and maintaining the customers with a variety of product offerings. (Porter 333) speaks of LECO’s strategic vision, to “Nurture the child in each of us”.
These qualities in children impressed the business executives to creatively tailor some products famously known after the name “LECO system of play” (Porter 333). In addition to all these features, the business organization managed to reach adults and convince them of their products. Significant among the demographic factors were the ability to identify and create products for children in the range of 5 years to 12 years (Porter 335). This was a business puzzle that saw the company rake in huge profits as can be deduced from the above case study (Porter 336). While profit figures were rising by the day, another distinguishing mark of success was the business organization’s product implementation strategies.
These entrepreneurial, bold, risk taking managers incorporated another element in their pursuit of the business’s goals and objectives. (Porter 335) of the case study indicates that the company partnered with a variety of other market leads to remain strong and competitively assertive in the market.
These strategic partners included, electronic arts, the world’s leading interactive entertainment industry, Universal music for creating music for CD’s, Upper Deck, Nintendo, DC comics, and Walt Disney. These market players formed a strategic alliance that saw the business organization establish a market lead in the industry. These with other genius devices carefully crafted by the organization’s executives made the company retain all the profits that could be generated. Certainly the organization had experienced growth in economic booms and other turbulent times such as when America was at war.
The business executives had experienced sever challenges which at times called for bold decisions, such as the risk taking executives who had launched the company in the face of such strong rivals and economic giants to perform the economic miracle that led it to thrive in profits (Porter 333).
Porter, Michael. E. Competitive Advantage: creating and sustaining superior performance. 1st ed.
Free Press, 1998.