Fit Precision Worldwide

In: Business and Management

Submitted By robertcowger
Words 1286
Pages 6
With every company there are great opportunities and great moments. Understanding company core business is paramount to the success of any institution. Knowing when to strike has everything to do with knowing your customer base and your ability to analyze future growth in the industry. Knowing and understanding customer needs is at the center of every successful business, whether it sells directly to individuals or other businesses. Once you have this knowledge, you can use it to persuade potential and existing customers that buying from you is in their best interests. However good your product or service is, the simple truth is that no one will buy it if they don't want it or believe they don't need it. Don’t be afraid to let go of what you have today for tomorrow’s success if you have all the right tools to make the right choices for the business. Hans Thorgorg the general manager of Precision Worldwide Inc (PWI) has to face this dilemma utilizing some of his key personnel to devise the right plan to cut company loses in order to get ahead of his competitors or continue to press forward with business as usual.

Precision Worldwide,Inc (PWI) is a manufacturing company of industrial machines and equipment for almost 90 years. One of their plants located in Frankfurt, Germany, produces a particular model at a price ranging from $ 18,900 to $ 28,900. Moreover, the plant has another department that manufactures steel retaining rings. These rings are considered as an integrate part of the machines they are actually manufacturing. This department can sell their rings either internally or externally because they are a large market and demand for this product.

The general manager of the German plant, Hans Thorborg has been considering the introduction of plastic rings as a substitute for the steel rings. His idea comes from one of his competitor, Henri…...

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