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Xerox: repositioning and revival utilizing - Essay Example

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Xerox was established as the Haloid Company and changed its name to Haloid Xerox in 1959 with the introduction of Xerox photocopiers. …
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Xerox: repositioning and revival utilizing
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Download file to see previous pages Very soon the name ‘Xerox’ was used not just as the brand name of the company but as the general name of the products, such was the mass appeal of Xerox and their marketing strategy was designed to promote the same idea. By 1968 Xerox achieved the highly sought after US $1 Billion mark with a target market ranging from public, private and educational sectors all over the world. It seemed that they would forever remain the leaders in the Photocopying technology. Right now the scenario is still positive for the Company, but the approach and Strategy of Xerox had to undergo a lot of changes to survive this far. According to their website, with sales approaching $23 billion, the world’s leading enterprise for business process and document management has been Xerox (NYSE: XRX) is. Its 140,000 employees serve in over 160 countries. Its technology, expertise and services enable workplaces to smoothly integrate the electronic and print media utilization in an efficient and effective way. Their portfolio consists of wide range of services and products including IT outsourcing in which they help organizations tap into the external resources available to them; Production printing offers; Consultation and restructuring of business processes to generate innovation and finally the service which echoes of their old offerings of pure photocopier technology- Document Management, a complete package to lead their customers into smarter organization and management of all their electronic, print and digital communication and documentation. The shift in Xerox’s strategy was not, however, a part of the general long term strategy the management had decided to follow. Their drastic repositioning was the direct result of a slump faced in the 1980-90s which led to a sudden loss in market share and extremely low profits. With the introduction of computing technology, new players from the international market and the rise in use of printers and other convenience printing and storing devices Xerox’s flagship product became obsolete. During the 1980s, Xerox tried to reposition itself as a provider of all technology-based office products, while this brought it back in the customer minds- the name Xerox was still intimately tied to copiers only and rebranding themselves into the market place was going to be a hard work. Conflict and opportunity- Xerox. In 2001 the situation was extremely severe for Xerox. Their declining sales led to huge losses; fourth quarter revenue in 2011 was $4.8 billion, 13 percent lower than the fourth quarter of 1999. The stock price went from $70 per share in 1999 to $5 by the mid of 2000.The company was highly leveraged at the moment and unable to meet their debt requirement needed to restructure. There were rumors of bankruptcy filing, Xerox had to take the services of private investment banking firm the Blackstone Group to advise it on how it can fix its balance sheet. The reasons for the low profitability were many: from unfeasible market conditions, slump in productivity, competitive pressures and a lack in the information technology needed to make the firm better at managing its opportunities and costs. In trying to save the company the first few steps the company took were to cut down on costs. In 2001, a statement was given by Anne M. Mulcahy, Xerox president and chief operating officer explaining that “We are aggressively implementing our cost-reduction plans, which will yield more than $1 billion in savings by the end of 2001," said. "Since the third quarter of 2000, we have taken ...Download file to see next pagesRead More
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