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Benchmark - Research Paper Example

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Benchmark Name: Course: Presented to: Date: Benchmark Benchmarking involves setting standards that offer leadership to other companies in the global market. The benchmark company is Teknion. Teknion is a leading international designer, marketer and manufacturer of mid and high end office systems, and other related furniture products…
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Benchmark
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"Benchmark"

Download file to see previous pages The company began in the early 80s with only a single line specializing in office systems. Currently, the company has tremendously grown to offer a wide variety of different decking systems and freestanding systems and panel based altos and optos architectural demountable wall products (Teknion, 2011). The company through this strategic expansion managed to improve its marketing segment drastically and expanding its production lines to meet demands of the new markets in furniture products. For example, the company has handled numerous projects in different countries. These include the Barnes Jewish Hospital, Agilent technologies in Israel among other numerous global projects that the company has successfully implemented. This global expansion helped the company in expanding its production lines, improving its design work to meet the current customer demand in a highly competitive market, and coming up with designs and technologies that are in accordance with the advocacy of the day. An example is the embracing of green technologies that are environmentally friendly. As the company expanded to international markets, there were more demands in different markets to have products in accordance with certain environmental specifications, motivating the company to initiate massive design and innovative works to correspond to such market demands. Therefore, from producing a single line of furniture for the domestic market, international expansion helped Teknion in providing much advanced office furniture and other high end furniture to clients in different market segments. Teknion’s expansion to international market did not comprise its domestic market share, but instead the domestic market became much stronger as new international designs previously not made for the domestic market were available to the domestic customers, offering them a large variety of designs with international tastes. The company was in fact named among the top 50 best managed Private Companies, with its presence not only growing domestically, but also regionally (Anonymous, 2010). International expansion led to an enhanced image of the company and its products; the company was more involved in international tendering processes, such as in interior and exterior design of the Bow, a 58 story tower near the Bow River in Calgary (Anonymous, 2010). It is such manifested prowess in interior design and furnishes that has enabled the company to control not only the domestic, but also the regional market; meaning its international expansion was a real benefit to the company. Teknion is faced with several risks in its international market operations. Sargent (2011) explains some of these risks as increase competition. The company is faced with stiff competition from much larger multinationals especially from U.S, North America, and other regions. The stiff competition requires strategic operations in realigning with the market demands to offer much superior and competitive products at a price that will offer much more value addition to customers. The company through design and innovations in office furniture work has been able to compete effectively and capture its sizeable market segment in the international market. In order to ensure a competitive edge in the market, the company has collaborated with renowned construction industry leaders such as Mathews Southwest developments, Ledcor Group of Companies, Gensler among others, making the company’ ...Download file to see next pagesRead More
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