International Engineering Management - Essay Example

This study highlights that the first machine was huge in structure which was then technologically upgraded. This led to the invention of some smaller models. The company revolutionized by inventing popcorn machines which used a unique blend of ‘butter oil’ and ‘leaf lard’ to offer crispy popcorns to the customers. In its initial years, to attract customers, the company offered the popcorns in a uniquely designed vintage vehicle with a toy clown in it. Charles Cretors was successful in tracking the market demand which helped the company to establish its niche in the market.

With the success of the invention made by Charles Cretors, the company leaped to fame. The company enjoyed the advantages of being a first mover in the industry. This was achieved by the company’s breakthrough innovation in being the first in discovering this type of machine. It enabled the company to earn a bigger market share within a shorter lapse of time. The company was also able to achieve cost synergies. Being the pioneer in inventing such a machine, the company could price its products accordingly, depending on the rise in demand for its products in the market.

Though the initial demand of these machines was not very high, but in the year 1887, the company was able to sell thirty of such machines which helped it to generate revenues of approximately $3,627. With the rising demand of popcorns, the company started growing stronger in the domestic market. The company was successful in estimating the growing demand for popcorns which was in turn triggering the demand for better popping machines. Such a technologically upgraded machine would enable easy production of popcorns in huge amounts incurring lesser time.

To tap this growth opportunity, the company launched two new models out of which one model was named as ‘Earn more’ to attract the grocers to buy this model to ensure higher profits.