Original Date: 03/16/1998
Revision Date: 01/18/2007
Best Practice : Global Marketing
Since its beginning in 1964, Strite has experienced excellent growth from an initial workforce of eight to more than 220 employees today. The company started with a single customer and, through diversification, developed a wide range of clientele in the aerospace, medical, nuclear, and automotive industries. Major customers include Litton Industries, IMAX Corporation, Ontario Hydro, Menasco Aerospace, and Allied Signal. Much of the company’s growth came from the aerospace industry sector. Today, Strite is involved in developing landing gear and jet engine components. The company also retained and expanded its projects into other high technology industry sectors. Strite’s history is one of continuous diversification while remaining focused on its core skill of high precision machining.
Until recently, the majority of Strite’s business was primarily with companies in North America. Although it developed a very good reputation with its North American customers, Strite realized that these companies had divisions and subsidiaries with similar high precision machining needs all over the world. In the early 1990s, Strite began an international marketing strategy focused on these potential customers. A full-time Director of Marketing was hired, and the company began expanding its business base to include its North American customers’ manufacturing facilities located throughout the world. Today, Strite exports its products to France, the United Kingdom, Italy, Brazil, Japan, China, Korea, and the United States. Export sales account for more than 75% of the company’s total sales. This marketing strategy has increased Strite’s sales threefold from about $6 million in the early 1990s to more than $18 million today.
A world market strategy offers excellent opportunities for growth and new business in the precision machining industry. Currently, Strite has only three or four competitors in this market. Strite’s strategy is to continue developing this global market, while maintaining the company’s position as a world-class supplier of precision machined products for the global aerospace, medical, nuclear, and automotive industries.
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