abhishreshthaa
Abhijeet S
Snap-on is a leading U.S. designer, manufacturer and marketer of tools and equipment to professional tool users. It was founded in 1920. Snap-on is located in Kenosha, Wisconsin, and employs approximately 11,500 people worldwide. The company is currently worth 2.4 billion dollars (US) and is one of the companies on the S&P 500.
The modern socket wrench, with interchangeable sockets, was invented by an American J.J. Richardson, of Woodstock, Vermont. The tool was patented through the Scientific American Patent Agency on June 18, 1863.[1] The first illustration of the tool appears on pg. 248 of the April 16, 1864 issue of Scientific American.[2]
Joseph Johnson and William Seidemann formed the Snap-on Wrench Company in 1920. The company manufactured and marketed ten sockets that would "snap on" to five interchangeable handles. Snap-on's direct-marketing was a concept that would revolutionize the sales industry.
To sell the products, Johnson and Seidemann worked with Stanton Palmer, who took the tools directly to customers at their places of business and demonstrated the benefits, which became the cornerstone of the company's marketing success. As a result of this successful sales strategy, Palmer enlisted Newton Tarble to share the increasing workload. These four founders — Joseph Johnson, William Seidemann, Stanton Palmer, and Newton Tarble, under the leadership of Palmer — were responsible for putting Snap-on tools on the map.
Shortly after its founding, Snap-on entered global markets in 1931. Also in the 1930s, Snap-on began offering credit to customers, the first in the industry to do so. In the 1950s, Snap-on expanded on the concept of bringing product to the customer by using fully stocked walk-in vans and, as a result, pioneered today's familiar dealer van channel.
Strengths
* Cost advantage
* Innovation
* Market share leadership
* Strong brand equity
* Strong financial position
* Pricing
Weaknesses
* Bad communication
* Low R&D
* Low market share
* Not innovative
* Weak management team
* Weak real estate
* Ubiquitiouegory, products, services
Opportunities
* Acquisitions
* Emerging markets and expansion abroad
* Online
* Product and services expansion
* Takeovers
Threats
* Competition
* Cheaper technology
* Economic slowdown
* Lower cost competitors or imports
* Maturing categories, products, or services
The modern socket wrench, with interchangeable sockets, was invented by an American J.J. Richardson, of Woodstock, Vermont. The tool was patented through the Scientific American Patent Agency on June 18, 1863.[1] The first illustration of the tool appears on pg. 248 of the April 16, 1864 issue of Scientific American.[2]
Joseph Johnson and William Seidemann formed the Snap-on Wrench Company in 1920. The company manufactured and marketed ten sockets that would "snap on" to five interchangeable handles. Snap-on's direct-marketing was a concept that would revolutionize the sales industry.
To sell the products, Johnson and Seidemann worked with Stanton Palmer, who took the tools directly to customers at their places of business and demonstrated the benefits, which became the cornerstone of the company's marketing success. As a result of this successful sales strategy, Palmer enlisted Newton Tarble to share the increasing workload. These four founders — Joseph Johnson, William Seidemann, Stanton Palmer, and Newton Tarble, under the leadership of Palmer — were responsible for putting Snap-on tools on the map.
Shortly after its founding, Snap-on entered global markets in 1931. Also in the 1930s, Snap-on began offering credit to customers, the first in the industry to do so. In the 1950s, Snap-on expanded on the concept of bringing product to the customer by using fully stocked walk-in vans and, as a result, pioneered today's familiar dealer van channel.
Strengths
* Cost advantage
* Innovation
* Market share leadership
* Strong brand equity
* Strong financial position
* Pricing
Weaknesses
* Bad communication
* Low R&D
* Low market share
* Not innovative
* Weak management team
* Weak real estate
* Ubiquitiouegory, products, services
Opportunities
* Acquisitions
* Emerging markets and expansion abroad
* Online
* Product and services expansion
* Takeovers
Threats
* Competition
* Cheaper technology
* Economic slowdown
* Lower cost competitors or imports
* Maturing categories, products, or services