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Business Summative Assignment

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Justin Wong

on 17 January 2015

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Transcript of Business Summative Assignment

Appliances
Justin Wong
Marketing
Channels of Distribution
Whirlpool Corporation use an indirect channel of distribution. They use a variety of different retail stores that carry their products such as Sears and Lowe's.

Entrepreneurship
1911
Louis and Emory Upton founded the Upton Machine Company in 1911. They began to produce electric, motor-driven wringer washers.
Whirlpool Corporation Timeline
1929
The Upton Machine Company merged with Nineteen Hundred Washer Company of Binghamton, New York in 1929. The company name was changed to Nineteen Hundred Corporation.
The Nineteen Hundred Corporation was renamed Whirlpool Corporation and sold its first top-loading automatic washer under the Whirlpool brand in 1950.
1950
1955
Acquired Seeger Refrigerator Company and RCA's air conditioner and cooking range lines. The company changed their name to Whirlpool-Seeger Corporation.
Place
Economics
4 P's of Whirlpool Corporation
Product
Products being Sold
To make Daily tasks Easier such as Cooking and cleaning.
Fridge
Stove
Dishwasher
Washing Machine
1 year Warranty
Repair Services
Replacement Parts
24 Hour Helpline
3 Levels of Product
1957
In 1957, the company changed its corporate name back to Whirlpool Corporation
1968
In 1968, Whirlpool Corporation surpassed $1 billion in annual revenues.
Needs and Wants
In today's times, household appliances such as fridges or stoves are considered a need. However, household appliances are not needed for survival, therefore they are wants.

Price
Price of Products
Prices of Whirlpool appliances can vary from the model and product. As of today, the price range for Whirlpool products will be as following:
Fridge $700-$3200
Washer and Dryers $600-$1800
Ovens $500-$2050
Dishwasher $380-$850

Promotion
Places
From 2013, Whirlpool Corporation operates in more than 170 countries including Canada, the United States and the UK.

Economic Systems
Resources
Branding
Brand Names
Whirlpool Appliances also includes brand names such as Maytag, Amana, Jenn-Air, and Kitchen Aid

Product Life Cycle
Household appliances are currently in the Maturity Phase of the Product Life Cycle. This is because household appliances are very commonly used and most companies do not really need to advertise these products because they are going to buy them either way.

Maslow's Hierarchy of Needs
Esteem Needs:
In today's times, people value more "higher end" household appliances that have features such as ice makers, TVs and are made for convenience. People like to have these higher end appliances it makes them feel good and have the latest gadgets and technology
Labour Resources
From 2013, Whirlpool corporation had over 69,000 employees. Some benefits that Whirlpool employees have include the following:
health plans with health saving accounts
dental, vision, life and accident insurance
scholarships for some
adoption assistance
paid time-off and paid holidays
Capital Resources
Whirlpool Corporation owns 8 manufacturing facilities in the U.S. in the following cities:
Amana Colonies, Iowa
Tulsa, Oklahoma
Cleveland, Ohio
Tennessee, Ohio
Clyde, Ohio
Findlay, Ohio
Greenville, Ohio
Marion, Ohio


Natural Resources
Whirlpool is trying to create new and innovative products that will consume less water and energy. Also, they are apart of many programs such as Energy Star. Chicago Sustainable Leadership Forum and Alliance for Water efficiency to help take environmental actions and minimize impact to our planet.

Accounting
Functions of Business
History of Whirlpool Corporation
Management
Whirlpool Corporation is a public corporation which means it sells shares to the public. The shareholders make the decisions and the people who hold the most shares are elected as a board of directors to run the company.

Shareholders
Board of Directors
Democratic
Democratic
Autocratic
Employees
Three Questions
What to Produce?
Whirlpool Corporation is an american manufacturer and marketer of household appliances. The products that Whirlpool produces include the following:
Washers and Dryers
Fridges and Freezers
Ovens and Stoves
Dishwashers and Disposers

Products that Whirlpool sells include the following:
washers and dryers
fridges and freezers
ovens and stoves
dishwashers and disposers

How to Produce?
Whirlpool Corporation owns 8 manufacturing facilities in the U.S. in the following cities:
Amana Colonies, Iowa
Tulsa, Oklahoma
Cleveland, Ohio
Tennessee, Ohio
Clyde, Ohio
Findlay, Ohio
Greenville, Ohio
Marion, Ohio



Who will receive the output?
Whirlpool Corporation's main target audience is home owners and renters who need to buy or furnish their residence.

Supply and Demand
Increase in Demand
In today's times, household appliance in the United States and Canada have been projected to increase in sales and demand. This is because people in the United States and Canada want to replace their aging machines and have become more energy-efficient in order to save money.
Balance Sheet
Finance
Whirlpool Corporation's stock has been increasing in value in 2013. This is due to net sales continually increasing from previous years. In 2013, sales increased about $600,000 from 2012.
Human Resources
In 2013, Whirlpool Corporation had around 69,000 employees around the world.
Production
Whirlpool Corporation own over 70 manufacturing and technology facilities in the world. Whirlpool has 8 facilities in the U.S. in the following cities:
Amana Colonies, Iowa
Tulsa, Oklahoma
Cleveland, Ohio
Tennessee, Ohio
Clyde, Ohio
Findlay, Ohio
Greenville, Ohio
Marion, Ohio

Income Statement
Innovations
Throughout the years, Whirlpool Corporation has innovated their products to become more eco-friendly by using less water and energy. Also, Whirlpool uses materials that have a smaller impact on our planet to manufacture their products.
Advertisements
Whirlpool Corporation use many different types of advertisements such as newspaper and television ads that are shown in the United States. They also use direct-to-home ads such as flyers in the U.S.

Whirlpool was the first household appliance maker to feature same-sex families in the print advertisements in the U.S.

Categories of Industry
Whirlpool Corporation is both a Secondary and Tertiary industry. Whirlpool manufactures their products in their own manufacturing facilities as well as selling their products in their stores. However, Whirlpool products can also be bought through an indirect channel of distribution in retail stores such as Sears or Lowe's.
Whirlpool Stock Info
Supply
Demand
Price
Quantity
E1
Price
Quantity
Stock Info
Listed as: WHR on NYSE
Close (Jan 2, 2015) - $193.01
52 week high close (Dec 31, 2014) - $193.74
52 week low close (Feb 3, 2014) - $126.69
Average Volume (Jan 2, 2015) - 502.4K
Market Cap - 15.36B
Competitors in the Industry
Some competitors of Whirlpool Corporation in the household appliance industry include:
Electrolux
General Electric
Indesit
Hoshizaki Electric
Candy Group
LG




(Jackson)
Whirlpool Stock 2014-2015
("Whirlpool Corp.")
("Whirlpool Corp.")
("Whirlpool")
("Whirlpool")
("History")
("History")
("History")
("History")
("History")
("History")
("History")
("Environmental")
("History")
("History")
("History")
("History")
("Environmental")
("History")
("Whirlpool")
("History")
(Whirlpool Corporation)
Packaging
Consolidation - Whirlpool Corporation appliances are packaged in a thick cardboard box and wrapped in plastic to keep the product all together
Protection - the cardboard box and plastic wrapping also protects the appliances from any damage. Also, styrofoam is placed inside at each corner to keep the product stable inside.
Information - There is a brief description and picture of the product, safety code (UL), bar code and model number. Installation manuals, warranty cards and contact info are provided inside the boxes.
Brand Identification - On the box, there is a logo to identify that it is a Whirlpool product.
Promotion - There are no types of promotion in Whirlpool packaging as of now.
("Whirlpool")
Finance
Important Points
Assets:
Whirlpool's current assets for 2013 is $7,022,000,000. This is an increase from 2012's total assets which was $6,287,000,000.

Liabilities:
Whirlpool's total liabilities add up to $10,510,000,000 which fortunately decreased from 2012

Owner's Equity:
Whirlpool's total stockholder's equity for 2013 is $5,034,000,000 which is a increased over $600,000,000 from 2012.

Important Points
This income statement is for the year ended December 31 between 2011 - 2013.

Net Sales:
Whirlpool's net sales in 2013 increased to $18,769,000,000 from 2012's net sales of 18,143,000.

Cost of Products Sold:
The cost of products sold for 2013was $15,471,000,000 which increased from 2012, but is still lower than 2011.
("History")
Whirlpool's 5 Year Summary
("Whirlpool Corp.")
Gradually Increasing
Legend
Economics

Marketing

Finance

Entrepreneurship

Accounting

Functions of Business

Whirlpool Corporation Advertisement
Board of Directors
Whirlpool Corporation's Chairman and CEO is Jeff M. Fettig. The rest of the Board of Directors consist of Harish Manwani, Geraldine Elliot, Gary T. DiCamillo, and Diane M. Dietz.
Decrease in Supply
Even though, in today's times, there is an increase of demand for household appliances; there is a decrease in supply. Nowadays, the price of steel has risen, which is a key part in making household appliances. This makes a decrease of supply because Whirlpool wants to manufacture less products because they are more expensive, decreasing quantity. It increases price because they don't want to lose money.
(Jackson)
Successful Improvements
Whirlpool Corporation have been very effective in innovating their products to be more environmentally friendly and have been demonstrating their commitment to Energy Star They were awarded 2014's Manufacturer of the Year by Natural Resources Canada.
("Environmental")
Supply
Demand
Price
Quantity
E1
Price
Quantity
Logo
Whirlpool Corporation's logo type is a combination logo because it contains words and a symbol or icon.

("History")
Symbol
Words
Slogan
Whirlpool changed their slogans a few times as the years past. Some slogans they had or have now include the following:

Customer Satisfaction After the Sale
Designed to Simplify
Work Globally, Act Locally
Making the Most of Moments that Matter
Sensing the Difference
("History")
Inflation
Back in the 1900's everything including household appliances, were cheaper. Now due to the inflation of salaries and money, all products have increased in price.
("Whirlpool")
Manufacturing
Whirlpool Corporation manufacturers 440 million appliances annually which equals to about 50,000 appliances manufactured per hour
Industry
Quality Control
Whirlpool Corporation had a special task force to grade their products to see if they are up to their standard. However, they intend for the customer and consumer to be the real judge of the quality of their products so they encourage feedback and reviews.
Bonds
Whirlpool issues bonds so that they can use the money to invest in different parts of their company such as marketing, research or advertising. One Whirlpool bond contains a 3.7% interest rate.
("Whirlpool Corp.")
Recall
As Whirlpool tries to make all their products as close to their quality and safety standards as possible; however, recalls can still happen. One of the most costly recall was caused by faulty Whirlpool microwave ovens. Whirlpool had to recall and repair around 1.8 million microwave ovens.
Entrepreneurial Characteristics
Whirlpool's vision is to give as many homes as they can to be satisfied by their household appliances. Their passion to satisfy the consumer motivates them to continue innovating their products.

Whirlpool's vision statement is the following:

Every Home… Everywhere… with Pride, Passion and Performance
Pride... in our work and each other
Passion... for creating unmatched customer loyalty for our brands
Performance... that excites and rewards global investors with superior returns
Increase in Quantity Demand
For Boxing Day, all prices of Whirlpool products were put on sale. This is an increase in quantity demand because the price of Whirlpool products changed.
(Jackson)
Supply
Demand
Price
Quantity
E1
Price
Quantity Demanded
Goods and Services
Whirlpool sells goods to their customers ad consumers such as washing machines, microwaves and fridges. However, Whirlpool also provides services such as repairing and delivering appliances.
International Business
Whirlpool International
Whirlpool is an international company and as of 2013, they operate in more than 170 countries including Canada, the UK and the U.S.
International
Manufacturing
Whirlpool Corporation owns more than 70 manufacturing and technology research centers around the world in places including India, Hong Kong and Mexico
In 2006, Whirlpool Corporation surpassed Electrolux to become "the largest home appliance maker in the world".
("History")
2006
Manufacturing Facility in India
Imports
To save money, Whirlpool imports their products from their facilities in other countries such as India, South Korea and Mexico
Whirlpool Showroom in Hong Kong
International Competition
LG was the first appliance company to set up manufacturing plants in Mexico and South Korea. LG then sold their products much cheaper due to cheap manufacturing costs. This hurt Whirlpool's profit margins so they filed a complaint to the U.S. International Trade Commission and demanded that LG should be subject to tariffs because their cheap manufacturing costs were unfair.
International Position
Whirlpool is one of the largest consumer electronics companies with a leading market position in North America, South America, Asia and Europe.
Leadership
International Business
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