1

Table of Contents
1. Introduction 2
2 .Company History ....2
3. CATs Organizational Purpose .. 3
3.1Company Discription.4
4. CATs Strategic Position ... 6
4.1PESTEL Analysis 6
4.2SWOT Analysis ...10
4.3PORTERS FIVE FORCES Analysis .12
5. 11 years performance result..14
6. Cat Financial Announces 2014 Year-End Results14
7 .Key Success Factors .21
8. Competitor Analysis 22
9. Strategic Direction .. 23
9.1Market Development ...23
9.2Caterpillar as an Innovator ...23
9.3Direction Technology ...24
10. CATs Corporate Strategy Analysis ...24
11. Strategy Into action .... .25
11.1CAT strategic Vision ..26
11.2Key Strategic Changes .. .26
12. Recommendations .. .27
13. References .. .29

1. Introduction
This report presents the in-depth insights in formulation of strategies and their implementation
by CAT inc. as of today standing as worlds largest Earth moving machinery manufacturer. With
their product lines expanding from construction equipments, diesel and natural gas engines, and
industrial gas turbines, Financial sector, Retail Industry and many more.

2. Company History
Caterpillar Incorporation or also known by their short form CAT started out their journey in
1859(Caterpillar.com, 2014). It all started with the American dream of 3 brothers Charles,
Williams and Ames Holt figured a problem for farmers to have to transport their grains to the
more cleaner storage and best observed by such innovative mind Holt introduced his first cleaner
in mindset to clean the grains by machine while harvesting them by eliminating the costly time
required to transport them to another location.. And By 1863 Holt had found a way to put
together a company which is todays Caterpillar Inc (Caterpillar.com, 2014). Further Holt
brother founded Stockton Wheel Company and this expanded venture manufactured wooden
tires which marked the firms first experiences with manufacturing vehicular products which
would set company core strengths in years to come. Holt brother further focused their attention
on another farming problem of their truck being heavy and they were getting stuck in the fertile
soil and for that Holt introduced the most innovative design in vehicular industry of the 20th

century which he called Platform wheel engine (Caterpillar.com, 2014), In 1904 Charles
Clemens, company photographer noticed the trucks crawled like caterpillars and hence there was
the moment that named what today stands as Caterpillar Incorporated. Later, British military
decided they could haul goods with Tractor Bulldozer when World Was I broke down. British
government later on decided to use Caterpillar Tracks on tanks when they noticed their
durability. Tractor Bulldozer was considered so much useful that it was listed among the top 4
machines which won war in the Pacific along with Submarine, Radar and airplanes. Caterpillar
was growing mainly because of the War and within moments of companys major growth World
War I was over, this lead caterpillar to a major recession phase because their major contracts
relied on Military contracts which were put on hold causing caterpillar to victimize the loss of 1
million dollars a day pushing them to cut cost on employment (Ukeassays.com, 2014) To survive
Caterpillar implied various strategies. they accommodate their clients going through the
recessions they created easier payment methods such as Caterpillar Leasing Company,
Caterpillar Financial Services Corporation, which offered equipment financing options
(Braciszewski et al., 2010)

3. Caterpillars Organizational Purpose

Company Values
Integrity, Excellence, Teamwork, Commitment and sustainability (Caterpillar.com, 2014)
Mission
Enable economic growth through infrastructure and energy development, and to provide
solutions
2014)

that

support

communities

and

protect

the

planet

(Caterpillar.com,

3.1 Company Description

Caterpillar, Inc. is engaged in the manufacturing of construction & mining equipment, diesel & natural
gas engines, industrial gas turbines and diesel-electric locomotives. The company provides technology for
construction, transportation, mining, forestry, energy, logistics, electronics, financing a...

Profitability
Gross Margin
26.36
Operating Margin
12.21
Pretax Margin
9.21
Net Margin
6.70
Return on Assets
4.36
Return on Equity
19.68
Return on Total Capital
6.45
Return on Invested Capital
8.03

Capital Structure
Total Debt to Total Equity
234.59
Total Debt to Total Capital
70.11
Total Debt to Total Assets
46.39
Long-Term Debt to Equity
165.91
Long-Term Debt to Total Capital
49.59

Source Caterpillar.com, 2014)

Vision
A world in which peoples basic needs, such as shelter, clean water, sanitation, food and
reliable power fulfilled in an environmentally sustainable way and a company that improves the
quality of environment and communities where we live and work (Caterpillar.com, 2014).

Core Strategy
To provide work environments, products, services and solutions that make productive and
efficient use of resources as we strive to achieve our vision (caterpillar.com, 2014).

4. CATs Strategic position

4.1 PESTEL ANALYSIS

Political Factors

Economic Factors

Worldwide political awareness.

Growth Rate

Bureaucracy issues

Inflation

Politics and tax policies

Monetary Policies

Trade policies

Exchange Rates

Social Factor

Technological Factor
Infrastructure Level

Health Consciousness

Technological Change

Education Level

Communication Level

Attitudes towards green policy

Internet Infrastructure

Emphasis on safety

Environmental Factors

Legal Factors

Climate Change

Consumer Protection

Pollution and Waste Management

E-commerce Factors

Attitude towards Ecological products

Health and safety law

Recycling

Copyright, Patents Law

(Source Jurevicius, 2014)

Political Factor
Internet has brought a lot of change and awareness all thought Caterpillar has seen the
technological change it must be aware of the consumer awareness on technology.
Trade Policies are one of the most important factor in political scenarios, caterpillars business
expands from country to country and they must always be prepared for these policies changing
or vice versa.

Environmental Factor
Growth Rate is a crucial factor to look upon because India is expected to grow at 6.3 per cent
this year and 6.5 per cent in 2016 by when it is likely to cross China's projected growth rate
(The Economic Times, 2007).
Exchange rates are varying day by day and its like the never ending battle against the countries
to remain at the top and as a global business planner it should be aware of these fluctuations in
advance.
Social Factors
People are aware and are becoming health aware everyday and for proactive business decision its
strategy toward heavy machinery producing toxic gases may affect the brand value.

Technological Factor
From the day Caterpillar was founded it has proved to be a technological advanced organization
but the scope is increasing day by day and keeping up with the technology is a hard strategy as
evolution is technology is in a rapid phase even more when the company initially started. Internet

and e-commerce have become a daily need and caterpillars dependence in only few sectors such
as heavy machinery and the strategy must be re-thought.

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4.2 SWOT ANAYSIS

Strength

Weakness

Market Leader with the highest amount of

Lack of communication between managers

market shares.

around distribution channel.

Growth strategy through production rather than Employees reduction strategy backfires with
acquisition.

lack of trust within the organization.

Outsourced distribution links all over the

world.

Highly recognized brand identity,

Oldest in the manufacturing of heavy
machinery.

6 sigma methods first user.

Opportunities

Threats

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Expansions in developing countries such as

Low investments in Research and development

Pakistan, Nepal, Bhutan etc.

since follow much outsourcing.

Market share growth from expansion interests

Economic recession as of 2008 which nearly

potential.

killed the organization.

Research in hydrogen fuel and turbines

With power comes responsibility and will to

Shows potential growth strategy.

follow them as more hardened emission laws

are being executed.

Recent joint venture and acquisition

opportunities.

Long term debt issues

Global Market

Independent Dealers and Dealers confidence

issues.

Source - (shen, 2015)

12

4.3 PORTERS FIVE FORCES MODEL ANALYSIS -

Threat of new entrants

Threat of new entrants in not much of a threat to Caterpillar because of its long history in its field
and being the world leader in its market segment as this market segment requires huge
investment and resources and investors would be hesitant to invest when they know such high
amount of competition is available. Rather than focusing on threats to new entrants Caterpillar
should focus on competing current rivals such as Komatsu and others market share holders.

Intensity of competitive rivalry

Caterpillar being a market leader with maximum shares in their pocket but

have a very

competitive rivalry against Komatsu and Hitachi and others and in any case if caterpillar get
stuck with bad business strategy their market segment could be easily over taken by other
competitors and Komatsu had proved to be a worthy rival from the beginning of 1960s.

Threat of substitute
Threat of substitute product is very high since their rivals Komatsu, Hitachi have been in
constant race to win CATs market share providing customer with better ended products with
lower rates than Caterpillar, hence CAT must generate strategies to cut down their manufacturing
cost with had been effected with the distribution channels the company is following. CATs high
end products may not be suitable lower developing markets hence CAT has a strong possibility
of substitute products.

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Bargaining power of customers

The bargaining power of customers in very moderate because CATs strategy with the
independent dealers across the world and the pricing is done according to the market.

Bargaining power of suppliers

Like the bargaining power of customers this section is also moderate as because their raw
materials are heavy and cost very expensive to build and increase in supply rates may prove to be
big issue for the organizations final pricing hence with close relation with their outsourced
dealers and manufacturers CATs bargaining power of suppliers in moderate.

5. 11 Year Performance Result

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6. Caterpillar Financial Services Corporation 4Q 2014 Earnings Release

January 27, 2015 FOR IMMEDIATE RELEASE Cat Financial Announces 2014
Year-End Results Full-Year 2014 vs. Full-Year 2013 Cat Financial reported revenues of
$2.89 billion for 2014, an increase of $100 million, or 4 percent, compared with 2013.
Profit after tax was $535 million, a $22 million, or 4 percent, increase from 2013. The

increase in revenues was primarily due to a $110 million favorable impact

15

from higher average earning assets, partially offset by a $20 million

unfavorable impact from lower average financing rates. Profit before income
taxes was $753 million for 2014, compared with $694 million for 2013. The
increase was primarily due to a $49 million favorable net impact from higher
average earning assets and a $40 million improvement in net yield on
average earning assets, partially offset by a $38 million increase in provision
for credit losses (largely a result of the absence of a favorable adjustment
that occurred during the fourth quarter of 2013). The provision for income
taxes reflects an annual tax rate of 28 percent for 2014, compared with 25
percent for 2013. The 2013 annual tax rate of 25 percent excludes a benefit
of $7 million, reflecting the impact of the American Taxpayer Relief Act.
The increase in the annual tax rate is primarily due to an unfavorable
geographic mix of profits from a tax perspective. Retail new business
volume for 2014 was $12.68 billion, a decrease of $414 million, or 3
percent, from 2013. The decrease was primarily related to lower volume in
Mining and Asia, partially offset by increases in North America. At the end
of 2014, past dues were 2.17 percent, compared with 2.81 percent at the end
of the third quarter of 2014 and 2.47 percent at the end of 2013. Write-offs,
net of recoveries, were $99 million for 2014, compared with $124 million
for 2013. Full-year 2014 write-offs, net of recoveries, were 0.35 percent of

16

average annual retail portfolio, compared with 0.46 percent in 2013. -2(more) At year-end 2014, Cat Financial's allowance for credit losses totaled
$401 million or 1.36 percent of net finance receivables, compared with $387
million or 1.33 percent of net finance receivables at year-end 2013. The
overall increase of $14 million in allowance for credit losses during the year
reflects a $9 million increase associated with the higher allowance rate and a
$5 million increase in allowance due to an increase in the Cat Financial net
finance receivables portfolio. The higher allowance rate reflects an
allowance increase tied to adverse political and economic developments in
several markets that we currently serve, partially offset by write-offs taken in
2014. Fourth-Quarter 2014 vs. Fourth-Quarter 2013 Cat Financial reported
fourth-quarter 2014 revenues of $703 million, a decrease of $8 million, or 1
percent, compared with the fourth quarter of 2013. Fourth-quarter 2014
profit after tax was $108 million, a $50 million, or 32 percent, decrease from
the fourth quarter of 2013. The decrease in revenues was primarily due to a
$23 million unfavorable impact from lower average financing rates, partially
offset by a $14 million favorable impact from higher average earning assets.
Profit before income taxes was $166 million for the fourth quarter of 2014,
compared with $204 million for the fourth quarter of 2013. The decrease
was primarily due to $23 million higher provision for credit losses (largely a

17

result of the absence of a favorable adjustment that occurred during the

fourth quarter of 2013) and the absence of a $17 million currency gain that
occurred during the fourth quarter of 2013. The provision for income taxes
reflects an annual tax rate of 28 percent in the fourth quarter of 2014,
compared with 25 percent in the fourth quarter of 2013. The increase in the
annual tax rate is primarily due to an unfavorable geographic mix of profits
from a tax perspective. During the fourth quarter of 2014, retail new
business volume was $3.31 billion, a decrease of $330 million, or 9 percent,
from the fourth quarter of 2013. The decrease was primarily related to lower
volume in Mining, Asia and Europe, partially offset by increases in North
America. We are pleased with the overall performance of our business
during 2014 including continued strong portfolio health during the year,
said Kent Adams, president of Cat Financial and vice president with
responsibility for the Financial Products Division of Caterpillar Inc. With
our ongoing focus on expanding our ability to serve customers globally
through financial services excellence, we remain well-positioned to serve the
needs of Caterpillar, Cat dealers and our growing customer base worldwide.
-3- (more) For over 30 years, Cat Financial, a wholly owned subsidiary of
Caterpillar Inc., has been providing financial service excellence to
customers. The company offers a wide range of financing alternatives to

18

customers and Cat dealers for Cat machinery and engines, Solar gas
turbines and other equipment and marine vessels. Cat Financial has offices
and subsidiaries located throughout North and South America, Asia,
Australia and Europe, with its headquarters in Nashville, Tennessee.
Caterpillar contact: Rachel Potts, 309-675-6892 or 309-573-3444,
Potts_Rachel_A@cat.com -4- (more) STATISTICAL HIGHLIGHTS:
FOURTH-QUARTER 2014 VS. FOURTH-QUARTER 2013 (ENDED
DECEMBER 31) (Millions of dollars) 2014 2013 CHANGE Revenues $
703 $ 711 (1)% Profit Before Income Taxes $ 166 $ 204 (19)% Profit After
Tax $ 108 $ 158 (32)% Retail New Business Volume $ 3,308 $ 3,638 (9)%
Total Assets $ 35,176 $ 35,114 % FULL-YEAR 2014 VS. FULL-YEAR
2013 (ENDED DECEMBER 31) (Millions of dollars) 2014 2013 CHANGE
Revenues $ 2,885 $ 2,785 4 % Profit Before Income Taxes $ 753 $ 694 9 %
Profit After Tax $ 535 $ 513 4 % Retail New Business Volume $ 12,676 $
13,090 (3)% -5- Caterpillar Public Release # CAUTIONARY STATEMENT
REGARDING FORWARD-LOOKING STATEMENTS Certain statements
contained in this earnings release may be considered "forward-looking
statements" as that term is defined in the Private Securities Litigation
Reform Act of 1995. These statements may relate to future events or our
future financial performance, which may involve known and unknown risks

19

and uncertainties and other factors that may cause our actual results, levels
of activity, performance or achievement to be materially different from those
expressed or implied by any forward-looking statements. From time to time,
we may also provide forward-looking statements in oral presentations to the
public or in other materials we issue to the public. Forward-looking
statements give current expectations or forecasts of future events about the
company. You may identify these statements by the fact that they do not
relate to historical or current facts and may use words such as "believes,"
"expects," "estimates," "anticipates," "will," "should," "plan," "project,"
"intend," "could" and similar words or phrases. These statements are only
predictions. Actual events or results may differ materially due to factors that
affect international businesses, including changes in economic conditions
and disruptions in the global financial and credit markets, and changes in
laws and regulations (including regulations implemented under the DoddFrank Wall Street Reform and Consumer Protection Act) and political
stability, as well as factors specific to Cat Financial and the markets we
serve, including the market's acceptance of our products and services, the
creditworthiness of our customers, interest rate and currency rate
fluctuations and estimated residual values of leased equipment. These risk
factors may not be exhaustive. We operate in a continually changing

20

business environment, and new risk factors emerge from time to time. We
cannot predict these new risk factors, nor can we assess the impact, if any, of
these new risk factors on our businesses or the extent to which any factor, or
combination of factors, may cause actual results to differ materially from
those projected in any forward-looking statements. Accordingly, forwardlooking statements should not be relied upon as a prediction of actual
results. Moreover, we do not assume responsibility for the accuracy and
completeness of those statements. All of the forward-looking statements are
qualified in their entirety by reference to the factors discussed under the
captions "Risk Factors" and "Management's Discussion and Analysis of
Financial Condition and Results of Operations" in our amended annual
report on Form 10-K/A for the fiscal year ended December 31, 2013 and
similar sections in our quarterly reports on Form 10-Q, that describe risks
and factors that could cause results to differ materially from those projected
in the forward-looking statements. Cat Financial undertakes no obligation to
publicly update forward-looking statements, whether as a result of new
information, future events or otherwise.

7. 7.Key success factors -

21

Manufacturin
g and
distribution

Quality and
durability

Key
Succes
s

Marketing
and Brand
name

Logistics
Source - (Weems et al., 2014)

One of Caterpillars noticeable long term strategies was Manufacturing and distribution, as
Caterpillar does most of its manufacturing from off sourced manufacturing houses allowing total
control over the quality of the product and Caterpillars international distribution network are
handled by independent dealers hence making it easier to communicate.

8. Competitor Analysis

22

CAT

Case/New/Hollan

Volvo

Deere and
Komatsu

Capital
40.11 B

2.37 B

18.53 B

971.73 M

7,920

25700

81,080

3.0 K

17.20%

-0.40%

13.0%

22.60%

Revenue
35.21 B
Source - (Young, 2005)

12.54 B

29.05 B

592.72 M

Employees
Quarterly revenue
growth

9. Strategic Direction
9.1 Market Development
Caterpillar being the world leader in their industry new entrant threat is very low and with only
few competitors in market Caterpillar should be more focused on market development rather

23

than other strategic development, Komatsu have proved to be a worthy competitor from the past
decades with their innovative strategic choices and high investment in resource and development
for technological advancement.

9.2 Caterpillar as an Innovator

CATs Innovation strategy dated back to the visions of Holt brothers, the entrepreneurial instincts
of Holt brothers visualized what we know as Caterpillar Inc. today. CATs overall business
scenario of Manufacturing, Distribution, Marketing and pricing and with their executives of each
section reporting to the president of the company their strategy of distributing the work force and
implications lead Caterpillar from a dead company to the list of fortune 500 companies presently.
For them to tackle back the recession company implemented most of their strategy as not good
business decisions but as functional decisions.

9.3 Technology
Caterpillar has been a technological advancement leaper since from their beginning days Holt
adopted technology to make farming easier by marketing innovative products such as Caterpillar
wheel structure, to first grain cleaner in the world, CAT implemented various technologies
throughout its development phases and relations with Ford in 1970 CAT figured out
manufacturing smaller diesel engines can be profitable (Caterpillar.com, 2015). Further after
their named changed from Caterpillar Tractor Company to Caterpillar Inc. CAT focused their
future strategies into Technology advancement for automated manufacturing process and
modernization for keeping up with their major competitor Komatsu.

24

Caterpillar then focused expanding their businesses from heavy machinery to retail to financial
sector to technological devices such as smart phones.

10. CATs Corporate Strategy Analysis

Caterpillar having a long history of ups and downs their corporate strategy has been
slowly built keeping in mind the significant market share by making entry and dealing with
extremely competitive rivals such as KOMATSU. Caterpillars corporate strategy focuses on
Growth, cost reduction, product support, quality and reliability, people, emerging markets and
6sigma just to name a few among many(Young, 2005).
1. Growth Currently CATs growth strategy is focused on Asia pacific markets because of high
growth potentiality in developing countries where heavy building machinery are the most.
According to the Caterpillar corporate strategy the Asia/Pacific region has; 42% of the worlds
population, 44% of the worlds coal reserves, 62% of the worlds iron ore, and 40%+ of the worlds
gas production (Young, 2005). Caterpillar need to ensure that these developing countries are
economically booming and they need to build and that is when CAT needs to maintain their
heavy machinery suppliers since the most of their revenue is depended on heavy machinery and
building machinery.
2. 6 Sigma method - is a methodology to reduce defects and eliminate waste through the use of
statistical analysis, quality tools and a structured approach to project management and to reduce

25

costs and generate growth while providing high-quality product or service which exceeds
customer expectations (Young, 2005)
Also, Caterpillar states that since they implemented 6sigma the companys results far
exceeded the companys aggressive goals and was the key enabler of significant improvement in
core operating costs. Using this strategy company was able to cut their costs by 23% from 2000
to 2003 and 35+% from 2003 to 2006 and also improved services from 94%-96% from 20002003. (Caterpillar Inc., 1996)

11.Strategy into Action

11.1 CATs Strategic Visions
Caterpillar as a strategic company looks into their future and they released a detail plan for 2020
The strategy update includes a vision of the future where they focus on quality, production
capability and cost (Caterpillar.com, 2015)
Caterpillar is the recognized leader everywhere it does business.

Our products, services and solutions help our customers succeed.

Our distribution system is a competitive advantage.
Our supply chain is world class.
Our business model drives superior results.
Our people are talented and live Our Values in Action.
Our work today helps our customers create a more sustainable world.
Our financial performance consistently rewards our stockholders.

Goals for the next five years are focused in three areas (Inc., 2015):

Delivering superior results

Developing the best team of people
Becoming the global leader everywhere we do business

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11.2 Key Strategic Changes

1. Outsourcing Caterpillars recession was causing them to suffer losses ranging to 1 million
dollar per month, and a raw estimation of $430 million dollars previously, During this period
February 1985 George A. Schaefer was named chairman and CEO of Caterpillar, and Donald V.
Fites was named president(Caterpillar Inc., 1996). Schaefer was a visionary leader and
envisioned that CAT can get out of this recession they majorly shifted their production and
distribution channels overseas and believed because of high value of Dollar overseas were
important for company survival.
2. Factory Modernization - And secondly, Caterpillar embarked on a $600 million factorymodernization program(Caterpillar Inc., 1996)and the idea behind this strategy was It would
reduce permanently the labor force needed to make tractors by automating as many
manufacturing processes as possible(Caterpillar Inc., 1996)During that year Caterpillar
approximated a employee cut down of almost 2300 workers. This strategy would help in
outsourcing and bring direct competition with Komatsu which was Caterpillars most feared
Competition because of their avaibility of modern highly automated manufacturing Plants.
Later in 1986 CAT announced their named changing from Caterpillar Tractor Company to
Caterpillar Inc. (Caterpillar Inc., 1996)

12. Recommendations
Caterpillar is a strategic organizations but continually fails to recognize technological factors in
their way, as of 2015, green concepts have been around for a while and global warming issues

27

are bothering organizations to change their strategy from time to time. As being a global leader
my suggestions to Caterpillar are to keep constant focus on research and development as this
function have been very inactive form past decade of their establishment
Bio-diesels concepts have been introduced for a while now caterpillar must focus on more green
related issues because this may bring huge problems to company because customers are aware of
health due to drastic change in IT through World Wide Web and internet. Furthermore CAT
should research and develop more green products to compete in todays market.
Caterpillar should also focus on global relations (Young, 2005). As globalization is taking
place virtually to fully understand their worldwide customers CAT should research in global
markets. Furthermore, Caterpillars outsourcing strategy is going out of date and hence CAT
should focus on establishing local manufacturing plants around the globe to further reduce
production cost and compete with their most feared competitor KOMATSU.

Product

Diversification plays important role in todays market, a major suggestion to Cat would be to
diversify their products, recently global downtown lead to downturn in caterpillars sale by 25%
and since their major income is depended on only heavy machineries, diversifying their
investment to different scenarios can be profitable.
And finally, to have a strong hold upon their current market shares continuously research and
development must be initiated. As being the market leader in their products, competitors give out
strong reply to Caterpillar such as from KOMATSU and HITACHI. Caterpillar must focus on
using their current company strengths such as brand name, company history, customer
satisfaction, and maximize business competencies. And always keep in mind to not lose their
current market share and thrive toward gaining more as their vision states being the best in
everywhere they do business.

28

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(2010). Case Study on Caterpillar Inc. "An evaluation of current and future potentiality of
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Caterpillar Inc. (1996). In: Caterpillar Inc. International Directory of Company History, 1st ed.
International Directory of Company Histories.
Caterpillar.com,

(2015). History.

[online]

Available

http://www.caterpillar.com/en/company/history.html [Accessed 24 Jan. 2015].

at:

29

Caterpillar.com,

(2015). Vision,

Mission,

Strategy.

[online]

Available

at:

http://www.caterpillar.com/en/company/sustainability/vision-mission-strategy.html
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http://www.prnewswire.com/news-releases/caterpillar-announces-updated-strategy95850204.html [Accessed 30 Jan. 2015].
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http://www.strategicmanagementinsight.com/tools/pest-pestel-analysis.html [Accessed 25
Jan. 2015].

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http://www.ukessays.com/essays/business/strategic-

development-study-of-caterpillar-inc-business-essay.php?cref=1 [Accessed 15 December

2014].
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2015].