Caterpillar was founded in 1925 and is currently considered the global leader when it comes to the manufacture of heavy equipment utilized in construction. Also known as CAT, it has had steady growth since its inception back in 1925, now considered a top enterprise that has diversified business operations and other financial services.
“Providing the best value to the customers and growing a profitable business while developing and rewarding people. Additionally, encouraging social responsibility.” That is the mission statement that CAT (Caterpillar) adopts.
The statement can be divided into two main components.
- Services that are distinguished from each other
- Improvement of the communities
One of the main things that CAT tries to ensure is that their machines are perfectly designed, leaving less to no room for errors. CAT also provides insurance to its customer whilst adding additional services to top it out. The second component looks to ensure that the services it provides will help develop and grow individuals employed under CAT.
“Becoming the global leader in terms of customer value” is the vision statement of CAT, and undoubtedly, CAT has positioned itself to achieve that vision, as apparent by the position CAT currently occupies in the industry.
The vision statement can be separated into two parts:
- Becoming the Global Leader
- Providing value for customers
CAT has adopted a marketing approach that is quite unique from its competitors. Not only do they provide machinery that has good build quality, but their marketing also allows them to further ensure that people around the globe know about their attention to quality. The strategy here is to focus first on customer satisfaction. This has allowed CAT to come this far and is unlikely to change.
Core Values Analysis
The core values of CAT are Excellence, commitment, integrity, teamwork, and sustainability.
CAT has always remained consistent in its mission and vision statement. The core values mentioned above are the code of conduct for Caterpillar that they have maintained with their stakeholders transforming the corporation into a mammoth in its industry.
What is the CAT motto?
Caterpillar’s motto is “Let’s Do the Work.”
What is Caterpillar best known for?
CAT is the leading manufacturer of construction and mining equipment. Some highlights are natural gas engines, diesel engines, turbines, and so on.
What is Caterpillar’s business model?
CAT’s business model is to manufacture and sell construction-related machines worldwide.
- Barkai, J. (2018, March 3). Caterpillar: Smart Iron Delivers Customer Value. Joe Barkai. http://joebarkai.com/caterpillar-smart-iron-delivers-customer-value/
- Hughes, J. (2021, December 7). Caterpillar Competitors Analysis : 5 Biggest Competitors. Business Chronicler. https://businesschronicler.com/competitors/caterpillar-competitors-analysis/
- RP news wires. (2010, June 8). Caterpillar unveils updated Vision 2020 plan. Reliable Plant. https://www.reliableplant.com/Read/24943/Caterpillar-Vision-2020-plan