Exploring the evolution of Xerox business strategy: A Historical Perspective
Xerox Corporation is a well-known American multinational corporation that is best known for its production of photocopiers and printers. Over the years, Xerox has undergone significant changes in its business strategy to adapt to changing market conditions and customer preferences. In this blog post, we will take a closer look at how Xerox’s business strategy has evolved over time and the key elements that have contributed to its success.
Origins of the Xerox Business Strategy
Xerox’s business strategy was initially structured around the production of photocopying machines, which was its core business product. In the mid-1950s, Xerox introduced the Xerox 914, the first plain paper photocopier. This revolutionary machine was the catalyst for the growth of the company. Xerox’s success was built on technological innovation and patent protection that allowed the company to capture a substantial share of the market.
Expansion into New Markets
In the 1960s, Xerox began to expand into new markets and industries, led by the vision of CEO Joseph C. Wilson. Xerox invested heavily in research and development, creating a wide range of new products and services. The company’s expansion was driven by its commitment to delivering innovative solutions to its customers.
Xerox’s Development of a Customer-Focused Business Strategy
In the 1970s, Xerox refined its business strategy to focus on the customer. The company adopted a “customer-first” philosophy that aimed to provide exceptional service and support to its clients. This shift in focus led to Xerox’s creation of customer centers and advanced training programs designed to improve the customer experience.
The Era of Deregulation and Restructuring
By the 1980s, the technological landscape had changed, and the market had become more competitive. Xerox was no longer the leader in photocopying machines, and the company began to struggle. The deregulation of the telecommunications industry had also affected the company’s ability to compete. In response, Xerox embarked on a restructuring program that aimed to streamline operations, reduce costs, and refocus on core business activities.
Globalization and the Digital Revolution
The 1990s marked the era of globalization and the digital revolution. Xerox’s core business was changing fast, and the company needed to adapt quickly. Xerox stepped up its efforts to diversify and expand into other areas, including network printing, software solutions, and e-mail systems. The company also focused on developing new technologies such as digital imaging and computer networking.
Xerox’s Recent Business Strategy
Today, Xerox continues to focus on growth and innovation. The company has shifted its focus to digital solutions, managed print services, and strategic partnerships. Xerox’s business strategy is centered on providing customers with digital solutions that are sustainable, innovative, and accessible.
Conclusion
In conclusion, Xerox’s business strategy has evolved significantly over time. The company’s success can be attributed to its ability to innovate, adapt to changing market conditions, and focus on its customers. Xerox’s approach to business has always been forward-thinking and highly customer-centric, which has enabled it to thrive in an ever-changing market. As Xerox continues to diversify and expand its range of products and services, it’s clear that this is a company that is committed to growth and innovation.
