CAT INC. does not introduce as many new products as other industries but rather modifications/differentiations of their pre-existing machinery/trucks/etc., or in other words, different models. Most of CAT INC.'s idea generation comes from their customers and consultants because they know more about the actual use and practice of machinery in a construction environment, meaning they know first hand what is missing and what would make things easier for x, y, and z.
During the business analysis stage CAT INC. figures out the demand, cost, sales, and profitability for the new idea, which in most cases are rather simple. Given the costs of normal machinery/trucks/products of their industry, new ideas will most likely profit. The profitability of new ideas within CAT INC. and their industry depends on the demand of said new idea(s). Many factors such as the economy, and economic trends, decide the success or failure of new ideas.
During the development stage, CAT INC. creates computer models to validate the design and concept of new ideas. Using computer models before creating the actual prototype helps the product development team(s) identify any issues in the early stages of design.
After the development stage CAT INC. usually unveils their prototypes/new ideas to the public through test marketing with conventions, company mixers, and etc.. When their prototype/new idea is unveiled they are able to gather new incite and suggestions from the public/customers which helps them make additional changes and tweaks, improving the overall design.
A global leader in size, scope, reach and character, Caterpillar Inc. is a genuine enabler of sustainable world progress and opportunity, defined by the brand attributes of global leadership, innovation, and sustainability. Brandon Wu
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