Story of Oticon - Danish hearing aid technology company Free Essay, Term Paper and Book Report
1,957 words
The story of Oticon, the Danish hearing aid technology company, starts like that of many manufacturing companies. Founded in 1904, it was the first hearing instrument company in the world. By the 1970s, it was the number one manufacturer of behind-the-ear hearing aids in the world. But by 1974, its market share began declining as people started using in-the-ear models.
In the 1980s, Oticon faced increasing competition from corporate giants like Siemens, Philips, Sony, and 3M. By 1987, it had dropped from 15 to seven per cent of the market and the company was starting to lose money. Lars Kolind took over as CEO at Oticon in 1988. At that time the company was stagnating and Kolind was brought in to turn the business around.
A former management consultant, Kolind had worked as an associate professor at Copenhagen University, been assistant director of Denmarks National Research Laboratory, and joined Oticon from the private sector at Radiometer, a manufacturer of medical instrumentation systems. His first move was a classic cost-cutting exercise aimed at stripping o......
Word Count: 1967
Page Count: 7.8 (250 words a page / double spaced)
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