(This Cover Page must be typed and submitted for each assignment/ project)
Name of the Assignment or project: Strategic Analysis (Project) Report
Company studied: Caterpillar
Class: MGT 487 Section __05___
Semester: Spring 2015
-I have proofread the entire document and stand by its accuracy and professional quality.
-I assure that this document meets MSU’s Academic Integrity Policies and Procedures.
(If any member doesn’t complete the below information, they will NOT receive any points)
Name MSU Email Address Which parts did you Signature
Ashley Bennington Bennington2011@live.missouristate.edu Resource
Ariel Foley Ariel585@live.missouristate.edu SWOT Analysis:
O/T in Industry
Charles Harris Harris357@live.missouristate.edu SWOT Analysis:
O/T in General
Lauren Pierce Pierce890@live.missouristate.edu Introduction,
John Werner Werner06@live.missouristate.edu SWOT Analysis:
S/W in Company’s
Strategic Analysis (Project) Guidelines and Grading Rubric
Procedures and Format: (4 points if no errors in following instructions written below)
1. The report should begin with a cover page (see the previous page). Cover page will be page #1.
This page will remain #2, right after the cover page.
2. Both report and presentation printouts are due April 28 at the start of the class.
3. The report has 100 points. Submit a typed printout.
4. Just staple the report on top-left; no folders please!
5. Page 2 will be a copy of this sheet. Page 3 of the report will be Table of Content, indicating major
sections and their page numbers. Sections will begin on Page 4.
6. Delete nothing. Keep all instructions above and for each section below. Do not change the format.
7. Please note that it will not be possible for me to grade any report that does not follow the format,
reference section, and the procedure 12 below. Instead, the report will be returned for correcting
this shortcoming and will attract a penalty up to 20 points, if corrected copy is submitted within 3
days. If this requirement is not met, the case analysis report points will be capped at 60.
8. Integration: Use team-work, not discrete division of work. Everybody should read all sections to
eliminate conceptual errors or to find scope to improve the writing of any items. Exchange
articles and suggestions to improve the group output. Sections 6, 7, 8, and 9 MUST be the result
of brainstorming by all, not completed by one person in isolation.
9. I reserve the right to call any group/member for an oral exam on the report, if I find it is
inadequate for grading, or if I suspect academic dishonesty or severe group-problems. Grades
based on oral exams will be guided by my holistic judgment of the person’s contribution and
10. Prepare a PowerPoint presentation, 20-30 slides including the cover, and submit its printout.
Identify author on each slide. Presentation has 25 points.
11. Do not attach presentation printout to the report. Have 2 slides per printed page.
12. Check-mark √each of the above item after completing it.
The instructions and procedures are there to provide integrity and uniformity to all reports. They
have resulted from my experience and FAQs. They also enable you to think more and write less. I
also believe everybody will understand they need to contribute well.
The content itself is an attempt to interpret all the key concepts and frameworks of this course in
the context of a single company and thus, is directed at many learning goals of the course and COB.
I look forward to your turning in a great analysis. THANKS!
Table of Contents
I. Caterpillar Inc. Introduction………………………………………………………………………..4
II. Resource Based View……………………………………………………………………………...6
III. SWOT Analysis……………………………………………………………………………………8
i. O/T in the Industry Environment………………………………………………………….8
ii. O/T in the General Environment…………………………………………………………..9
iii. S/W in Company’s Value Chain…………………………………………………………10
IV. Competitive Strategy……………………………………………………………………..………12
V. Issues Caterpillar is facing………………………………………………………………………..14
VI. Recommended Actions for Caterpillar…………………………………………………………...15
VII. Implementation of Recommended Actions for Caterpillar……………………………………….16
Content Sections: (Notice that each section starts on a new page)
Provide a very brief introduction of the company, covering (A) scope (product/technologies,
geographic segments, target customers, etc.) and (B) size (sales, assets, personnel, etc.), (C) graphs
showing its stock performance for the last five years (two separate graphs, one for its own
performance and the other that shows a comparison with its THREE most important competitors and
S&P 500). Use bullet format for data and other listing type of information. Make limited use of
narrative. (1 page, plus graphs: 6 points).
-Caterpillar Inc. is world’s leader in the machinery industry and leading U.S. exporter
-Three product segments are Resource Industries, Construction Industries, and Energy and
-Product offerings include selection of industrial gas turbines, diesel-electric locomotives, and diesel and
natural gas engines.
- 21 brands include CAT, CAT Financial, CAT Reman, Hindustan, , Asiatrak, FG Wilson, and Mak,
-Core technology is trademarked CAT Connect, which allows for unique combinations of products
customizable to job site needs. Developed to manage equipment, sustainability, safety, and productivity.
-2014 revenue of $55.18 billion
-Total assets $84,896,000, total liabilities $64,085,000
-Market cap $51.15 billion, P/E: 16.72, EPS: 5.88
-May 1, 2014 share price $105.20 compared to February 21, 2015 share price $84.44
-CEO Doug Oberhelman, CFO Bradley Halverson
Show analysis of the core competency of the company, as per RBV (resource based view, Chapter 2).
(1-2 pages, 10 points)
Accurately list in the table the four properties that an organizational R/C should have in order to be a
source of sustainable competitive advantage according to RBV (resource based view) (2 points). Now, for
each of those properties, rate the core competency _______Technology __________ (write an identifying
name of the core competency) of ____Caterpillar______ (write company name) as a source of sustainable
competitive advantage. Be sure to address applicable conditions for each property we discussed.
First, describe the core competency in some detail here (be specific and provide any applicable data) (2
Caterpillar’s core competency is their customizable technology, which sustains their status as the
world’s leader in manufacturing construction and mining equipment, diesel and natural gas engines,
industrial gas turbines and diesel-electric locomotives. This technology provides a huge competitive
advantage for Caterpillar as they give customers more combinations of technology and service to
accomplish their business goals, regardless of the size or complexity of their job. Trademarked Cat
Connect Solutions is centered on equipment management, productivity, safety, sustainability, and
command. This gives the company the ability to focus on improving the utilization of their machines,
optimize production efforts, improve the safety of their employees, as well as meet every possible
Now, rate and explain your rating of competitive advantage from that core competency (2 points).
0= Lowest, 5=
Explanation for your rating. Be sure to address all relevant
conditions for each property, as discussed in the class.
1 Valuable 5 Harness External Situations: Because of the increased precision
efforts Caterpillar is able to accomplish more in less time,
increasing their revenue.
Neutralize negative external situations: Assists in increasing
material movement to increase cycle times and reduce
Increase effectiveness of the organization: Provides on-the-go
load weighing which achieves more precise targets with
machinery, increasing efficiency and jobsite productivity.
Increase efficiency of the organization: Efficiency gains are up
50% while reducing materials and labor costs.
2 Rare 5 If no competing firms already possess it in a comparable
amount: Exclusive and unique technology that Caterpillar has
If no competing firms already possess it in a comparability
quality: Technology is known for fixing the trade-off issues other
companies seem to still struggle with.
Research proves that Caterpillar has developed a resource that is
very rare. Other competitors have their own technology, but
Caterpillar’s is highly tailored and it is the only one of its kind.
3 Difficult to
4 Costly: Spends more than $2 billion annual on R&D, which a
huge focus on their technology.
Complex: Tailored aspect of the technology is very complex and
makes it hard to duplicate.
Legally protected: Patented technology takes a long time to
create: constantly developing and making improvements.
History dependent: Assists in the sustainability efforts and
reputation of the 90 year old company.
5 The firm must own the resource: Cat Connect is a registered
The firm must have a high degree of control over the resource:
Produced in-house and controlled exclusively by the company.
The firm must have other Rare, complementary resources:
Technology services works only with other products Caterpillar
SWOT Analysis (sections 3, 4, and 5).
Caution: As discussed in the class, be careful about the difference between:
o A Threat and a Weakness. A Threat is outside the company, a Weakness is inside.
o Likewise an Opportunity is outside the company, a Strength is inside.
o Also, beware that a strength (or weakness) is the result of what company has done in the
past; an opportunity (or threat) is what the company faces in the future.
3. SWOT Analysis: O/T in Industry Environment
Describe and evaluate external industry environment (Chapter 3) of the company. Use Porter's “five
forces” model. Describe and evaluate 5 important opportunities/threats, one from each force. You
must provide data or other specific information where applicable. (1 page, 10 points)
4. SWOT Analysis: O/T in General Environment.
Describe and evaluate opportunities and threats in the external general environment (Chapter 3) that
are particularly applicable to the company. Use the table format shown below. ONLY use items,
from those on the overheads we discussed in the class for each sector, that are crucial for the
company. Describe 5 important opportunities/threats, no more than one from each sector. You
must provide data or other specific information where applicable. (1 page, 10 points)
5. SWOT Analysis: S/W in Company’s Value Chain.
Using value chain and internal audit (Chapter 4) describe and evaluate strengths and weaknesses of
the company's resources and capabilities. Only include Finance & Accounting and Information
Systems from internal audit (Table 4.3 in the text). Describe important strengths/weaknesses of 8
resources or capabilities and classify them against appropriate sub-heading from Tables 4.1, 4.2
or 4.3 in the text (no more than one from any sub-heading). You must provide data or other
specific information where applicable. (1-2 pages, 16 points)
6. Competitive Strategy:
Show complete matrix for Porter’s Competitive (also called Generic Business level) Strategies (Chapter
5B) and mark your company in the cell that correctly identifies its competitive strategy. Explain how that
is the correct cell. (Note: See Competitive Strategy assignment (1-2 pages, 10 pts).
Matrix (1 point):
Company: Caterpillar Strategy: Broad Differentiation
Competitive Scope of the company (2 points):
Caterpillar Inc. manufactures and sells construction (52.39% market share) and mining equipment
(93.55% market share), diesel and natural gas engines, industrial gas turbines, and diesel-electric
locomotives worldwide composing 60.9% of the market share. The Construction Industries segment of
Caterpillar offers a variety of equipment such as backhoes, loaders, excavators, tractors, and select work
tools along with motor graders, tele handlers, soil compactors, and pipe layers, as well as its related parts
for the heavy and general construction, rental, mining and quarry, and aggregates markets. Caterpillar’s
Resource Industries segment provides electric rope and hydraulic shovels, trucks; large wheel loaders,
scrapers, and dozers along with machinery components while supporting equipment with electronics and
control systems for use in mining and quarry applications. The Energy & Transportation segment of
Caterpillar offers engines, reciprocating engines powered generator sets, integrated systems and solutions
for the electric power generation industry along with turbines and their related services, centrifugal gas
compressors, diesel-electric locomotives and components, and rail-related products and services. Its
Financial Products segment of Caterpillar provides retail and wholesale financing primarily for Caterpillar
equipment, machinery, and engines; offers property, casualty, life, accident, and health insurance,
insurance brokerage services, and purchases short-term trade receivables. Caterpillar also has a segment
called “All Other” which remanufactures engines and components, provides business strategy, and
development, management, manufacturing, marketing, and support primarily for paving, forestry,
industrial, waste, and Cat products. The company was formerly known as Caterpillar Tractor Co. and
changed its name to Caterpillar Inc. in 1986. The company was founded in 1925 and is headquartered in
Explanation of how the company uses its Value Chain achieve THAT competitive strategy
(Refer to Competitive Strategy assignment for details of instructions)
1. Marketing and Sales (4 points):
Product: Caterpillar offers extensive line of mining, construction, and home or farm equipment with a
variety of options depending on the customers projects and needs such as bulldozers, dump truck,
excavators, etc… and software for the maintaining of the equipment.
Price: Cost of Caterpillars equipment and software are competitively priced to its competitors.
Caterpillar provides exceptional customer service and with instance upgrades in the software the
customer is able to maintain its equipment efficiently and be more productive.
Promotion: Caterpillar offers incentives and packages to customers for on-site expert technicians for
scheduled and unscheduled maintenance of Caterpillar products. Caterpillar is using the
Caterpillar Foundation, Mining Sustainability Project, and the use of Blur Collar Social Media in
promoting equipment and services around the globe.
Place: Caterpillar is in over 200 countries and operates 110 production plants worldwide which allows
customers affordable access to Caterpillars expertise in heavy machinery. Caterpillar enters rapidly
industrializing markets such as the $210MM investment in India’s forecasted growth in road
2. (Technological Development VC activity) (1 point):
The continuous development of new software packages for Caterpillar’s equipment (such as
trademarked CAT Connect) from the R&D departments has allowed Caterpillar to increase its
machinery capability and product life cycle resulting in more efficient and effective lines of
3. (Operations VC activity) (1 point):
Since 1925, Caterpillar has operated 110 production plants which produce heavy machinery for
multi-purpose use in many industries. The extensive experience in this business allows Caterpillar
to successfully design and implement upgrades quick and easy. Caterpillar’s efficient operations
have allowed Caterpillar to have revenues of $14,244MM and a net income of $736MM.
4. (Customer Service VC activity) (1 point):
Caterpillar stands by its superior customer service as it is one of the company’s founding
principles. Because of this long-established policy, the company continues to provide in-depth
assessment of a customer’s needs while building a package of equipment and software along with
service contracts to allow the customer to reach their goal.
7. Issues your company is facing:
Select a set of crucial issues (6 in all) that the company's top management must address over the next
three years. That is, what would be an agenda for FUTRUE strategic actions? This agenda arises from
your entire analysis above. Be sure to provide a brief heading of each issue and organize each under the
appropriate level of strategy (at least 2 under each level): (A) corporate/international (refer to your SWOT
analysis and use topics from Chapter 6 & 7), (B) competitive (refer to your SWOT analysis and use topics
from Chapter 5B), and (C) functional (refer to your SWOT analysis and use topics from Chapter 5A).
Explain why each of those issues is important for the company to address. Do not provide
recommendations in this section. (1 page, 12 points)
Example: Issue A1: Slowing Growth. McDonald’s growth of revenue and profit (show data) has
significantly slowed down in the last 5 years.
Likewise, number other issues as A2, B1, B2, C1, C2 and provide a heading for each.
Issue A1: Slowing Growth: Caterpillar’s appeal to stockholders is declining and expert opinions claim
there will be a difficult recovery. Caterpillar’s stock is down 14% YTD primarily due to its growth
depending significantly on the success of the mining industry, which is struggling because oil prices are at
uncommon lows of $48/barrel down from $102/barrel in July 2014.
Issue A2: Undergoing legal-political environment issues: After nearly thirty years in China, Caterpillar
acquired ERA Mining Machinery LTD and it’s subsidiary Siwei to try and break into the Chinese coal
industry. Caterpillar acquired Siwei for $800 million, which was an inaccurate evaluation since falsified
financial information that over-evaluated their assets. When the news of fraud became public, CAT stock
dropped 1.5% overnight.
Issue B1: Difficulty maintaining competitive advantage: Komatsu Ltd. has steadily gained financial
advantage since the 20% fall in the dollar against the yen in July 2014. Additionally, 63% of Komatsu
assets are in Japan compared to 53% of Caterpillar’s in the United States. As a result, Komatsu has lower
manufacturing costs with a stronger domestic base. These two factors combined allow Komatsu to bid
more competitively (lower offers) on construction equipment in the international market.
Issue B2: Failure of exploiting competitive advantage: Caterpillar is the global leader in mining
machinery yet there is no sign of an upturn in the industry. Caterpillar’s net income fell from 5,681,000 in
December 2012 to 3,695,000 in December 2014.
Issue C1: Poor product strategies:
On May 1, 2014 Scenic Boundaries Transportation won a putative
class action lawsuit which alleged that Caterpillar sold thousands of defective emissions reduction
systems in diesel engines knowing that the systems could not be repaired with replacement parts. The
reputation for great service fell drastically with poor publicity due to low quality product sales.
Issue C2: Poor people strategies/ weak human resource department: Caterpillar has been a leader in
the past 20 years in taking a hard line when dealing with labor unions. Caterpillar is trying to pioneer
new territory seeking steep concessions from its workers even when business is booming. This strategy
works for Caterpillar, but at a sacrifice to other aspects of their business.
8. Recommended Actions:
Provide recommendations as to how the company’s top management should address each issue you
identified. Explain your recommendations and the reasons for your recommendations. Provide thoughtful
recommendations for future actions; do not repeat what they have already been doing. Be creative. Also,
ensure that your recommendations are not contradictory (about 1 page, 6 points).
Example: Recommendation for A1: Slowing Growth McDonald’s has huge opportunity to grow in
developing nations such as Indonesia, Malaysia, and Turkey. They share the same characteristics
that the BRIC countries showed a decade ago, such as large number (provide data) of middle
income families whose household income has risen by (provide data) … % in the last 5 years.
Likewise, explain recommendations for other issues.
Recommendation for A1: Slowing Growth: Caterpillar should consider a reverse stock split to help
increase the perceived value for shareholders. Their stock is consistently down and they need to regain
lost support while their operations take a fall as well.
Recommendation for A2: Undergoing legal-political environment issues: Caterpillar is working to
make improvements with the situation that arose after acquiring Siwei. Shareholders have lost faith in the
company which is in turn leading to a decrease in their stock price and market share. They need to try and
gain back trust of both CAT and previous Siwei customers through providing forecasted financial
statements for the upcoming year. They could also provide unique benefits for their shareholders to
increase and regain loyalty to their brand.
Recommendation for B1: Difficulty maintaining competitive advantage: This provides CAT an
opportunity to strengthen relations with customers and offer higher service levels to compensate for the
higher bidding price. The company may now focus on outstanding customer service and lay stronger
foundations internationally to keep future losses to Komatsu from occurring.
Recommendation for B2: Failure of exploiting competitive advantage: Caterpillar should create new
product awareness for their mining equipment and cut down production until sales have caught up.
Caterpillar needs to focus more on a few services and solidify customer relations before expanding their
company to new industries.
Recommendation for C1: Poor product strategies:
Conduct a thorough internal investigation as to
which individuals allowed the defective parts to be sold. Re-call all engines and replace at no charge.
Attempt to regain customer and dealer trust.
Recommendation for C2: Poor people strategies/ weak human resource department: If Caterpillar
continues their brutal approach to labor unions, it will continue to build a strict negative reputation for the
company. Caterpillar needs to open more communication between top executives and the labor unions
and create a new human relations organization in their company to oversee all issues. Instead of strikes,
the company needs to put more of their resources into harmonizing relationships.
9. Implementation of Recommended Actions.
Address what resources and capabilities will be needed to implement your recommendations and how will
your company find them. Be specific. (1 to 2 pages, 6 points)
Example: Implementation of recommendation for A1: Slowing Growth McDonald’s has accumulated
significant experience in developing large number of outlets in very big countries and that learning will
come handy for Indonesia, Malaysia, and Turkey. They are all developing infrastructure such as
transportation, urban housing, and modern retail centers such as malls. They also share food preferences
due to large Muslim populations (provide data), so McDonald’s can easily use their US based menus such
as beef burgers, and also use their product development capabilities to customize as needed.
McDonald’s already has presence there and can form joint ventures with large local companies (like they
did in India). Those partners who can provide not only capital but also cultural knowledge. In addition,
these partners are likely to possess crucial capabilities (e.g., access to local officials) for achieving quick
clearances for real estate, electrical connections, business license, etc.
Likewise, address implementation of other recommendations.
Implementation of recommendation for A1: Slowing Growth: After splitting CAT stock, the company
will need to find ways to encourage the acquisition of their stock. They will need to find ways to
complement the stock split with increased benefits to shareholders.
Implementation of recommendation for A2: Undergoing legal-political environment issues:
Caterpillar should drop the prices of Siwei’s products. They were previously a huge company and had a
lot of consistent business that has disappeared. By lowering prices, they may be able to regain some of
their customers and trust between people who still consider the acquisition a scapegoat. This may lead to
a lot of loss at first, but the company will not survive if they cannot get any business.
Implementation of recommendation for B1: Difficulty maintaining competitive advantage: CAT
will need to conduct thorough customer research and place more emphasis on cultural understanding in
order to conduct international business effectively. The company has experience in international business
environment from global procurement and project development which should allow focused customer
efforts to translate easily. If positive, substantial relationships are formed, CAT may see less profit
fluctuation despite exchange rate changes.
Implementation of recommendation for B2: Failure of exploiting competitive advantage: Caterpillar
needs to implement a new marketing strategy for their mining products to reach out to consumers in a
different way. Emphasizing a fresh new strategy to present their products to the mining industry will give
them back their edge compared to their competitors. Caterpillar should implement marketing and
customer awareness with more online and mobile outlets to keep the target market connected with the
Implementation of recommendation for C1: Poor product strategies: Issue a press release listing the
sincere apologies of the company and assure stakeholders that the intentional sale of defective product
will never occur again. Locate and replace all damaged engine systems and offer future discounts on CAT
Implementation of recommendation for C2: Poor people strategies/ weak human resource
department: Caterpillar constantly rewards and raises pay of top management, while freezing union and
factory workers pay to preserve future competitiveness. Instead Caterpillar needs to find room in the
budget to better compensate their labor and factory workers. Caterpillar made over 4.9 billion dollars in
2012, but still won’t allocate sufficient funds to labor unions. They need to implement a section in their
budget and strategic plans to reward essential labor union employees.
10. Research & Referencing.
The analysis should be written after thorough research. At least 5 substantive, non-overlapping, third
party sources per person in the team should be consulted, cited and referenced in the report. The
articles should be from highly reputed Business Publications (e.g., Businessweek, WSJ, Fortune,
Forbes, etc.). Little known, internet-only publication sources will NOT be acceptable, unless I
clear them before the due date. The analysis should not rely on just a few sources, especially the
company’s website for assessing strengths and weaknesses. All companies talk big, especially about
small things and the future. You have to examine their claims carefully. The company’s website will
be an automatic source and will not be counted.
Please pay special attention to presenting citation and references of sources. See examples below.
You must list complete references at the end of the report. In the list, number each source and then,
only cite that number immediately after presenting any information from that source in the body of
the report. Be sure to also write page number from the original reference if you are using data and
quoting directly. (It is necessary to distinguish between information that you copied from other
sources and that you interpreted.) Caution: Do not use other reports and analyses. That will be
plagiarism and may lead to XF. Analyses should be yours, only basic information such as facts
and data can be obtained from other sources.
Amount and quality of references, accuracy of citations, and completeness of listing procedures.
Example of a List of References
#1. Coulter, Mary. “McDonald’s Corporation.” Strategic Management in Action: 303. Pearson Prentice
Hall, 2007. (This is an example of a book as the source).
Article I. #3. “Ford Jan U.S. vehicle sales off adj. 41.3 pct.”
Article II. Accessed from fiance.yahoo.com on 02/03/09. (This is an example of the internet as
#6. Grant, Peter. “Comcast’s Big Bet on Content.”Wall Street Journal, 9/24/04: B1.
(This is an example of a newspaper article as the source).
#21. Lindblad, Cristina. “Burger King: New Owners for the Whopper?” Bloomberg Businessweek,
Sept.6-12, 2010: 21.
(This is an example of a magazine/journal article as the source).
#26. Carroll, Rick. Delivery department, UPS, Springfield. Interviewed by Aaron Carroll on phone,
04/11/11. (This is an example of a personal interview as the source).
List of References
#1. "3 Reasons Caterpillar Inc. Stock Could Tumble." NASDAQ.com. NASDAQ OMX, 01 Apr.
2015. Web. 06 Apr. 2015. <http://www.nasdaq.com/article/3-reasons-caterpillar-inc-stock-could-
#2. “At Caterpillar, Pressing Labor While Businesses Booms.” http://www.nytimes.com/2012/
07/23/business/profitable-caterpillar-pushes-workers-for-steep-cuts.html?_r=1. Accessed on
#3. Baldwin, Clare, and John Ruwitch. "How Caterpillar Got Bulldozed in China." Reuters. N.p.,
23 Jan. 2014. Web. 22 Mar. 2015. <http%3A%2F%2Fwww.businessinsider.com%2Fhow-
#4. "CAT_10-K_12.31.2014." CAT_10-K_12.31.2014. N.p., n.d. Web. 04 Mar. 2015.
#5. "Caterpillar | SWOT Analysis | BrandGuide | MBA Skool-Study.Learn.Share." Caterpillar |
SWOT Analysis | BrandGuide | MBA Skool-Study.Learn.Share. N.p., n.d. Web. 04 Mar. 2015.
#6. "Caterpillar and Trimble Expand Solutions and Service Offerings for Global Construction
Customers." Caterpillar. N.p., n.d. Web. 04 Mar. 2015.
#7. “Caterpillar Expands Research and Development Center in China.”
Center-in-China/17461/. Accessed from ConstuctionEquptmentGuide.com on 02/20/2015
#8. “Caterpillar, Inc.” http://finance.yahoo.com/q/pr?s=CAT+Profile. Accessed from
finance.yahoo.com on 05/07/2015.
#9. "Caterpillar Introduces Cat Connect Solutions to Help Customers Manage and Enhance
Operations from Caterpillar Inc." OEM Off-Highway. N.p., n.d. Web. 04 Mar. 2015.
#10. “Caterpillar Sees No Sign of Upturn in Mining Industry.” http://www.bloomberg.com/news/
articles/2014-07-24/caterpillar-raises-forecast-quarterly-sales-disappoint. Accessed from
Bloomberg.com on 05/08/2015
#11. Caterpillar shares are falling after it reveals a Big Accounting Problem at a Chinese
Company it acquired.” http://www.businessinsider.com/accounting-faud-at-capterpillar-chinese-
subsidiary-2013-1. Accessed from BusinessInsider.com on 2/20/2015
#12. “CAT’s Competition by Segment and It’s Market Share.” http://csimarket.com/stocks/
competitionSEG2.php?code=CAT. Accessed from CSIMarket.com on 05/08/2015.
#13. Fontevecchia, Augustino. "U.S. And China Strengthening, Gold To Average $1,700 In
2013: Freeport McMoran." Forbes. Forbes Magazine, 22 Jan. 2013. Web. 25 Mar. 2015.
#14. Fool, Motley. "Is Caterpillar Inc. Finally a Good Buy for Value Investors?" NASDAQ.com.
NASDAQ OMX, 02 Mar. 2015. Web. 25 Mar. 2015. <http://www.nasdaq.com/article/is-
#15. Greenhouse, Steven. "At Caterpillar, Pressing Labor While Business Booms." The New
York Times. The New York Times, 22 July 2012. Web. 25 Mar. 2015.
#16. Kaspersen, Janice. "Going Green: Biodegradable Products for Your Hydraulic System |
Articles | MSW Management." Going Green: Biodegradable Products for Your Hydraulic
System | Articles | MSW Management. N.p., n.d. Web. 04 Mar. 2015.
Construction, Mining and Utility Equipment Division | Winners | Porter Prize."
Porter Prize. Hitotsubashi University, n.d. Web. 25 Mar. 2015.
#18. Miller, James P. "In Battle of the Engines, It's Caterpillar vs. EPA." Chicago Tribune. N.p.,
24 Mar. 2002. Web. 04 Mar. 2015. <http://articles.chicagotribune.com/2002-03-
#19. Popina, Elena. "Caterpillar Sees No Sign of Upturn in Mining Industry." Bloomberg.com.
Bloomberg, 24 July 2014. Web. 18 Mar. 2015. <http://www.bloomberg.com/news/articles/2014-
#20. Singh, Shruti. "Caterpillar Faces 'Aggressive' Komatsu Fueled by Yen." Yahoo Finance.
Bloomberg, 11 Mar. 2015. Web. 25 Mar. 2015. <http://finance.yahoo.com/news/caterpillar-
#21. Wasserman, Steven. "Publications." Sedgwick - Law Firm & Presentations - At Caterpillar,
Diversity Plays Important Role in Company's Success. N.p., n.d. Web. 04 Mar. 2015.
#22. “With end of long strike at Caterpillar, a blow to US labor movement.”
US-labor-movement. Accessed from TheChristianScienceMonitor.com on 2/21/2015
#23. Ziv, Kelly. "How Caterpillar Keeps Ahead of Construction Technology - FieldLens."
FieldLens. N.p., 09 June 2014. Web. 04 Mar. 2015. <http://fieldlens.com/blog/building-