A KTP partnership enabled Craftsman Tools to identify and expand into new markets in the UK and Europe, increasing turnover and profits.
- Expansion into new markets and sale of more varied product range
- 80 per cent increase in sales across Europe
- Five per cent increase in exports
- Three per cent increase in turnover
- Implementation of a detailed marketing strategy with a focus on pricing
- Development of innovative sales materials
- Improved understanding and better utilisation of markets
- Development of a company intranet.
"The KTP project enabled Craftsman Tools to enter new markets. The resulting business from these markets has brought significant benefits to the company." (Robert Johnson, Managing Director, Craftsman Tools Ltd)
About the research
Craftsman Tools, a machine tool manufacturer and machining subcontractor, entered into a Knowledge Transfer Partnership (KTP) with the University of Bradford to identify further opportunities in European markets. The KTP, which was funded by the ESRC and the Technology Strategy Board, aimed to develop a marketing strategy as well as the investigation of market opportunities domestically and abroad - particularly Germany, Scandinavia and Eastern Europe.
KTP Associate Tim Thornburn gathered information on European markets, generating marketing strategies, identifying key target customers and creating a structured competition analysis for each of Craftsman's product groups.
The KTP enabled Craftsman to expand into new markets, shifting focus from the recession-hit machine tool industry in Germany to opportunities in Eastern Europe. The project has increased Craftsman's understanding of marketing practices, allowing the company to prioritise targeted segments more effectively.