...Fastenal Fastenal was founded in 1967 by Bob Kierlin in Winona, MN. The first store was opened in a small building with a door that looked like you were going into the Salvation Army. The first month the store was open in made $157. After Bob opened his first store he lived by the motto Growth through customer service. This has been the motto for every new store that is opened in the US and is still the motto and is posted on the wall of every Fastenal store. The idea stuck with Kierlin. After graduating from high school in 1957 he went on to major in mechanical engineering at the University of Minnesota, where he later earned his M.B.A. After college Kierlin accepted a job with IBM in nearby Rochester. He worked as a financial analyst for about ten years, but was itching to start his own business. According to Kierlin, the opportunity came when he missed an interview for an international position because of a late plane. Instead of getting the job, he ended up starting the company he had envisioned as a boy. With some effort, he was able to persuade an IBM co-worker, Jack Remick, to help him pursue his goal of selling nuts and bolts. Also joining Kierlin were former high-school buddies Michael Gostomski, Dan McConnon, and Steve Slaggie. Slaggie, Kierlin, and McConnon had graduated from Winona Cotter High School in 1957, and Gostomski had followed in 1958. The five partners ponied up $30,000 and rented a 20-foot-wide storefront in Winona. The group's first dispute was over...
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...Fastenal is the largest store-based industrial supply distributor in North America. Their secret from going from a small-town fastener shop to who they are today is hiring great people, giving them great support and encouraging full potential through a common goal of “Growth Through Customer Service.” Bob Kierlin, Fastenal Founder stated, “Fastenal is an organization that really believes in people – that people can do great things, if they are given a chance.” They call themselves the “Blue Team.” The Cultural Values of Fastenal are: * Ambition (aggressive, energetic work ethic), * Innovation (they listen to their employees – from truck drivers to store managers, they want ideas from people closest to the customer or process, * Integrity (fair, respectable, morale behavior – the company doesn’t have lots of rules and regulations, but rather they trust people to make the best decision for the company and the customers. Integrity is shown at all levels) * Teamwork (individuals working together to achieve a common goal. Fastenal realized early on that they don’t have “key” employees, but rather everyone is key. Everyone plays a vital role and it takes the entire team to provide excellent customer service and grow the business). Overview of products and services offered at Fastenal Where it all begins for customers is the local stores. The local stores were never designed to be a system of retail merchandising. Rather, they grew out of natural growth from...
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...Luisa Sanchez Fastenal Group 5 Luisa Sanchez Fastenal Group 5 Contents Executive Summary 3 Background 4 Strategy 5 SWOT ANALYSIS 6 Strengths 6 Weakness 8 Opportunities 8 Threats 10 Problems 11 Strategic Alternatives 13 Bibliography 19 Appendix 1 19 Appendix 2 20 Appendix 3 21 Executive Summary Fastenal has more than 2,600 stores with more than 10,000 employees working under them. The stores are all over the United State, Canada, Mexico, Central and South America, Europe and Asia. They have local distribution centers to serve their entire local stores worldwide. The company has invested in things that make a difference for their customers, continuously improving a many-sided service network, which includes a strict quality management system by their engineering teams, and testing laboratories around the world. The company also introduced industrial vending machines, which has become widely used industrial vending system in the world. Fastenal also has manufacturing divisions in North America, where they can custom engineer parts to customer specifications. A downturn in the economy and other factors may affect customer spending, which could harm their operating results. A downturn in either the national or the local economy where the stores operate could negatively affect sales at their stores and their level of profitability. Due to these factors, Fastenal has been adjusting their strategy as they go a long to be the number...
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...Chris Hendricks Tom Fastenal/Ratios Managerial Finance Yale University Fastenal/Ratios Fastenal's mission statement is, “Growth through Customer Service.” According to company literature the vision at Fastenal is to supply customers with the most friendly, helpful service as possible by minimizing stock-outs, and creating a streamlined process to supply demand. Core values at Fastenal are “innovation, teamwork, ambition, and integrity. “ Fastenal’s belief is that there is, “growth through opportunity.”(Fastenal 2014) A Company History Fastenal began in 1967. The founder, Bob Kierlin and a few friends were first able to open businesses in Winona, Minnesota, the company’s original home base. With $30,000 invested among five friends the original focus was on dispensing nuts and bolts via custom vending machines, which was impractical at the time. Now they have developed vending machines that offer more than the original offered which was only fasteners, and now also sell all sorts of items via FAST solutions. The company struggled for many years, but finally was able to find a spot to serve its customers, “by going the extra mile for customers and providing the kind of service that kept them coming back”. This simple yet effective statement has grown into their culture as the statement, “growth through customer service.” Fastenal has grown from one single store to over 2,600 stores all around the world. They focus on customer service by offering many of their various services such...
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...Exercise 4: Sessions Six and Seven Part 1: CTR – Purchasing and Supply Worksheet This worksheet is adapted from Nichols et al. (1995) Complete Part 1 in Session 6 This worksheet requires the candidate to discuss cycle time from the perspective of the customer who is ordering from a supplier. Supplier: Fastenal Canada Product: Industrial and safety supplies 1. Describe the cycle, from placement of an order to the receipt of the “goods”. Average cycle time: 15 days Minimum: 7 days Maximum: 20 days 2. List the specific purchasing and supply activities involved and the range of cycle times for each. - Special orders for non- stocked items = 10-15 days - Regular stocked items = 2-5 days 3. What are the causes of cycle time variability? -Distribution location (distance) -Back log of work- increase (WIP) - bottle necks ( delayed planning from engineering department for repairs) 4. What information do you provide to the supplier? When and how do you provide it? - Weekly ( emailed) blanket PO’s to ensure that regular A and B stocked items are replenished consistently. - 5. What information do you receive from the supplier? When and how do you receive it? - Weekly spend report for all stocked items, including VMI products and what is replenished in the vending machines 6. What purchasing and supply cycle performance measures does your organization use? - KPI’s ...
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...Engine Fastener Safety Michael Adams Embry Riddle Aeronautical University As everyone in the Aviation industry knows safety is paramount to all aspects of flight operations.one aspect that gets overlooked by most people is how exactly the little bits and pieces create an aircraft that can operate safely. The importance of aircraft hardware is often overlooked because of the small size of most items. However, the safe and efficient operation of any aircraft depends upon the correct selection and use of aircraft hardware. One of the most overlooked aspects of aviation safety is the fastener and more specifically the engine fasteners. Anyone who has been around aircraft engines know that they are a unique engineering marvel and are capable of some pretty spectacular feats, but to accomplish this the engines have to produce tremendous amounts of stress and heat. To put it in perspective it is not uncommon for an aircraft engine to produce 30,000 lbs.’ of thrust with temperatures at the exhaust ports exceeding 2000° F. To hold these engines and power plants together we depend upon various types of fasteners which leads to the question how do these small bits of hardware survive under the extreme amount of heat and stress that an engine produces? In our course we learned that there are 4 methods of controlling safety with the hierarchy being engineering, administrative, PPE and interim fixes. Engine fasteners have their safety controls engineered into them and validated with extensive...
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...a) What are the primary information needs of each manager? Mike Cichanowski / CEO – He would need to know the bigger financial picture of the company. Diane Buswell/ Controller – She would need any accounting-related information. Deb Welch/ Purchasing Manager – She would need to know the costs of the items needed for each product. Bill Johnson/ Sales Manager – He would need to know sales by territory and product line. Dave Thill/ Kayak Plant Manager – He would need to know the costs of producing each kayak. Rick Thrune/ Production Manager – He would need to know the costs related to the composite kayak production. b) Manager | Name of report | Information report would contain | How frequently should it be issued? | Mike Cichanowski | Analysis of proposed new product line | Projected revenues and expenses for a possible new product line | As needed and requested | Diane Buswell | Company-wide budget analysis | Revenues, expenses, and net income compared to the budgeted amounts for each | Monthly | Deb Welch | Purchasing History | List of items purchased and most recent cost for each item | Monthly or available on-line | Bill Johnson | Sales Summary | Sales by product line and by customer | Monthly or weekly | Dave Thill | Cost of Production Report | Direct materials, direct labor, and manufacturing overhead costs assigned to each product line | Monthly or weekly | Rick Thrune | Cost of Production Report for Composite Kayaks | Detailed direct material...
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...Winona, Minnesota, 10 de abril de 2013 (GLOBE NEWSWIRE) - El Fastenal Company de Winona, MN (Nasdaq:RÁPIDO ) reportó los resultados del trimestre finalizado el 31 de marzo de 2013. Excepto por la información por acción, o se indique lo contrario a continuación, los montos en dólares se presentan en miles. Ventas netas (y las ventas diarias relacionadas), las ganancias antes de impuestos, los ingresos netos y las ganancias netas por acción fueron de la siguiente manera para el período finalizado el 31 de marzo: | Período de tres meses | | 2013 | 2012 | Cambiar | Las ventas netas | $ 806.326 | 768875 | 4,9% | Los días laborales | 63 | 64 | -1,6% | Ventas diarias | $ 12.799 | 12014 | 6,5% | Utilidad antes de impuestos | 175172 dólar | 161129 | 8,7% | % De las ventas | 21.7% | 21.0% | | Las ganancias netas | $ 109,048 | 100194 | 8,8% | La utilidad neta por acción (básica) | $ 0.37 | 0.34 | 8,8% | El 31 de marzo de 2013, teníamos 2,660 tiendas. Durante los tres primeros meses de 2013, abrimos 11 nuevas tiendas, un aumento del 0,4% desde diciembre de 2012 (aumentamos nuestra número de tiendas en un 1,9% desde el 31 de marzo de 2012). El 31 de marzo de 2013, operábamos 25 447 RÁPIDO Solutions SM (vending industrial) máquinas. Durante los tres primeros meses de 2013, se instaló 4.352 nuevos equipos, un aumento del 20,6% desde diciembre de 2012 (aumentamos nuestra recuento máquina 159,7% desde el 31 de marzo de 2012). El 31 de marzo de 2013, teníamos 15...
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...Technology and Management Functions Brent Chapman TEC/401 November 22, 2012 Dziorny Technology and Management Functions As the world of business grows and evolves, technology as all things in the business world must evolve. With this said, properly managing and work force to embrace new technology and receive the greatest return on investment is very challenging. Managers must plan, organize, lead and communicate all of the new aspects of said technology along to their teams in a way that fosters buy in and acceptance. Fastenal has had some upgrades recently to their point of sales system (P.O.S) and I have had privilege of leading a group consisting of myself and four others through the training and implementing process. PLANNING The upgrade to our POS was the brain child of our new president Lee Hind. For several years we have struggled with raising our company pretax margin to the same level as before 2009. What the board and president wanted to end up with was a better way for stores and people in front of the customers to have access to as much data as possibly in order to give our customers the most competitive price possible along with making pricing much more efficient. What they planned on doing was building an addition to the pos that showed sales transactions per part number from across the company. Everything from last price paid to the amount of inventory sold. Previously stores had to make an educated guess on what price was fair or competitive...
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...* DAY1 * What is Sports Marketing? It depends! (IV League Schools say!) * We need to influence and Persuade! * Sponsorship “getting the bat in the hands of the right player” * IMGbiggest sports marketing agency in the world, Mark McCormick, said “it is putting a celebrity/athlete with a product/company”….and that is it. * Louis Shefield* wanted NBA basketball team in Miami (Miami Heat). He said “its easy to fill a stadium once, but each time its hard”. He saw that basketball would get bigger than it was and it needed to go to Miami. He said sports marketing is just about “Sagacity.” * Sagacity A vision for the future. Example by Louis, Nike taking swoosh off bottom of shirt and putting it on the chest. And, the only reason we know about Ted Turner is because of exposure. Active and innovate an idea. Dictionary Definition: foresight, discernment, or keen perception; ability to make good judgments. Seeing a trend and executing it! Execute your idea and fulfill what you start! * Tommy Karam Wanted to turn LSU scoreboard into a marketing opportunity by putting ads on it using triplicates (3 rotations: purple, purple and tiger stadium, then purple, tiger stadium and a company’s name). He thought this would be sagacity! He spoke with a man at Exxon and he liked Karam’s idea and Karam sold the sponsorship to Exxon for $250,000 per scoreboard (when they were going for around $300,000). Karam later found out that corporate signage is against University procedures...
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...Electronic Commerce Assignment #1 Stacey Cruise 3135149 Friday November 8, 2013 Part A 1. Both Google and Yahoo! can be classified under the ‘Portal’ B2C business model, as both sites offer and integrate a wide package of content including: social network services, news, e-mail, and the ability to search content. The major reason web surfers use either site is simply because these services offered to the public are free. Individuals are permitted to utilize these services free of charge because both companies receive revenues through advertisements. Google for example will only receive payment from their advertisers once a searcher “clicks” on their ad. Both companies also realize the same market opportunity and compete for the same market share with other organizations including: Bing, Ask, and AOL. One of the major distinctions between Yahoo! and Google is the competitive advantage both companies offer to the public. Although both provide a wide range of features, Google maintains their own algorithms in order to achieve the most accurate search results whereas Yahoo! concentrates more on other services they offer such as Yahoo! local or Yahoo! answers allowing them to better compete with Google for market share. 2. One of the common difficulties a company is confronted with when expanding the reach of their market is growing too quickly. Physical space may become too small, and will no longer be sufficient in supplying customer demand. It also becomes easy for...
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...FINANCIAL ANALYSIS PROJECT ON ALCOA INCORPORATED Dr. Margaret Garcia Associate Professor of Finance Saint Francis University FINANCIAL ANALYSIS OF ALCOA INC. FINANCIAL ANALYSIS OF ALCOA INC. By Adedotun (Tosin) Adeluyi Senior, Accounting, Finance, and Management Information System Majors Saint Francis School of Business February 22, 2011 Current Events The history of Alcoa Incorporated can be traced back to Charles Martin Hall’s discovery of finding a feasible way of commercially extracting aluminum. He received a patent for the discovery in 1889 (“Alcoa Celebrates 120 years”, 2011, pp. 4). Since this period, the corporation improved and has undergone various structural and organizational changes. In 1888, Alcoa was incorporated as ‘The Pittsburgh Reduction Company’ and in 1908, the name was changed to ‘Aluminum Company of America’, which it remained till it was officially shortened to ‘Alcoa’ in 1999 (“Alcoa Celebrates 120 years”, 2011, pp. 3). Moreover, in 1928, Alcoa moved most of the activities it had been conducting outside the United States into Alean, a Canadian company, making Alean legally independent (Matthias Kipping and Ludovic Cailluet, 2010, par. 2). In 2008, Alcoa sold its packaging business which had accounted for more than 10% of its sales to Rank Group, and in 2009, it sold its wire harness and electrical distribution business to Platinum Equity (Alcoa History, Hoovers, par.1). Alcoa and other aluminum companies have run into...
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...ability to perform during a difficult economy, the growth in the logistics segment of the company, risk management of fuel costs, and a loyal customer base as reasons to hold this stock. Portfolio Considerations UPS is classified as a capital appreciation and income stock in the industrials sector. At the time of this report, the summer targets for capital appreciation have not been set, but we were satisfactorily close to our most recent target of 75% with a current weighting of 75.88%. Based on a spring target of 11% we are underweighted in our industrials sector by 180 basis points. UPS represents 33.3% of our current holdings in the industrials sector and is accompanied by Automatic Data Processing (ADP), Convergys (CVG) and Fastenal (FAST). The current portfolio holdings, date acquired, shares purchased, purchase price, gain (or loss), and portfolio and sector weights is shown below. Table 1: Industrials Sector Holdings |Ticker |Date | | |Acquired | Source: Company...
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...Baby Rompers Care for You, Care from us… Marketing Management Prepared by: Khawaja Abdul Mukit 2010-1-10-024 Md. Shahrukh Hosain 2010-1-10-005 Rahat ferdous 2010-1-10-074 Md. Sabit Bin Islam 2010-1-10-205 Rumaya Hassan Reedu 2010-1-10-121 Prepared For: Mashruha Zabeen Lecturer Dept of Business Administration East West University Submission Date: November 27, 2011 Executive Summary Baby Rompers is a brand name, which will be introduced to the market as a baby-sitter provider company. Our main motto will be to serve the working parents with a helping hand to raise their child/children with the maximum level of care and importance. Baby Rompers will be the first ever “baby-sitter provider” company, based in Dhaka city. Our target customer will be mainly the citizens of Dhaka city. Working parents from nuclear families will achieve an opportunity to provide a trust worthy companionship for their children through us. Morally strong, patient and honest baby-sitters will be provided for those children who don’t get much time from their parents. All through this report/analysis we will be discussing...
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...NYSE Listed Eligible Options by Symbol Eligible Options by Symbol as of 25 Oct 2010 Symbol A AA AAI AAN AAP AAPL AATI AAV AAWW AB ABAT ABAX ABB ABC ABFS ABK ABMD ABT ABV ABX ACAD ACAS ACC ACCL ACE ACGL ACGY ACH ACI ACL ACM ACN ACOM ACOR ADBE ADI ADLR ADM ADP ADS ADSK ADTN ADY AEC AEE AEIS AEM AEO AEP AER Name Agilent Technologies Inc. ALCOA, INC AirTran Holdings, Inc. Aaron's, Inc. ADVANCE AUTO PARTS INC Apple Inc. Advanced Analogic Technologies, Inc. Advantage Oil & Gas LTD. Atlas Air Worldwide Holdings, Inc. AllianceBernstein Holding, L.P. Advanced Battery Technologies, Inc. Abaxis Inc ABB Ltd. AmerisourceBergen Corp. Arkansas Best Corp AMBAC Financial Group Abiomed Inc Abbott Laboratories AmBev Compamhia De Bebidas Das Ame Barrick Gold Corp. Acadia Pharmaceuticals Inc. American Capital Ltd American Campus Communities, Inc. Accelrys, Inc. ACE Limited Arch Capital Group Ltd Acergy S.A. Alum Corp of China Limited Arch Coal, Inc. ALCON Aecom Technology Corporation Accenture PLC Ancestry.com, Inc. Acorda Therapeutics, Inc. Adobe Systems Inc Analog Devices, Inc. Adolor Corp Archer-Daniels-Midland Co Automatic Data Processing Alliance Data Systems Autodesk Inc Adtran Inc AMERICAN DAIRY INC Associated Estates Realty Ameren Corporation Advanced Energy Industries Inc Agnico-Eagle Mines Ltd. American Eagle Outfitters American Electric Power Aercap Holdings N.V. NYSE Arca Lead Market Maker UBS SECURITIES, LLC MORGAN STANLEY & CO CITADEL SECURITIES LLC CITADEL SECURITIES LLC...
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