MBA Meets Manufacturing
15. July 2013
Now here is some partnering that works! We all know that shops partnering with educational institutions provides exposure to precision manufacturing careers., but it can also help extend college classroom knowledge to a real-world business setting.
Tech Molded Plastics, Inc.--a past MoldMaking Technology Leadtime Leader from Meadville, PA--is an ISO 9001:2008 certified injection molded plastics company that supplies full-service injection mold design & development, precision mold tooling, custom injection molding, and integrated packaging & assembly to the medical, automotive, consumer, electronics, and aeronautics industries.
Through Penn State's Smeal MBA Program’s Applied Professional Experience Program (APEX), Tech hosted a team of MBA students for 14 weeks (December 2012 - April 2013) to gain fresh perspectives and analysis while collaboratin to tackle some of their business challenges.
According to Tech, "the project produced several concrete outcomes, including an analysis of potential market opportunities related to Tech’s precision manufacturing services. Markets were analyzed for growth based on profit potential, strategic fit, cost of market entry, and business/market risk. Then a go-to-market strategy was proposed for one key market segment that contained the highest weighted scorecard for return on investment coupled with a comprehensive implementation plan and supporting rationale. The project pitch was laid out for Tech’s senior management staff with visual metrics and documentation to reinforce their proposal. Immediately following the presentation, Tech Molded Plastics began to implement targeted recommendations."
Mark Hanaway, VP at Tech Molded Plastics, who served as the primary facilitator, says “The objective was designed to challenge our strategic plans, business development goals and business management ideals by engaging well-educated minds that have not been seasoned by day-to-day workplace norms. I was impressed at the depth of understanding and level of commitment that the team members used to formulate proposals, recommendations and assertions in advancing a business model. The APEX team was not merely working on a class project; they owned the results to achieve success and performed well beyond expectations. ”
Tech’s partnership with the Penn State Smeal MBA Program marked a continuing commitment to partner with educational institutions to provide exposure to precision manufacturing careers.
The Smeal College of Business at The Pennsylvania State University offers highly ranked undergraduate, MBA, executive MBA, Ph.D., and executive education opportunities to more than 5,000 students at all levels. Smeal is among the largest business schools in the U.S.