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HBR On Strategy
Lessons in Innovation from a Legacy Firm
Nov 29, 2023
Learn how Faber-Castell, a legacy pencil manufacturer, innovates and adapts to new technology. Discover their strategy for balancing brand stewardship and innovation, and their approach to sustaining their business for the longer term. Explore the challenges of adopting new technologies and the importance of vision and customer experience in driving change within an organization.
17:52
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Quick takeaways
- Faber-Castell balances stewardship of its brand with innovation and evolution, prioritizing quality and differentiation in its products while exploring new markets and opportunities.
- Faber-Castell strategically evaluates the adoption of new technologies, considering their impact on their brand and market, and chooses to focus on traditional products while leveraging new innovations in the industry.
Deep dives
Balancing stewardship of beloved brands with innovation and evolution
The podcast discusses the challenge of balancing stewardship of beloved brands with innovation and evolution. It explores how companies like Faber-Castell, an established pencil manufacturer, have navigated this challenge. The company has focused on creating a generational approach to strategy, thinking about the long-term growth and reinvention of the business. It has prioritized quality and differentiation in its products, while also exploring new markets and opportunities, such as the cosmetics industry and the trend of adult coloring books. By staying true to its core values and adapting to market changes, the company has experienced growth and success.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode