Page 4: Meeting stakeholders' needs
Michelin looks to combine high levels of performance with responsibility for all stakeholder groupings. The company recognises that its long-term development depends on maintaining a balance between the needs of customers, employees, shareholders and the environment. This involves not only considering the 'individual benefit' of a particular stakeholder grouping, but also the 'collective benefit' of all the groups.
Michelin's policy on products and services reflects this approach. For example its PAX System. This breakthrough innovation allows a car to be driven for 120 miles at 50 mph with a tyre at zero pressure. It also offers increased performance when the tyre is in inflated mode.
Stakeholder benefits include:
- reduced risks inherent to the loss of tyre pressure
- no requirement to change the wheel at the roadside
- fuel savings, due to the lower rolling resistance of the tyre
- better grip and road holding
for car manufacturers:
- new design opportunities
- weight reduction and potential reduced costs, as the spare wheel is no longer needed for the environment
- less emissions, as fuel consumption is reduced
- less raw materials are used
for the shareholders:
- increased competitive advantage.
This is an example of the way that Michelin continues to innovate in the interest of stakeholders and with a view to retaining leadership of the tyre market through its competitive advantage.
For Michelin, the challenge is to contribute to 'better mobility' by continually proposing innovative solutions involving both its products and services. This involves fully comprehending and respecting the impact of its activities at every stage of the life cycle of the tyre, from the environmentally-friendly growing of rubber trees to the final recycling of a tyre at the end of its life.