Hewlett-Packard

The following entry is the one originally submitted by the contributors. The previous version of this entry that appeared in the original printing of the encyclopedia was not the one submitted by the contributors and was mistakenly used by the Publisher. The entry was written by Drs. Efthimios Poulis and Konstantinos Poulis, and the Publisher apologizes for submitting the wrong version of this entry for publication.

Hewlett-Packard (HP) is a technology company headquartered in Palo Alto, California, that operates in more than 170 countries worldwide. It was founded in 1939 and is a Fortune 11 company with $91.7 billion in revenue, generating $7 billion in organic growth for fiscal year 2006. It produces and sells a wide portfolio of technological products ranging from handheld devices to some of the world's most powerful supercomputer installations. Additional product categories include digital photography, digital entertainment, computing, and home printing.

HP's corporate objectives have guided the company in the conduct of its business since 1957, when first written by cofounders Bill Hewlett and Dave Packard. These objectives were and still are, according to the firm's mission, to provide products, services, and solutions of the highest quality and to deliver more value to the firm's customers in order to earn their respect and loyalty. Underlying principles supporting this objective include that continued success is dependent on increasing the loyalty of its customers and responding to customers' needs.

Therefore, a strong customer-centric orientation is the dominant philosophy of the firm, which helped it in addressing technology-related problems and challenges that individuals and firms face. It has applied innovative thinking and generated ideas that create value for its customers. The result has been increasing growth and profitability, greater value for shareholders and customers, and a stronger competitive position in global information technology (IT) markets. Between the company's 2004 and 2007 fiscal years, HP's revenues grew from $80 billion to $104 billion and more than doubled its earnings per share.

The chief executive officer and president of the company since early 2005 is Mark Hurd. In September 2006, he was also named chairman of the board of directors. Prior to joining HP, Hurd spent 25 years at NCR Corp., where he held a variety of management, operations, sales, and marketing roles. He is also a member of the News Corp. board of directors.

Hurd's mission is to establish HP as the world's leading technology company and in this respect, he has concentrated its investments on three long-term growth opportunities: next-generation enterprise data center architecture and services; technologies for always connected, always personal mobile experiences; and a broad transition from analog to digital imaging [Page 815]and printing across the consumer, commercial, and industrial markets. HP's three business groups drive industry leadership in core technology areas:

• The Personal Systems Group: includes business and consumer PCs, mobile computing devices, and workstations
• The Imaging and Printing Group: includes inkjet, LaserJet, and commercial printing, printing supplies, digital photography, and entertainment
• The Technology Solutions Group: includes business products such as storage and servers, managed services and software

Such a related diversified portfolio forms the basis for further growth, which is a major objective of the firm. Hewlett-Packard wishes to expand into new areas that build on its existing technologies, competencies, and customer interests and are enhanced by its size and diversity of businesses. The dynamic, ever-changing environment in the technological sector is seen as an opportunity by the firm to develop and produce innovative products, services, and solutions that satisfy emerging customer needs. This objective is underlined by the belief that growth stems from taking calculated risks based on the state of the industry. This requires both a conviction in studying the trends, but also in inducing change in the industry.

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