Word: elgin
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Dates: during 1960-1969
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...watchmaker has a prouder name than Elgin. But in recent years Elgin had led the industry in a field it was not one bit proud of-losses. In 1957-58 the company fell nearly $8,500,000 into the red. For management the problem was: How could an honored old company be saved from bankruptcy...
...Elgin's troubles began in the mid-'50s, when imported watches began to cut into the sales of its expensive ($35-$150) watches, and a sudden surge in the sales of lower-priced pin-lever (i.e., non-jeweled ) watches captured 45% of the market. At first, Elgin tried to offset its watch losses by diversifying into electronics and abrasives. That failing. President James Shennan called bright, aggressive Sylvester Moorman, 46, to Elgin...
...Competitive Edge. Moorman, former vice president for sales and advertising at Schick, candidly admitted that when it came to watches, "I'm a moron." He set out to learn about watches-and what was wrong with Elgin-by paying $50,000 for market surveys. The surveys showed that Elgin simply was not making what buyers wanted. Men were found to prefer round watches (most of Elgin's were rectangular), to like functional stainless steel water-and shockproof cases (Elgin's were mostly yellow gold), to want sweep second hands (only 15% of Elgin's models...
...Elgin traditionalists objected, argued that they had tried a low-priced line under the Wadsworth label, and that it did not sell. Of course not, countered Moorman-nobody knew the name. "Use your competitive edge." said he. "An Elgin selling for $20 has an advantage over any other $20 watch-the name...
...good playmaker, Schayes leads the league in foul shooting, is respected by the pros as one of the game's greats (ten years an all-star). But fans are apt to be more impressed by the flashy feats of St. Louis' Bob Pettit or Minneapolis' Elgin Baylor. Says Syracuse's Schayes wistfully: "My ambition has always been to some day walk down the street and for someone to say, 'There goes the greatest basketball player there is.' I may play until that happens...