Word: exxon
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...only requisites for joining the ranks of venture capitalists are a large pool of money and a penchant for gambling. The industry is an amorphous collection of risk takers: wealthy families (including the Rockefellers and Whitneys), large corporations (Emerson Electric, Dow Chemical, Exxon), groups of private investors and the 320 Small Business Investment Corporations. S.B.I.C.s, which will dispense a total of $100 million in new financing this year, are groups of private investors who supplement their own capital by issuing Government-guaranteed debentures. This week the Small Business Administration, which regulates S.B.I.C.s and sells their securities, will open bids...
Tiger. As Exxon signs sprouted along highways, the company began a bouncy $25 million advertising campaign to gain public acceptance for its new name. Exxon brought the Esso tiger back into its ads with the slogan: "We're changing our name, but not our stripes." In one of the drive's most successful commercials, the tiger is summoned back to duty from the "Advertising Hall of Fame" and is given a banzai by such sales stars as Speedy Alka-Seltzer, Borden's Elsie the Cow and Planters' Mr. Peanut...
Some of the franchised station owners felt a strong loyalty to their old brand names. To win them over, the company held a series of conventions. "It was a risky situation because we didn't want them to switch to some other company," explains an Exxon executive. In the end, Exxon reports, not a single dealer left the corporate fold because of the name change. Confusion inside the Exxon board room was so great that at one point directors who let slip the name of an old brand like Enco or Humble had to pay a 25? fine into...
...troublesome and expensive switch? The main reason is that since the breakup of Standard Oil in 1911, no company can use the name Standard nationally-not even the name Esso, which comes from S.O. Jersey Standard used Esso in the East, Humble in Ohio and Enco elsewhere. With the Exxon name the company can eliminate wasteful overlap in production and promotion costs...
...Exxon officials are more than satisfied with the way things have gone. Despite the name change, the company's revenues last year rose almost 9% over 1971. One sure sign that Exxon has arrived as a brand name is that it has become the butt of cartoonists' jokes. For example, a cartoon in Mad magazine shows a picture of the White House with a sign overhead emblazoned Nixxon. The caption: "But it's still the same...