Word: maytag
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Dates: during 1960-1969
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...Where some of its rivals strain to make yearly model changes, Maytag changes its models only when it has a basic improvement to offer, advertises: "You don't buy a Maytag; you adopt it." The newest Maytag improvement, to be introduced next week: an electronic drying device for its budget-priced dryer...
...Where some appliance makers got hopelessly trapped in discount-house and supermarket-style selling, Maytag has worked to increase its control over the sales and servicing of its products...
...payoff on these conservative policies is the best profit record in the appliance industry. Though its sales last year ($109.6 million) put it only 373rd on FORTUNE'S list of the top 500 U.S. corporations, Maytag ranked 19th in profits on invested capital (21.2%). This year the company controlled costs so well that second-quarter earnings were up 33% even though sales remained almost identical...
...Days. Maytag made its first washing machine-a hand-powered model -in 1907 as a sideline to Founder Fred L. Maytag's efforts to produce farm machinery and, later, automobiles (both long since dropped). The company was just one of 100 washing-machine producers for 15 years until Chief Engineer Howard Snyder perfected the first machine to wash clothes by violent water action rather than rubbing and squeezing as the early machines did. In 600 days of hard selling, Maytag made his company the world's leading washing-machine maker. He kept control of the company until...
Personable Fred Maytag II brought the flourish of a master salesman to the company. He gave up a promising career in Iowa politics in 1949 to oversee the successful campaign to sell Maytag's first automatic washers, snapped the company out of the 1958 recession by ordering a 72-hour "salathon" that brought in orders worth $17 million...