Word: profiteered
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Dates: during 1970-1979
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...originally a shipping and shipbuilding concern, expanded into travel in the mid-'60s and built up its own twelve-plane airline; within the past year it unwisely bought two financially shaky travel firms. The company pursued sheer volume, booking tours so cheaply that they often yielded only $1.25 profit per traveler. When rising airline fares-and economic stagnation caused many Britons to cut back on their vacation plans, costs overtook prices and failure became inevitable, despite the government's rescue attempt...
...Japanese school boy named Tadao Yoshida ran across a seemingly bland maxim of Andrew Carnegie's, which he remembers as: "Unless you render profit and goodness to others, you cannot prosper." Inspired by it, Yoshida eventually derived his own rule for running a company: one-third of potential profit should be sacrificed in order to hold down prices, another third should be used to help customers with discounts and rebates, and only the final third should be retained as "pure profit...
...they are expected to hit $625 million, on which Yoshida looks for a "pure profit" of 9%, or $56 million. More of those profits will belong to employees than to Yoshida; the company's 13,000 workers in Japan have acquired almost two-thirds of the stock through a generous profit-sharing plan...
Yoshida now plans to extend the same largesse to foreign employees - because, he explains, "all along we have tried to inculcate a sense of being a part of the YKK family." Profit sharing will soon be offered to 80 YKK workers in Canada, then to 400 in the U.S. and 3,500 in 27 other countries round the world...
...Burlington that was generating a hearty share of the company's earnings. Indeed, Klopman, a tall, lantern-jawed New Yorker who had helped his father run a family company that Burlington bought in 1956, is known throughout the industry for his relentless desire to wring out maximum profit...