Watching the Market
The Meylan Stopwatch Corporation started out selling ordinary watches via mail order in the 1920’s, until competition forced the company to venture into the stopwatch field, where they began selling their products to sports buffs and government workers.
The following decade, Meylan began supplying precision timepieces to the educational, scientific, and industrial engineering industries.
Today, the company supplies products from videos that measure worker productivity to digital watches for auto, horse, and human races.
Lesson: An excellent example of a company that stayed with its core idea, but continuously adapted their wares to reflect changes in demand and technology.
How to Start and Operate a Mail Order Business, 5th edition. Julian L. Simon. McGraw Hill, 1993.