Maytag started out improving the performance of threshing machines. Then they built their first washing machine for a sideline product for seasonal slumps. Now since they built the washing machine they have a all year round business. Then F.L Maytag took over and got rid of the farm equipment and focus on washing machines. The company has been growing ever since. Maytag strategy is to grow by acquisitions and they have for a while. In 1995 the acquisition strategy was good until they got Hoover. Hoover's international part was the bad part of Hoover. Maytag loss significant amounts of money trying to go international with the Hoover purchase. From then on, Maytag wants to focus on growth from their North American business. In 1998 Leonard Hadley retired and Maytag hired Lloyd Ward which did not last long because he was not want Maytag was all about. Leonard Hadley had to come back as CEO again until they found Ralph Hake. Hake was what Maytag needed to help save the company. Today Maytag is a 4.7 billion dollar home and commercial appliance company.
Analysis.
Maytag started in 1893 when the economy was still growing. The company did not even suffer a loss during the great depression. Maytag has grown with the economy to make their product available to the public's income. .
The home appliance industry is a huge market to get into. Maytag's core competency in the beginning was best quality and cost control. In 2002, the home appliance industry was a very successful one. There were more appliances made and sold in the .US than any year before. There was an increase on refrigerators, freezers washing machines, dryers, ranges, microwave ovens, and dishwashers. The big threat came when the home appliance industry matured after 50 years of growth. There would only be a 1.9% growth rate from now until 2005. The good thing about this market is a lot of the competition has either dropped out or has been acquired by one of the big boys.
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