Back in the mid-1950s, Bulova Watch Co., the nation's biggest watch producer and importer, found itself whipsawed by its competition. On the one hand, more and more Americans were turning to expensive luxury watches, to the detriment of Bulova's essentially medium-priced (average retail cost: $60) line. On the other hand, the U.S. Time Corp., having found a way to anodize the aluminum cases on cheaper watches to make them resemble gold, was carving out a huge, low-price market with its Timex models. As a result, while the total U.S. market increased by...
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