HP HP-Measure-1965-02 free download

File name HP-Measure-1965-02.pdf

_.HPARCHIVE.com from the chairman's desk I N JA UARY WE HELD OUR AN UAL management meeting in Monterey. This meeting is attended by all our corporate officers, as well as representatives of every also requires that everyone make an effort to upgrade quality and keep costs at a minimum. In short, the only justification for a better profit is to make operating division and subsidiary. sure every instrument we deliver to a customer is a better Preparing for this event requires that we carefully study instrument-better in design, better in quality, and backed our entire operation in order to evaluate our past perform- up with better service all the way. This requires that everyone ance and determine where and how we can do better in the of us in the HP family do a better job than our competitors future. Although 1964 was a good year, it would have been can do in every detail. an unbeatable one if every group and every division could Another topic discussed at the conference was an analysis have performed as well as the best division did. That should of our future markets. We agreed that our strong suit is elec- be our goal. tronic instrumentation, and that we should continue to con- We discussed the importance of improving our profit. Not centrate our primary effort there. Within this broad field, we that profit is important for its own sake, but simply because feel there are several areas where we might expand our ac- it is the best single measure of the contribution we are tivity. We reviewed projections for the defense market, which making in our chosen fields of endeavor. It is the foundation indicate that this will continue to be a most important market of future opportunity and security for everyone in our entire for many years to come. corporate family. Our studies clearly show there is ample opportunity for us As mentioned in our annual report, we improved our profit to continue to contribute and grow in our traditional product after all expenses and taxes from 6.3 cents of every sales areas and still enter exciting new markets. dollar in 1963 to 7.5 cents of every sales dollar in 1964. At I sensed at this meeting a great spirit of enthusiasm for the Monterey we decided our margin could and should reach 8 future. I sensed a conviction that the next twenty-five years cents in 1965. To do this requires that we be more selective in hold for all of us even greater challenges and opportunities our devel