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Callaway Golf Essay

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THE MARKET
More than two decades ago, Ely Callaway set out to build a company that would bring more enjoyment and game improvement to golfers of all skill levels. He accomplished much of that goal in 1991, introducing a technological wonder called the Big Bertha Driver. By creating in Big Bertha a larger clubhead without adding weight, the late founder of Callaway Golf Company turned the most-feared club into the most-loved almost overnight. The driver became the fastest-selling club at retail. Many innovations have followed. From woods, irons, and putters to golf balls and golf accessories, Callaway Golf has consistently used ingenuity, quality construction, and technology to make the finest premium products in the industry.
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In fact, Callaway Golf products are among the most popular on the world's professional tours and have been used to set several scoring records and win hundreds of tournaments. This success helped Callaway Golf become the world's largest manufacturer of golf clubs within five years of the Big Bertha Driver's launch, prompting major changes within the golf industry. Callaway Golf's success enabled it to become the first major golf company to go public, as shares of company stock began trading on the NewYork Stock Exchange in 1992, under the ELY ticker symbol.
HISTORY
Callaway Golf's success story begins with a small three-person golf company called Hickory Stick USA, which was founded in 1982 in Temecula, California. The company initially made wedges and putters that had unique shafts constructed of hickory with a steel core. These clubs caught the eye of Ely Callaway, who bought an interest in the company the following year. Mr. Callaway had already been a successful businessman in the fields of textiles and wine, and golf would become the third and most successful act in his entrepreneurial career. His business philosophy —that every

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