Why is Sony, despite its Betamax set‐back of the early 1980s, continually pushing its new 8‐mm standard against the VHS format of archrivals JVC and Matsushita? Why did Shiseido, the major cosmetic company in Japan, persist in investing continuously in the United States and Europe since the 1970s despite years of accumulated losses? Why is a company like Kubota, a leading manufacturer of farm equipment, moving into computers and biotechnology with no time frame for success?
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