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Overview DeWitt and Lila Wallace founded readers Digest Association RDA in 1922 Primarily the couple ran it until 1973 After 1984 it was run as a true for profit business and in 1989 the company finally went public The company was much more profitable under the new professional management The early 1990s proved to be a stagnant environment for Readers Digest and other magazines that were sold domestically Due to these conditions many publishers began to focus on international markets The outlook for 1993 at that time was more positive Average sales for the industry were expected to grow by two percent Objectives 1Focus on serving the customer by providing superior quality service 2Recognize and care for employees by respecting rewarding and showing commitment to them 3Maintain high ethical standards by being a good corporate citizen 4Maximize shareholder wealth by being an innovative results-oriented company 5Grow globally primarily through existing product lines Strategies 1Grow current product lines by expanding customer base in existing markets 2Develop new products to market to existing customers 3Penetrate foreign markets with current product lines 4Achieve global growth within existing businesses and core skills 5Use Readers Digest Magazine as the starting point for establishing relationships with new customers Grading Scale 5 Very Good 4 Good 3 Average 2 Poor and 1 Very Poor Finance In 1992 Readers Digest had assets of 19 billion sales of 26 billion debt of 1 million and profits of 2 million Meredith Corporation will be used to compare financial data because of its involvement in the same core businesses as Readers Digest Financially Meredith has been less successful than Readers Digest Meredith also lags the general magazine industry in some regards However it is the only firm for which data can be obtained for the 1989-92 period that is suitable for comparison to Readers Digest The liquidity of Readers Digest shown a trend of getting
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