... questioned their customers constantly, studied them, sur-veyed them. But they paid no attention to the 70% of the mar-ket who were not their customers. They saw no reason why theyshould. Their theory ... weaknesses. These assump-tions are about what a company gets paid for. They are what I calla company’s theory of the business. Every organization, whether a business or not, has a theory of the business. ... theory of the business explains both the success of companies like General Motors and IBM, which have dominat-ed the U.S. economy for the latter half of the twentieth century, and the challenges they...