Lamar Advertising Company
MGT 3830: Signs of Opportunity Paper
Professor Dan Marin
Lamar Advertising Company: Evolution of strategy
The Lamar Advertising Company went from being as a small town, sideline poster business for Charles Lamar Sr. to become one of the most prominent billboard businesses in the U.S. The company’s growth was characterized by a continuous aggressive acquisition approach that was not without obstacles in the chase of success. Leadership at the company could be described as focused on new opportunities and the refusal to settle. There is no doubt Lamar Advertising faced many difficulties in its sustained growth strategy, but putting together optimism, adaptation to the market circumstances and constant evolution of the corporate strategy they were able to recognize business opportunities that boosted its growth and made it a leading provider of outdoor advertising.
It was just a matter of “head and tails” that eventually changed the life of Charles Wilbur Lamar, a banker from Valdosta, Georgia. The loss of a coin toss led him to acquire the Pensacola Advertising Company, that at the time it was perceived to be an unprofitable deal out of the coin flip, which he renamed Lamar Outdoor Advertising Company. Mr. Lamar considered himself a banker and had a solid reputation in that field; as a result, his duties at the National Bank prevented a direct commitment to the company. Lamar didn’t really change much of the strategy that MR. Coe had already set in place. His main focus was his career, but after he lost his position as bank president, which turned out to be beneficial to the Lamar Advertising Company, Mr. Lamar increased his interest in the poster company. He took over as the head manager and the company was later promoted to Class AA, meaning outstanding service was offered. This seemed to have occurred at the right time because Mr. Lamar was later to become the founder of one of the biggest and very profitable advertising