"TaylorMade hasn't just blown away Callaway, it now positively dominates the business."

The WSJ's John Paul Newport looks at Taylor Made's rise in the golf industry, accounting for 47% of the drivers, fairway woods and hybrids sold in 2012.

Much of their success, he writes, stems from aggressive marketing, packaging and product re-invention on 6-month cycles.

The third leg of TaylorMade's success, besides Tour support and bold marketing, is ceaseless introduction of new products. Thanks to a huge research budget that golf-company analyst Casey Alexander of Gilford Securities estimates at around $30 million a year, TaylorMade floods the market with Next New Things every six months or so. The R1, for example, comes in only one club head (reducing manufacturing and distribution costs) that is adjustable from 8 degrees to 12 degrees. (Nike, Cobra and Adams Golf, which TaylorMade acquired last year, also have new, one-head adjustable-loft drivers.)