Campagnolo -
Distracted. Smaller. Barking up the wrong tree if you will. Proud, "we do the lead inventing", it is in our official corporate name even... "Don't you understand?"
Shimano-
Students of Demming, not confident, bigger, more diversified, fishing reels, all levels of bicycle components, probably better management systems.
But Suntour still put the skewer to oath of them here and there for a long while. They were much smaller, more creative possibly.
The French -
lost the plot before the bike boom, if there was no bike boom, they would have floundered that much faster.
A small resurgence with Spidel and Mavic, but too late.

There is a possible problem for Shimano, Japanese corporations when on top get arrogant.
Then things can go sideways.