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Top 10 Business that Failed to Adapt to Change

sometimes shift and businesses are seismic sometimes they're subtle but one thing's for sure business is always on the move neglecting to keep up with change is the fastest formula for failure. Here are 10 businesses that failed to adapt to change some went down in a public blaze of flaming failure and others. Were a slow fade to obscurity from each we can learn some valuable business moves not to make and hone our own business success from their insight. We hope you enjoy this list we've taken from a selection of different industries and highlighted others for the surprisingly bad decisions that took them out let's get started.

Top 10 Business that Failed to Adapt to Change

1) Nokia and Blackberry Were First to the Market and Fast to Fail

This declining duo each operating in their own era Nokia dominated the introduction of cellular networks in the 1990s. Blackberry took up the baton in mm Nokia's big mistake was not realizing how the arrival of the Internet. It would affect voice communication they failed to focus on software and kept focusing on hardware because their leadership feared they would lose customers. If they changed too much but it was actually the failure to change enough that ultimately led to their demise. When they finally launched a smartphone behind the iPhone the Nokia operating system was a mess and the bad user experience took them off the board as an industry leader blackberry made a similar series of errors from their game-changing arched keyboard. They failed to shift the market toward bigger touchscreens blackberry was more concerned about protecting what it already had than innovating with what the market wanted the current CEO John Chen announced in 2017. That under their new strategy they would focus on software development including security and applications they're outsourcing Hardware to partners but that seems too little too late as they've faded into relevancy I guess we'll have to wait and see what they come up with.

2) Blockbuster Didn't Listen to What its Clients Wanted

In 2004 blockbuster had successfully transitioned from VHS to DVD and it was at an all-time peak but only a few years into operation Netflix was already offering shipped DVD rentals Blockbuster declined an offer to partner with Netflix in 2000. Blockbusters CEO John Antiochus saw Netflix as only serving a niche market and not a mainstream business like Blockbuster the addition of Netflix's streaming service was the final nail in the coffin and by 2010, blockbuster had filed for bankruptcy and continued losing brick-and-mortar stores on the flip side Netflix is valued at over 28 billion dollars and is growing internationally.

3) Segway Never Defined How to use their $5,000 product

Who would have thought that a space-age looking motorized form of transport would have ended up only being used by a few mall cops and tour groups because it, lacked a clear identity in 2001 when the Segway entered the market. It offered something brand new it had all the opportunity to revolutionize transportation and it was fuel-efficient despite the cost of $5,000. There was a lot of hype around him which made people pretty interested but Segway failed to define exactly. What its motorized scooters were for the police didn't know how to handle them were they for sidewalks or for roads was it safe enough for street handling and lastly. Segway users were called out constantly for being lazy as they whizzed by pedestrians it, became clear consumers weren't willing to fork out $5,000 for a scooter you weren't allowed to use or were insulted for riding.

4) Kodak's Moment Has Passed

It's hard to believe but digital photography was invented in 1975 by Kodak when Steve sessom a Kodak engineer brought the idea of digital photography to kodak leadership. It was shut down the fear of what it would do to their current film market led to them canning the technology. But you know from our post, from Jeff Bezos it's better to cannibalize yourself than let your competitors do it for you. Kodak completely missed the digital revolution boat a movement they could have led as early as 1975, this failure saw them filing for bankruptcy in 2012 but as the light was completely has gone out for Kodak keep watching because some bold moves will be revealed in our bonus fact at the end.

5) Macy's could have been in Everyone's Living Rooms but instead, they're closing Stores

In 1980 Macy was approached with the idea to start selling its products on a cable television channel the 100-year-old department store with a huge following. It felt the idea was passe and wouldn't sit well with their customers. So they declined the offer opting instead to stick to store sales however the idea was picked up and QVC was soon on the market selling to Macy's customers from the comfort of their own home the QVC home channels products. Were selling like hotcakes customers loved the convenience and the thrill of shopping at home, in fact, it became the largest competitor to Macy's department stores, to this day Macy's CEO Terry Lundgren maintains that shoppers prefer brick-and-mortar stores but all the numbers beg to differ Macy's continues to drop in turnover and stores continue to close.

6) AOL and Yahoo were the Biggest Players in the .com Era But Failed to keep up with New Players

In the mid-1990s America Online was known as AOL for short but not long enough because they went from being the leading instant messaging platform and one of only two internet providers to rapidly plummeting into obscurity Microsoft's messenger entered and AOL did nothing to introduce a new strategy to retain customers and offer a better service AOL also failed to offer broadband upgrades to. Its massive dial-up subscriber base so lost monthly subscriptions adding insult to injury a failed merger with Time Warner worth an estimated 350 billion dollars is known as the biggest failed merger of the 21st century similarly Yahoo was a big gun in the early internet game at its height it was valued at 125 billion dollars. They were one of the main players in online advertising in 2005 but failed to recognize the importance of search and instead invested energy into becoming a media giant it wasn't long before Google took Yahoo's slice of the pie the Baker and the whole pie shop ironically Yahoo had launched some excellent tools that would have really set them apart. But they failed to capitalize on its Yahoo briefcase is one example which offered cloud storage long before Dropbox or Google Drive. They also missed some great merger opportunities including refusing a deal to buy Google in 2002. They also made a grave error by letting Mark Zuckerberg leave their offices in 2006 with Facebook under his arm after they lowered their deal offer and he refused to sell failing to look ahead and capitalize on advancements is what left Yahoo behind in the dust.

7) Hostesses Failure is the Story of many Food Brands

This is only one brand in a long list of processed food brands that have failed to keep up with consumer trends kids of the 90s enjoyed the wonder of a Twinkie in their lunchbox. But as health and wellness awareness kicked into hyperdrive in a 21st-century hostess and other highly processed foods made no moves to change their formula from sugary cereals to mouth coloring cool drink. There's been a critical shift in nutrition and preservatives sugar and trans fats aren't invited to the party in 2012 after declining sales and a lack of effort to rebrand hostess filed for bankruptcy billionaire Dean metropolis bailed out hostess. He planned to cater to the Nostalgia movement of the kids of the 90s and relaunched hostesses favorite brands there has been some upward movement but once everyone has sampled a Twinkie it's more likely it's going to go back to green juice and low GI for the majority a diet hostess certainly isn't gonna do it for them. 

8) Concorde Flew Fast and Burnt Out

Almost 30 years the world had the option of supersonic transport or SST air travel at twice the speed of sound was possible a British French airline form then Concorde travel was born. They offered London or Paris to New York in three and a half hours for $8,000 roundtrip this speed of travel came at a high price and we don't mean the ticket the sonic boom caused major noise pollution for everyone in. Its path was fuel inefficient and could only carry 120 passengers or so to split the cost the upkeep of aircraft was extremely high and the Concorde was analog the kind of clientele that flew Concorde had an incredibly high expectation of onboard service. However, the planes narrow design didn't allow much Headroom and the seats were very narrow a spare plane had to remain parked in case of a late departure in New York to enable the liner to run on time which made the business model hard to profit from after Air France flight 4590 crashed in 2000 and accident that caused the death of all onboard. Concorde scrambled to recover reputational damage the general downturn in air travel after the September 11th, attacks in 2001 put Concorde into freefall in 2003 the last Concorde flight took off and the company closed its doors there is talk of new versions of turbojet-powered air travel but still, to this day it remains up high in the sky.

9) Abercrombie & Fitch

Abercrombie & Fitch is one of those friends we mentioned that has gone down in flaming wreckage in the early 2000s. You couldn't go out without seeing Abercrombie & Fitch emblazoned on trendy young people's t-shirts. It was a symbol of status and fashion when large logos and high-priced brands lost their appeal Andy didn't try to adjust to the times rather the CEO Mike Jeffries went on a bizarre publicity campaign. Beautiful gorgeous individuals pull in other attractive individuals and we need to showcase cool attractive peoples. We don't want to market to anyone other than that as you can imagine this wasn't well received and led to boycotting a and D to make matters worse a district manager was caught saying we would rather burn clothes than give them to poor people. This also didn't sit well with a growing social consciousness movement and proved just how out of touch the brand had become Abercrombie & Fitch, became the most hated brand in the US and further abroad, they've tried to win back customers to their empty stores over the years but to no avail and at this point and just seems outdated and offensive to young audiences.

10) Hummer

There have only been a few flaming failures as spectacularly public as the Hummer Arnold Schwarzenegger first owned the oil-hungry Hummer. It was GM's response for a tiny market of civilians that wanted to drive a military-looking vehicle around town, it wasn't long before popular TV shows started the Hummer jokes and from being a status symbol of power and wealth. It became a symbol of greed and poor taste consumers had already begun to get a taste for environmentally friendly living and the Hummer was the complete opposite to top. It was launched around the 2000s energy crisis and the h1 model guzzled a greedy eight to twelve miles per gallon the brand was sent to the bargain bin in most second-hand car dealers with no prospects of reviving market interest in 2009. The brand was shut down there are developments for a relaunch of an electric Hummer in 2022 but the question still remains does anyone really need that much car electric gas driven or otherwise handle users.

That's a wrap on today's list what is the greatest business demise you've seen caused by a failure to adapt. Would you fly Concorde or buy a Hummer, if they made a comeback let us know in the comments and of course for sticking with us until the end. Here's that bonus we hinted at earlier is Kodak having another moment in January 2020. Kodak suddenly reappeared and their share price more than doubled on the New York Stock Exchange. Why because Kodak announced the launch of its own cryptocurrency called Kodak coin. It's a part of a wider blockchain platform that aims to protect photographers, and help them control their image rights whether this new technology will be Kodak's new moment is still a developing story. thank you for spending some time with us.
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