Several brands have failed by making critical missteps in understanding their markets or adapting to change. JCPenney tried to simplify shopping but lost customers by removing sales. MoviePass offered too much value and went bankrupt as demand outstripped its business model. Blockbuster's refusal to acknowledge the threat of Netflix led to its demise, while Kodak’s self-sabotage of its digital camera invention cost it market relevance. Finally, Yahoo missed key acquisition opportunities with Google and Facebook, proving the importance of strategic vision in brand longevity.
In 2012, JCPenney tried to "simplify" shopping by ditching sales for straightforward pricing. But without those juicy red markdown tags, customers bailed.
MoviePass promised unlimited movies for a price barely higher than a bucket of popcorn. It turns out that people really like movies, and they went wild.
First, Blockbuster laughed off Netflix. Then, they turned down the chance to buy Netflix. Twice. Add to that a late and clunky attempt at streaming.
Kodak invented the digital camera in the 1970s and then hid it. No wonder they filed for bankruptcy in 2012. They feared it would eat into their film sales.
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