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Asking ourselves the question ‘what business am I really in’ is not just something that’s nice to do in order to identify business development opportunities. It’s actually critical to avoiding business failure.
Take Kodak as an example.
Kodak is a cautionary tale that illustrates why it’s imperative to stay relevant to customers. Had that company asked itself this question it might have discovered that it was not just in the film business but in the memory preservation business too.
By defining themselves and their role in this wider way they would undoubtedly have reacted more appropriately to the changing technological landscape that digital cameras presented.
Kodak did not fail because it missed the digital age. It actually invented the first digital camera in 1975. However, instead of marketing the new technology,...
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