Due to lack of corporate foresight, several companies have failed to proceed further in their endeavors to serve the world with their product or services. This reminds me of a very flagrant example that I will talk about and how it could have been otherwise. The company that I will like to tals about today is the movie rental giant Blockbuster. Back in the days, Blockbuster was the primary DVD and Video Cassette rental in USA. Due to lack of corporate foresight, in 2010, it filed for bankruptcy and was sold to the satellite company, Dish Network. Today we will try to understand the reason why such a big company failed. We will analyze the mistakes that the entrepreneur made.
Founded by Davis Cook in October 1985 in Texas, Blockbuster grew into a multimillion dollar company as a Video rental provider (Harress C., December 5th, …show more content…
Many people look for convenience and Blockbuster should have tapped in to this aspect of people’s demand and compete with its adversaries to really hold its customers. This would have not only allow Blockbuster to compete but, for a company which made a name for itself, remain at the top. Companies like Redbox has adopted the concept of ease of access and convenience. It should have been a long thought plan for Blockbuster and really dissect these approaches before others taking over the fast lane well ahead of it. By doubling down, Blockbuster would have remained in the mainstream competition and most probably lead by a milestone by now.
Hence that marked the end of Blockbuster which turned out to be a failure toward what looked like a brilliant business idea. The Blockbuster episode is a major case study for many top notch companies which successfully saved their skins in term of acknowledging their competitors and backing changes in
Founded by Davis Cook in October 1985 in Texas, Blockbuster grew into a multimillion dollar company as a Video rental provider (Harress C., December 5th, …show more content…
Many people look for convenience and Blockbuster should have tapped in to this aspect of people’s demand and compete with its adversaries to really hold its customers. This would have not only allow Blockbuster to compete but, for a company which made a name for itself, remain at the top. Companies like Redbox has adopted the concept of ease of access and convenience. It should have been a long thought plan for Blockbuster and really dissect these approaches before others taking over the fast lane well ahead of it. By doubling down, Blockbuster would have remained in the mainstream competition and most probably lead by a milestone by now.
Hence that marked the end of Blockbuster which turned out to be a failure toward what looked like a brilliant business idea. The Blockbuster episode is a major case study for many top notch companies which successfully saved their skins in term of acknowledging their competitors and backing changes in