Blockbusters turned Disasters

Its not enough to be good but it should be great."Good companies meet needs while Great companies meet markets".The above quote was  given by Father of Marketing Phillip Kotler which I agree fully to this quote brands which were blockbusters previously and now there are no where in market.This shows that as times change the needs of customer,demands of customer and dynamics of market also changes.With the advancement in technology the needs of customers have changed drastically.Companies need to continously innovate in marketplace to survive.Companies should not only try to meet the needs of customer but also need to understand the customer and market and try to provide value to the customer.



There are companies/products which did not innovate in market place and so they lost their hold in market place.Bajaj Chetak,Ambassador cars,Uncle Chips,Orkut,Promise Toothpaste,Sil Jam etc are some brands which according to market place did not update themselves and now they are almost obsolete.These products which  were blockbusters in their respective industries once find no place in the market today.Bajaj chetak which were once sold in hot cakes lost its market share to gearless scooters and bikes.Similarly Uncle chips lost its share to branding of Lays.While Orkut underestimated the rise of Facebook and Myspace.Instances given above clearly shows that if a company does not update or innovate themselves according to need of market then clearly you will loose in the market.In the process  of globalization companies have to continuously innovate in either People,Product,Place or Promotion.If you do not innovate even a blockbuster today becomes disaster tommorrow

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