Digital Media and Innovation takes an in-depth look at how smart, creative companies have transformed the business of media and telecommunications by introducing unique and original products and services. Today’s media managers are faced with the same basic question: what are the best methods for staying competitive over time? In one word: innovation. From electronic commerce (Amazon, Google) to music and video streaming (Apple, Pandora, and Netflix), digital media has transformed the business of retail selling and personal lifestyle. This text will introduce current and future media industry professionals to the people, companies, and strategies that have proven to be real game changers by offering the marketplace a unique value proposition for the consumer.
Chapter 5: Business and Innovation Failure The Challenges of Reinventions
Business and Innovation Failure The Challenges of Reinventions
Large corporations welcome innovation and individualism in the same way that dinosaurs welcomed large meteors.
This chapter looks at modern media, information technology (IT), and the problems associated with preserving market leadership. We begin by asking the question: What is business failure? At first glance, business failure is typically associated with bankruptcy or poor financial performance. But at a deeper level, business failure is also about the proverbial “fall from grace.” A company that once dominated an industry no longer finds itself the market leader.1 Worse still, the very same company is faced with the public perception that it has lost all relevancy in an otherwise highly competitive ...