Change Your Product or Change Your Customer? In the dynamic world of business, the age-old question often arises: Should you modify your product or service, or should you seek a different clientele? It's a strategic dilemma that countless entrepreneurs and businesses have faced. Let's delve into this critical decision and explore some real-world examples. When to Change Your Product or Service There are instances when altering your offering is the most prudent course of action. This might be necessary when: Market trends shift: Consider Blockbuster, once a video rental giant. As streaming services like Netflix and Amazon Prime emerged, consumer preferences changed dramatically. Blockbuster failed to adapt, while its competitors thrived by offering a digital, on-demand experience. Technology advances: The camera film industry is a classic example. With the advent of digital photography, companies like Kodak struggled to transition. Those who embraced di...
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