What’s common between Kodak and Micromax? They were both business leaders once – Kodak in the global film camera market, and Micromax in the Indian smartphone market. But then something changed and both the companies lost favor with the customers.
What changed was not the product the companies were selling. What changed was the needs of the customers. Where what the two companies were once selling matched with what their customers needed, there came a time when the market no longer wanted the product the companies were selling, and the companies failed to offer a product the market wanted. In the case of Kodak, it was the shift in consumer taste in favor of the digital cameras. In the case of Micromax, it was a change in consumer demand from 3G- to 4G-enabled devices.CONTINUE READING