The following are six lessons about how leading brands ended up on the scrape heap of once great companies.
by Jeremy A. Kaplan of Fox News
These six business failures are good lessons for all of us who are responsible for crafting strategy.
1. Wang Lesson: Know your market. And if that market is shifting, business needs to shift accordingly.
2. Lotus Lesson: Beware of the smaller, more agile company. But also beware of the big guy who'll steal your money and eat your lunch.
3. Lesson Palm: Do mess with success. Without continued innovation, companies flounder.
4. AOL Lesson: Looks can be deceiving. Despite shrinking in size over the years, AOL still operates one of the world's most popular websites and has millions of customers. The company earned $191.9 million from subscribers in the third quarter of 2011 -- 36 percent of total revenues.
5. Kodak/Polaroid Lesson: Watch the trends. These are companies that failed to see an emerging market before it hit them over the head.
6. US Robotics Lesson: Success doesn't always mean victory.
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