Prompt Cast
Missed Opportunities and Failed Strategies in Business History
TLDR This podcast episode explores various instances in business history where companies missed out on major opportunities or made poor strategic decisions, leading to their downfall or missed success. Examples include Western Union rejecting the opportunity to buy the telephone, JC Penney's failed pricing strategy, and Blockbuster's refusal to adapt to the rise of Netflix.
Timestamped Summary
00:00
This section of the podcast discusses the story of Alexander Graham Bell inventing the telephone and Western Union rejecting the opportunity to buy it, which ultimately led to Bell creating his own phone company and obtaining valuable patents.
04:59
Excite passed on the opportunity to buy Google for $750,000 because they didn't see the potential of what Google would become, but in hindsight, it was a major missed opportunity.
10:10
Kodak missed out on the digital camera revolution despite inventing it and wasted billions of dollars on their digital camera division, leading to layoffs and bankruptcy.
16:02
JC Penney hired a new CEO, Ron Johnson, who tried to change the company's pricing strategy to eliminate sales and coupons, but customers didn't understand and disliked the new approach.
21:03
JC Penney's new CEO, Ron Johnson, tried to change the company's pricing strategy, but customers didn't like it and the company experienced a significant drop in sales, leading to Johnson's departure after 17 months.
26:08
Coca-Cola's decision to change the recipe for Coke without consulting customers and then publicly announcing the change led to a significant backlash and the quick demise of "New Coke."
31:17
Blockbuster's refusal to merge with Netflix and adapt to the DVD mailing program led to their downfall as Netflix continued to grow and dominate the market.
35:59
Blockbuster's failed attempts to save the company by wasting money on unsuccessful schemes and bringing in multiple CEOs led to their eventual bankruptcy and acquisition by Dish, but they still exist as Blockbuster at Home through Dish.
41:09
Reese's Pieces may not have survived if it weren't for the decision to feature them in the movie ET instead of M&Ms, which declined the opportunity.
46:05
The decision to feature Reese's Pieces in the movie ET instead of M&Ms paid off, as ET became a top 30 all-time grosser domestically and the second highest-grossing non-franchise movie, only behind Titanic.
51:17
The hosts discuss the lineup and history of the Monday Night Football broadcast team, including Keith Jackson, Frank Gifford, Dandy Don Meredith, and Howard Cussell.
56:06
The hosts receive a suggestion to look into sailing, but express hesitation due to the potential for being overwhelmed by sailing enthusiasts.
Categories:
Society & Culture
