IBM made $6 billion in 1990 and lost $5 billion two years later. The company, one of the twentieth century corporate greats, failed to change with the market and only moved when value had well and truly migrated.
Over any period the needs and expectations of customers change. If a company fails to keep pace, it will find itself left behind. This is the essence of the idea of value migration, defined by Adrian Slywotzky, Richard Tedlow and Benson Shapiro as “the flow of economic and shareholder value away from obsolete business models to new, more effective designs . . .
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