Companies need to reinvent their business models to remain relevant in the consumers’ minds. They mustn’t cling to past held ideals, that may not be of great relevance now. A key example of this is IKEA, which on paper is a furniture retailer, but actually is a lot more. They bring added convenience to consumers’ lives. Three more companies can be listed that succeeded in their efforts at the art of inversion. One is Amazon, another is Instant Pot, while the third one is Nestle. One, that got away and could not do so is Ford Motor Company. The company launched a business innovation titled Chariot, which was a van shuttle service. Thankfully for Ford, the company realized soon enough that this was going to be a cropper, so the idea got replaced by Spin, which allows transportation via scooters.

Source:https://mitsloan.mit.edu/ideas-made-to-matter/what-ikea-and-instant-pot-can-teach-us-about-competition?utm_source=mitsloantwitter&utm_medium=social&utm_campaign=instantpot

Uploaded Date: 26/03/2019