As the days turns to weeks and the weeks turn to months, it won't be long before 'The Death of RIM' is upon us. This major power house company in the smartphone market has failed to innovate time and time again, which has led to its defeat in the smartphone market.
In 1999, RIM introduced the BlackBerry 850 which put its name on the map. Its sales rocketed by 80 percent to 85 million dollars. By 2007, RIM was the master of its domain and continued to introduce innovative products. Then the Android was released and RIM tried to stay up with the competition but fell behind. From then on, RIM was one step behind its competitors and soon, the iPhone dominated the market. Since 2008, RIM's stock has gone from 150 dollars per share to 15 dollars per share.
Let RIM's story be a lesson that even a mighty giant can fall if its legs are tangled by the ropes of stationary methods.
Key Themes Behind This Trend
- Smartphone Innovation
- There is a need for innovation in the smartphone market to remain competitive and avoid downfall like RIM.
- Competition in Technology
- The rise of competitors like Android and Apple in the smartphone arena highlights the need for constant competition and innovation in the technology industry.
- Importance of Agility
- The importance of being flexible and agile in business practices to avoid becoming stagnant and losing market share like RIM.
Where This Applies
- Smartphone Industry
- The smartphone industry needs to prioritize innovation to prevent decline in market share or becoming outdated like RIM.
- Technology Industry
- The technology industry requires constant innovation and competition to avoid falling behind like RIM.
- Business Consulting Industry
- Consulting services that help companies prioritize agility and adaptability in their business strategies could be beneficial in avoiding downfall like RIM.
