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Traditional sectors like manufacturing or retail can apply the lessons from RIM's rise and fall in several ways. Firstly, they can understand the importance of adapting to changing market trends and consumer preferences, as RIM failed to do so when smartphones like the iPhone gained popularity. Secondly, they can learn about the significance of unity and a strong strategic plan, as RIM's lack of these led to their downfall. Lastly, they can realize the value of relationships and patents in business, as these were factors in RIM's initial success.
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As the iPhone took off with consumers, RIM was still reluctant to pay attention. This was in part due to RIM's continued exponential growth in emerging markets and the multiple scandals competing for attention. RIM did, however, learn one thing. "Beauty matters," said David Yach, RIM's Chief Technology Officer. Though enterprise customers valued security and reliability above all, the average consumer was different, and RIM needed to start listening up.
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The Kodak of smartphones, RIMs rise and fall, is an epic tale of how relationships, patents, lack of unity, and the wrong strategic plan led to the fa...
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