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The book "Innovation and Entrepreneurship" has significantly influenced corporate strategies and business models by emphasizing the importance of understanding the root cause of changes that naturally occur in the business environment. It suggests that successful innovation is not just about creating new products or services, but about recognizing and responding to changes in the market. This can be seen in the case of Macy's, which regained financial stability by accepting and capitalizing on the increased sales of appliances, even though it was initially reluctant to do so. The book encourages businesses to be flexible and adaptable, and to innovate in response to market trends and changes, rather than sticking rigidly to their original business model or strategy.
Question was asked on:
Macy's tied their success to being a premier fashion store until their numbers began to fall. Appliance sales were increasing, and there was a positive impact on the bottom line that couldn't be ignored. The company's leadership saw these increased sales as an "embarrassing success." Macy's didn't want to be an appliance store, but when they finally accepted the impact of appliance sales, they began to regain some of their financial stability.
Asked on the following book summary:
Take the mystery out of entrepreneurship and innovation with this book. The author provides a series of case studies to demonstrate that the best inno...
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