Read the real life stories, choose one business story, and explain the failure reasons and how the company could avoid the failure 150-200 words

Sony, a manufacturer of electronic products, changed the way we listen to music with the invention of the Walkman in 1979. By the 90s Walkman was a must have gadget for every teen. It was the iPhone of its day. But when MP3 players were introduced to the market, the sales of the Walkman started to drop. The iconic Walkman was killed by the MP3 players, which were later killed by smartphones. Sony didn't adapt to technological innovations such as digitalization, the shift towards software, and the growth of illegally downloadable music online. Sony actually had the technology to launch a product even better than the iPod, but it never happened. The company was too afraid to test out something new, thinking it would threaten their compatibilities on the market. John Kay explains in an article "Why Sony did not invent the iPod. In 2005 Yahoo was one of the main players in the online advertising market. But because Yahoo undervalued the importance of search, the company decided to focus more on becoming a media giant. The decision to focus more on media meant they neglected consumer trends and a need to improve the user experience. Yahoo managed to gain a massive number of viewers to view content but failed to make enough of a profit in order to scale. Yahoo also missed out on a lot of opportunities that could have saved them. For example, in 2002 they almost had a deal to buy Google, but the CEO of Yahoo refused to go through with the deal. And in 2006 Yahoo had a deal to buy Facebook, but when Yahoo lowered their offer, Mark Zuckerberg backed out. If the company had taken a few additional risks, maybe we would all be yahooing right now instead of googling. One highly successful company that failed? Nokia, a company founded in Finland was the first to create a cellular network in the world. In the late 1990s and early 2000s, Nokia was the global leader in mobile phones. With the arrival of the Internet, other mobile companies started understanding how data, not voice, was the future of communication. Nokia didn't grasp the concept of software and kept focusing on hardware because the management feared to alienate current users if they changed too much. Nokia's mistake was the fact that they didn't want to lead the drastic change in user experience. This caused Nokia to develop a mess of an operating system with a bad user experience that just wasn't a fit on the market. The company overestimated the strength of its brand and believed they could arrive late in the Smartphone game and succeed. In 2007 Steve Jobs launched the iPhone, a phone without a keyboard, which was revolutionary at the time. In 2008 Nokia finally made the decision to compete with Android, but it was too late. Their products weren't competitive enough