Review the cork industry, the wine industry and the need for closure case study on page 251 in the book. Then answer the following questions:
The Cork Industry Complacency and Lack of Innovation
Any business that cannot drive change runs the risk of being left behind. Change is what drives innovation. Unfortunately, the cork industry was complacent for too long. For more than 400 years, it largely stuck to its old practices and failed to embrace new technologies and identify changing market trends. For example, the cork industry did not note when wine producers started looking for alternative wine bottle closures to remedy the issue brought about by a chemical known as 2-4-6 trichloranisole (TCA). In the current market, wine producers are wearier of the chemical than they were back when the Cork Industry was most dominant. The chemical taints the wine and affects its smell and taste. Other closure manufacturers noticed the wine producers’ change in preference and came up with innovations such as synthetic corks, screwcaps, and Zork. In a competitive environment, innovations spark a reaction from competitors (Trott, 2017). However, when its competitors started releasing the above innovations, the cork industry was slow to react. By the time it started its drive to innovate and mak…………………
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