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The Business Blunders of 2011
Bangalore: The year 2011 has seen many business blunders and some of them, who topped the list, are as follows:
1. Splitting of Netflix:
The red-faced Netflix, in order to overcome its bankruptcy, took a wrong step by splitting the company into two by making the DVD division, Qwikster. Netflix was more consumer-friendly with its customers for many good reasons but this split-up just made them angrier. Netflix Stock prices fell during July this year, loosing almost a quarter value of the company. Hence this media delivery giant increased its DVD-rental and streaming video service by 60 percent to show that their fiscal pace is smooth and expanding. But in adverse the customers started to withdraw their subscription. The significant mistake by Netflix was making the best move for the company by launching Qwikster, but not for the consumers, as it is less simple for them. Later Netflix CEO Reed Hastings confessed, “I messed up”, but this apology didn’t help much to calm the customers who were frustrated over the video firm’s plan to raise prices by breaking its popular product in two. Hastings put a cherry on the cake by apologizing for the way the decision was communicated, not for the decision itself. And because of all this price-hikes and splitting-up, Netflix lost almost 800,000 consumers within few months.
