Charles Robert Darwin an English naturalist proposed a scientific theory proved from what he called "natural selection." The fittest survive by a process of natural selection, Darwin describes this process:
"As many more individuals of each species are born then can possibly survive; and as, consequently, there's a frequently recurring struggle for existence, it follows that any being, if it vary however slightly in any manner profitable to itself, under the complex and sometimes varying conditions of life, will have a better chance of surviving, and thus be naturally selected… from the strong principle of inheritance, any selected variety will tend to propagate its new and modified form."
Basically, it is the processes by which heritable traits that make it more likely for an organism to survive and successfully reproduce become more common in a population over successive generations. Thus some individuals will survive and reproduce more successfully than others in their current environment. This theory of Darwin has been applied to the business world along with the famous economist, Alfred Marshall idea, "life cycle". Marshall's idea is referring to the life span of a company, where it rises and falls on its journey down the road. Darwin and Marshall together, point in relevance to companies, emphasizing the crucial importance of adaptability. Organizations, just like living organisms must adapt to its changing environment to survive. Darwin makes it clear that the adjustments don't have to be dramatic, minor changes will make big changes to survival.
There are many examples out there of company's out there which have either failed, went bankrupt or succeeded and survived depending on how they adapted to the market at that point in time. Whether they must put out a new product on market, offer a new unique service or even restructure their methods and strategies - all companies must constantly adapt to the people's needs and new competitors to survive.
I chose a company that I am very familiar with as an example to: "Choosing a company that faced significant obstacles and had the foresight to dramatically adapt their strategy/strategies to maintain or regain success and profitability." American Greetings is the second to largest greeting-card company in the world, hallmarks now being the first. The reason for being familiar with this company is because my 7th and 8th grade classes were located in Jacob Sapirstein mansion, now called the Sapirstein Campus. American Greetings is based out of Cleveland Ohio (my home town) and was founded by a Jewish fellow named Jacob Sapirstein in 1906. With a net income of 84.4 million, the company employees over 18,000 people nationwide. In addition to American Greetings, the company now owns the Carlton Cards, Tender Thoughts and Gibson brands of greeting cards. Sapirstein's son, Irving I. Stone became Founder-Chairman...