Lotus 1-2-3 was a very successful product when it was introduced in the 1980's.  It increased productivity by automating the preparation and maintenance of spreadsheets, a core activity for preparing and presenting quantitative information in the business world.  It replaced the 13 column worksheet pads and the calculator.  Being proficient in the use of Lotus 1-2-3 became a core skill for business professionals.  Lotus Corporation was sitting on top of the office software applications world.  Then, Microsoft introduced Excel with features and capabilities beyond what 1-2-3 offered.  Microsoft, not only introduced enhancements to the preparation and maintenance of spreadsheets, but also integrated the preparation and use of spreadsheets into other activities such as presentations and preparation of text documents.  As a result, Excel became the #1 and dominant spreadsheet application and Lotus 1-2-3 faded from the scene as a major office software application. 

 

Successful businesses understand that standing still is not a viable option for continuing to create and grow value for its investors.  Customer needs change and competitors seek to satisfy those needs and to introduce products that offer additional features, capabilities and functionality.  Successful businesses understand that refreshing and upgrading their product offerings is a requirement not an option.