Everyone puts their foot in their mouth once and a while. Most of the time, it just results in awkward silences and stares. However, faux pas cost a little bit more than your (already waning) dignity. Here are just a few instances where the fornication of the canine (screw the pooch) cost the offending party a few million dollars.
I’m just going give you my spin on my favorites from the video, like the Ratner one at the beginning. It was amazingly dim-witted for a CEO to admit in a public speech that the product they offer is crap, bringing I’m assuming the entire company’s catalogue under scrutiny. This little slip cost the company 500 million pounds.
Some of the other great ones were Blockbuster’s chance to buy Netflix, the company that ultimately put them out of business [see hubris]. Motorola having the chance to manufacture the iPhone and Blackberry, but doubted whether consumers would readily take to downloading apps. And of course 20th Century Fox giving George Lucas all the merchandise and licensing rights [hubris again]. I don’t know, I kind of like it when heartless, faceless corporations get their comeuppance.
Are there any other business mistakes that you think are worth mentioning?