Strategic Mismarketing.

Yahoo are pilloried for closing down a number of their acquisitions after failing to develop them. Nokia have been called the place where great ideas go to die for similar reason and Google, News International and many others have received similar appraisals.

Outside the digital world, we know that the vast majority of product launches fail and I've often repeated the dirty secret of investment banking that most mergers denude shareholder value.

It's all symptomatic of a failure to understand markets; the consequent pursuit of quantity of customers over quality of customers; and the failure to recall that realisation that having high quality (i.e. long-term) customers is dependent on exhibiting requires high quality customer-centric behaviour at all times.

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