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Old, longstanding firms concentrate on protecting what they have already amassed. Consequently, they rarely innovate and often underestimate what consequences innovation by other companies will have. The best example of one such defensive strategy is the fact that _______.

Which of the following best completes the passage? 

  1. Electronics and mass-produced gears eliminated the traditional market for pocket watches, clearing the way for marketing them as elegant, old-fashioned luxury items.
  2. An extremely popular prefabricated house was introduced by a company that, several years before, had failed miserably with its product line of glass houses. 
  3. A once-leading maker of buggy whips responds to the new availability of stick shifts by attempting to make better buggy whips. 
  4. Smoking pipes, originally designed for use by typically older, more traditional smokers of tobacco, are now bought mostly by young smokers of scented or flavored herbal blends. 
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