Elephantine's new product failed while Whiz-Bang's similar product was a success. Elephantine lacked proper market research, customer understanding, and screening of the product. They had an overconfident product-oriented approach rather than focusing on customers. In contrast, Whiz-Bang conducted thorough market research, understood customer needs, and ensured management and departments worked together effectively to satisfy customers and make the product a success. The key lesson is innovative products require business analysis and understanding customers, not just production and sales. Firing individuals is not the solution to organizational failures.