Earlier quoted context omitted.
I think that is an important point but, with that said, I'd suggest that perhaps the reason Anchor were struggling is they didn't really innovate. Rather they rested on the laurels of that 127 year heritage. Certainly a very personal opinion but the first time I tried Anchor beers sometime in the noughties I was underwhelmed. Don't get me wrong: they're certainly better than Bud, Coors, etc., but as a Brit coming fro…
Why does a beer have to innovate?
Let's take the most run-of-the-mill common bolt in the world as a product example : the 200 year old company that has changed to sell that run-of-the-mill bolt online w/ fast delivery and with a companion app has innovated without a product change.
innovation doesn't imply a product change, it implies that a company is necessarily flexible to meet the shifting demands of consumers. This can be done in other ways than shoving newer and shinier products out the door.