What do Kraft Heinz, Anheuser-Busch and Victoria’s Secret have in common? All three have been wrong-footed by changes in consumer tastes and competition. Their stumbles are another reminder that businesses that don’t innovate won’t survive for long.

Kraft Heinz took a $15.4 billion write-down last Friday, causing its stock to tumble 30% and costing shareholders of Warren Buffett’s Berkshire Hathaway $2.7 billion. Berkshire Hathaway helped arrange the Kraft Heinz marriage in 2015 and owns 27% of its stock. Kraft Heinz sells...