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I'm not sure what Nintendo is expected to do. They released two big games at launch, have a bunch of studios making games, made a platform more powerful than the competition to attract 3rd parties, made a controller with MORE functionality than the conventional type, etc, etc.

In retrospect, here's what I think Nintendo could have done.

1. Launched with a more robust online shop, with more cheaper games and a Virtual Console system.
2. Shifted some studios away from 3DS development and towards Wii U development. For example, Camelot could have made Mario Tennis: Open an early Wii U game.
3. Buy and/or create more studios to work on Wii U titles.

But really, these are relatively minor things. I question the relatively early launch of the Wii U now, but seeing how the decision was made to enter the 8th generation in 2012, I don't know what else could have been done.