Kodak has a long history that spans over 130 years. Founder George Eastman patents photographic film stored in a roll in 1884. In 1888 he implemented the first camera to complement his film roll. Kodak was then founded in Rochester, New York in the early 1890’s and by 1900 the Brownie camera was made a sparked photography to the masses. In 1975 Kodak was the first company to build a functioning digital camera that stored images on a cassette tape. In 2004 Kodak stopped selling film camera due to the increasing demand of digital cameras. As of 2012 Kodak files for bankruptcy due to huge pension cost for workers stemming from 2011 epidemic. Citigroup credited Kodak with $950 million to keep the historic company afloat.
Kodak was trying to promote innovation to the growing digital market. This is prevalent due to it large urban community of supporters. The theme needed to accommodate the growing trend and also pull in a new commodity for the younger generation that might have not been particularly loyal to Kodak. The theme I would have suggested would have been similar to Apple’s business model. Apple’s promotes simplicity, innovation, and style; albeit Apple’s products are priced significantly higher than its competition, the quality is certainly worth it. I think Kodak was attempting to gain that type of audience when it implemented the strategy of the Easy-share one. The objectives could have been stronger by establishing a more detailed plan. It was not clear exactly who they where presenting this innovation to other than it was a release party.
Secondly Kodak was the last to penetrate the growing digital market with their design. It was as if they waited to see what the market was doing and then piggy backed off of competitor’s ideas. This is similar to the Sony Play station and Microsoft Xbox competition that was happening during that time. A new System turnover takes approximately 7 years after its previous version was released. Play station and Xbox was releasing their products around the same time but Xbox waited to see the features of play station before releasing their product. I think it hurt sales but the exclusive games where good enough to regain the systems popularity. By waiting I believe Kodak lost potential consumers.
Their objectives could have been easier to evaluate thru surveys or other venues that could have given their marketing strategy a better indication of what was going to happen before their eventual success. The strategies they used is considered a delayed reaction to their competitors and simply adjusting their product off of previous research done by their competitors. Kodak was successful to by generating a plethora of buzz for their product at launch time to propel their product to the top of the food chain but as the future will show, slow reaction to the market will kill their company in the long run. The additional strategies that I would have suggested are to have a quicker response time.
I think innovation is deals with being first as well. Personally I was able to mass produce a product and the timing was right year before hand then I would have not delayed. It is easier in my mind to put a product out there and make patches or changes to that product then lose potential market share. Consumers now are being bombarded with multiple players in large markets that are now globalized. Competition can essentially come from anywhere and playing catch up will kill your business. Kodak is not like one of their competitors Sony. Sony is in all technology market. Losing shares to of the digital camera market would not hurt Sony in the fashion that it wills Kodak.
It is sad to know that Kodak a little over a hand full of years ago was at the top of the food chain. It is crazy to see them bankrupt after constructing a giant that was a major player for well over a century. American history is Kodak and it is my belief that their wait till later strategy and failure to fix internal structure bankrupted their predominate company and killed all potential for recovery in the future.
Courtney from Study Moose
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