Since Polaroid launched their first product in 1928 they have dipped in and out of the market ceasing the production of their instant cameras in 2008, shortly after they announced they would be re-entering the market and would be bringing back their instamatic cameras. In reference to the SWOT analysis I think your strengths are; firstly the huge brand name which you have created and from this the customer loyalty that it brings. The Polaroid name and logo has a great reputation and throughout the years has become a well-known and trusted make of instant and digital camera.Impressivly the standard and reputation has been maintained if not improved after the take over from one equity partners in 2002. Polaroid as a company has a very positive creditability thus meaning a recognizable trusted brand, the vintage look and feel of the cameras is a unique selling point which attracts many customers to purchase your cameras. Although this is true Polaroid have suffered a huge disadvantage. Whereas Polaroid used to be a monopoly within the market this has been taken over through the years by the introduction of smart phones, digital cameras Bluetooth/Wi-Fi linked printers and also more recently social networking sites such as Instagram, where pictures can be taken, uploaded and seen within minutes. This means that for your company the demand for the instant camera is falling and competitors such as cannon, Kodak and Nikon are taking the lead. However your company have recently introduced the instax mini and the socialmatic.
This means that you are working alongside your potential threats such as Instagram and their service compliment your products. Another way for you to solve this gap in the market is that you could use innovation to improve your digital camera’s so that they become a threat to the digital cameras already out on the shelves. Another strength that the swot analysis shows is that internally you as a company have strong international distribution channels. Polaroid cameras can be and are distributed around the world and are well recognized outside of the UK. This means the cameras appeal to a wider audience thus a larger target market and so more demand for the instant camera. However Polaroid’s website, TV advertisements and Facebook page fell behind when they were only in English. Therefore were less accessible to those who speak other languages. This could have been a huge influencing factor on whether you received their customers trade or whether a competitor who’s website may have been be easier to understand or more accessible. However this hurdle was recognized and now he Polaroid website can be seen in many languages another way to improve your target audience may be to branch out to international TV and social networking. Another advertisement that you carried out was the feature of your cameras in lady gaga’s music video and making her you’re creative director. This meant she created new products that not only sold because they were creative and innovated designs but because of her celebrity name and reputation.
Her fan base went wild and brought the cameras which of course persuaded other customers to consider and buy the products. However these products quickly fell out of trend and began to mean your company was producing products that were not being demanded. The products lady Gaga brought out and created were product such as printers but also fashion items such as the ‘grey label Polaroid sunglasses’. A way to make these products noticed to the target audience now could be to get more well-known celebrities to do campaigns and include Polaroid products in their videos etc. An example of this could be to get well know YouTube vloggers to recommend the products or advertise them at the beginning of their vidoes.This also will be seen all over the world so helps with the international advertising problems as well as making fanbases recognize and demand the product increasing sales. In reference to the SWOT analysis a weakness that your company are facing is the ongoing shadow of the damaged brand image although you have a company with a good brand name a lot of complaints are made about the prices of the films that aid you’re products. “Why pay $23.49 for 8 photos when you can have a digital camera with no extra cost” is the question on many customers’ lips. The price of the films has and still has a big effect on whether the potential customer buy the cameras.
Courtney from Study Moose
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