Question

Kodak experienced failure because they were unable to adapt to an ever-changing market in the photography industry.  Kodak was a giant in the photo industry and had very little competition.  Instead of focusing on continuously improving their product they remained stagnant as their competitors passed them by.  With the creation of the digital camera and eventually the smartphone, photography rapidly changed leaving Kodak as a forgotten company.  The inconvenient and expensive cost of printed photos left many consumers frustrated.  Kodak put all their eggs in one basket, so when digital cameras were the preferred method, Kodak had to change gears and focus on their least profitable product however it was too late (Djudjic, 2018).   

Today Kodak focuses on operational effectiveness to help them balance the cost of their products and services.  Leaders use partnerships with affiliate companies to provide other businesses with “hardware, software, consumables and services to customers in graphic arts, commercial print, publishing, packaging, electronic displays, entertainment and commercial films (Kodak.com, 2019).  To recharge their business, they are finally trying to stay competitive with increased focus on advanced printing and imagery.  These advancements and alliances have allowed Kodak to build a new business park and hire top talent to help them change focuses.  These multiple avenues allow Kodak to explore numerous opportunities to drive revenue.   

Please respond to post in at least 200 words

Answer 1

The article summarizes how Kodaks no chamge and lack of innovation and high cost of products were amongst prime reasons for Kodak to be recognised as forgotten company .The assumption that No other competitor can beat the market share was perception behind lack of new ways of developing research prototype on digital imagery and photography. As snartphones rose with inexpensive and highly compatible and innovative photography Kodak was forced to focus on digital imaging which was too late and hence the strategy failed massively .

Off late Kodak focusses on partnerships with affiliate companies to achieve cost leaderships and hives off business into hardware, software, consumables, graphics art, publishing, packaging entertainment and commercial films. These businesses help them optimization of resources and digital imagery as well as revenue mobilisation without facing stiff competition and ever evolving innovation .

The companies must focus on fast mover advantages as well as constantly evolve processes to stay ahead of growth curve and maintain market share as well as brand positioning .

Kodak needs to successfully amalgamate various businesses and production houses within entertainment industry to achieve synergies, cost benefits and higher revenues generation across international and global markets as means of growth strategy