Kodak used to be one of the biggest companies worldwide associated with photography equipment such as films and cameras. The organization had managed to maintain its success in the industry until the invention of the digital cameras. Technologies were rapidly growing and developing, and Kodak decided to meet customer needs and follow the trends. While the company was investing in the technologies, at the same time, it was trying to keep the focus on film photography and denied the digital method (Grant, 2010). Eventually, Kodak could not deal with the competition despite its numerous strategies to stay in business and save the company from its downfall. Thus, the paper aims to identify the additional strategy the company could implement at times to adapt to the new digital trends in the market.
The Kodak Strategy
Despite certain attempts to keep the position of one of the leading corporations in the photography industry, Kodak failed. The first strategy the organization should think of is slowly decreasing the production of film cameras and eventually even stopping producing them at all or in minimal amounts. It was rather financially costly to invest in the technologies to create new products and keep the old ones in the market higher (Grant, 2010). The second strategy should have included a focus on digital cameras. If Kodak would not divide the attention between all the fields, such as pharmaceutic or ophthalmic, and concentrate on photography, then there would be a possibility to increase the revenue and stay in business.
Overall, Kodak took severe measures when the period of film photography started shifting to digital ones. However, they tried diverse methods to remain in the leading position in the market but did not succeed due to the inability to change the company’s direction completely. Kodak had to strategically shift from film photography and focus more on digital so that it had an opportunity to remain competitive in the market among other companies.
Grant, R. M. (2010). Cases to Accompany Contemporary Strategy Analysis. John Wiley & Sons.