Premium Essay

A New Strategy for Kodak

In: Business and Management

Submitted By jaywizzle04
Words 2193
Pages 9
Assignment #3 A New Strategy for Kodak

BUS 599 Strayer University

12/7/14

Just like Google is synonymous with looking up information today, Kodak was once synonymous with the photographic industry. The Eastman Kodak Co. was founded in New Jersey on October 24, 1901 by George Eastman. Kodak saw early success due to his development in 1884 of silver halide paper-based photographic roll film. With this technology, he was able to create the first portable camera in 1888. The camera utilized George’s own patented film and was developed using his own proprietary method (Hill & Jones, 2013). On top of that, the company produced the plastics and chemicals needed to produce the film. The combination of all these factors resulted in Kodak being becoming one of the most profitable countries in the U.S. At a previous sales job of mine, every month I would sit down with my supervisor and go over S.M.A.R.T goals. S.M.A.R.T. is an acronym used as a guide to setting objectives. The ‘S’ stands for specific. With this, the business should focus on one area of improvement and try to improve it. The ‘M’ stands for measurable. Once you find your area of improvement you should try to quantify it. For example a business have a measurable goal to increase their capital by a total of $5 million dollars. The ‘A’ stands for attainable. This stage focuses on the plan of action of getting to your goal. “You develop the attitudes, abilities, skills, and financial capacity to reach them” (Richman, 2011). The theory states that an attainable goal may cause goal-setters to identify previously overlooked opportunities to bring themselves closer to the achievement of their goals. The ‘R’ stands for relevant. This is in my opinion is the most important aspect of the S.M.A.R.T. process. Although a goal may be specific, measurable, and attainable is may lack relevance....

Similar Documents

Free Essay

Kodak and the Digital Age

...Kodak and the Digital Revolution [pic] [pic][pic]Brief Overview: Kodak is a multinational American corporation which has become a household name most known for its film products. The company has come face to face with many changes due to the digital revolution which has created a rapid changing photography industry. George Eastman began Kodak in 1880 and introduced the first Kodak camera in 1888 coining the slogan “you press the button, we do the rest.” Eastman held a high standard for the company when it came to competition however with many managerial and product line changes, Kodak has slowly fallen behind in the industry. The company has experienced many shortcomings with the most recent trend of digital photography. According to Exhibit 7, from 1998-2002 Kodak was 2nd to Sony in the U.S. for the percent of units sold. The company is now considering layoffs as market share, film sales, and company revenues are down. Problems: § The company is faced with multiple managerial problems. First, the company lacked fresh blood in its management team. All of its CEO’s primarily came from the manufacturing jobs within its own company. This hurt the company overall and put a damper on keeping up with technological changes and competition as “Kodak avoided anything risky or innovative.” Second, when the company finally did add new blood to its management team things still didn’t look up. CEO Kay Whitmore was added in 1990 and changed the focus to “film based technology”......

Words: 2832 - Pages: 12

Premium Essay

Bachelor

...products market Kodak is a 133 year old technology company, and was a world leading in camera film for decade. Today, Kodak is struggling as its facing bankruptcy, and the share price has fallen from as high as $94.75 per share in 1997 to as low as less than 30 cents per share in 2012. This happened as of due to the rise of competition in technology/camera industry, such as digital revolution, people are not using roll film anymore, people are using digital camera, even mobile phone has camera itself. Furthermore, Kodak is change slowly, does not agile, and quick enough. Although Kodak was a leading brand in camera, and had huge image, but it is lacking on the simplicity, means people prefer using digital with memory card as their “film”, and also it is simple, because they do not have to buy the film as the old camera does. In digital revolution, everything is changing. Not only technology, even newspaper and magazines affected, Kodak was one company that affected by digital revolution. However, Kodak does not respond to the changes, moreover Kodak tried to be an innovator in digital camera. Not only slow to change and adapt to change like competitors (Fujifilm, IBM) but also Eastman-kodak invested on digital printers and digital camera at the wrong time when the printing business in declining industry, which is worked. However, they did not have the competitive advantage and at that time there were a lot of competitors, for example Sony, Panasonic, dell and HP. Kodak......

Words: 2394 - Pages: 10

Premium Essay

Case Study for Kodak

...1101IBA- Management Concepts Assessment 2: Report Report on Strategic Management at Eastman Kodak Prepared by: Alisiya Bell S2944536 Due Date: Tuesday, 23 September 2014 Word count: 1426 Introduction: Once a great leader and legendary brand in the photographic film industry, Eastman Kodak is now fighting to recover from a tech revolution that is strangling its core business. Kodak Chief Executive Antonio M. Perez is on the road to innovation. Taking in to consideration of the mistakes and lessons learnt from the past, Perez is reinventing the company’s core business model. As Perez reassembled the business he replaced a lot of executives to get the organisation on track. While Perez’s innovation of the organisation could be argued that this will help Kodak recover, there are also many substantial problems that could occur. One major problem for Kodak is the lack of strategic management. Although there are many various ways to define strategic management, David, F.R (2009) defines strategic management as a “continuous process of strategic analysis, strategy creation, implementation and monitoring, used by organisations with the purpose to achieve and maintain a competitive advantage.” Problem Identification: All main business ideas for Kodak seem to come just from the Chief Executive Perez. Leaving a lot of the main strategic planning just up to him. Kodak has previously displayed what an organisation with the absence of strategic management......

Words: 1473 - Pages: 6

Premium Essay

Eastman Kodak

...The Rise and Fall of Eastman Kodak, an Emblem of American Business Excellence Executive Summary With the slogan "you press the button, we do the rest," George Eastman put the first simple camera into the hands of a world of consumers in 1888. In doing so, he made a complicated process easy to use and accessible to nearly everyone. Since that time, the Eastman Kodak Company has led the way with an abundance of new products and processes to make photography simpler, more useful and more enjoyable. Its reach increasingly involves the use of technology to combine images and information--creating the potential to profoundly change how people and businesses communicate. Kodak continues to expand the ways images touch people's daily lives. The company ranks as a premier multinational corporation, with a brand recognized in virtually every country around the world’’ (kodak.com). However, despite numerous efforts in acquiring new competences and turn around its business model, Kodak has so far failed to impress consumers and stakeholders alike. Facing stiff competition and shrinking profit margins, Kodak seems not able to find its rightful place in the new digital age. This report will shed some light as to why Eastman Kodak has been struggling for years and how it could overcome the challenges it currently faces. kodak manufacturing plant around 1930 RECENT PAST Kodak being a centennial company, it was necessary to take as much distance as possible when trying to analyze......

Words: 3700 - Pages: 15

Free Essay

Kodak Archive

...Kodak Digital Conversion & Archiving June 3, 2005 Marketing Final Project Ron McClurkin Shaina Swartz Eric Goehring Takahiro Degach Table of Contents Introduction & Concept................................................................................................................................3 Demand...........................................................................................................................................................5 Customer Analysis.........................................................................................................................................7 Competitor Analysis......................................................................................................................................9 Competitor Position.....................................................................................................................................13 SWOT Analysis.............................................................................................................................................14 Strengths........................................................................................................................................................14 Weakness................................................................................................................................................

Words: 8020 - Pages: 33

Premium Essay

Kodak

...Eastman Kodak Company Industrial Analysis Mitul Patel The main objective of this industrial analysis is strategically analyzed the economic as well as the market position of Eastman Kodak Company commonly referred to as Kodak. This report will uncover any competitive advantage that the company has in today’s market. The analysis will begin with a brief overview of Kodak’s industrial history and influences on the economic, social, and technological environment that surrounds the company. The analysis will then proceed to focus on a SWOT Analysis that will designate what Kodak’s Strengths, Weaknesses, Opportunities, and Threats in today economic market. In addition Porter’s Five Forces Analysis will be conducted to determine Kodak’s competitiveness and overall attractiveness it now holds in the market today. To bring out the full strategic potential of Kodak, it is important to understand Kodak’s value chain and recognize the resources available and their capabilities in relation to the firm’s direction. The report will then conclude with a VRIO analysis which determines the core competencies of the firm. Kodak has been a big player on the market since its founding. In order for Kodak to survive we must question Kodak and ask “Does the Kodak of today have the organization to fully utilize their available resources and obtain a competitive advantage?” Eastman Kodak Company is an American imaging, photographic equipment, and services company. The company was founded by......

Words: 3463 - Pages: 14

Premium Essay

Kodak Case

...Kodak Case Analysis 1879: George Eastman invented the dry-plate process and filed patent for a machine that coated dry photographic plates 1880: George Eastman established the Eastman Dry Plate Company, at Rochester N.Y. 1884: Introduced paper roll film 1889: Invented perforated celluloid film 1900: The Brownie box camera went on the market with a price of $1 1935: Introduced color film 1960: Brought the Instamatic camera to the market 1970: Major sales growth for Kodak. Concentrates on film and basic cameras 1980: Fuji emerges as a serious competitor 1994: Kodak abandoned its non-imaging health-related businesses began to invest in digital imaging products for medical practice 1997: Kodak was a high-cost manufacturer with a growing portfolio of digital products which was losing hundreds of millions of dollars annually 1997: Restructuring that eliminated 19,000 jobs and cut more than $1 billion from annual costs 1999: Kodak entered the digital radiography market 2001: Kodak is pushing aggressively into China, an important growth market 2003: Carp unveiled the plan to invest $3 billion in the next three years in digital products by cutting dividends by 72% - to 50 cents per share 2004: Kodak announced that it would stop selling traditional film cameras in Europe and North America, and cut up to 15,000 jobs 2005: The Kodak EasyShare-One Digital Camera, the world’s first Wi-Fi consumer digital camera capable of sending pictures by email, was unveiled 2012: Kodak filed for......

Words: 2482 - Pages: 10

Premium Essay

Kodak and Fuji

...Kodak and Fuji Film Running head: KODK and FUJI FILM 1 Kodak and Fuji Film BUS 302 February 2, 2013 Running head: KODAK and FUJIFILM 2 ABSTRACT Eastman Kodak Company and Fujifilm are competing corporations in the photography supply and equipment industry. When the industry changed both companies were impacted, but due to differing management practices and ability to adapt to change one Fujifilm excelled while Kodak faltered and eventually declared Chapter 11 Bankruptcy in 2012 Running head: KODAK and FUJIFILM 3 The Eastman Kodak Company, which is better known as Kodak was established in April 1880 by George Eastman in Rochester NY. The company got its start by first manufacturing dry plates for sale to various consumers. (Kodak Eastman, 2013). George Eastman was an innovator in the field of photography and was dedicated to making photography an everyday affair and was even quoted to say that he wanted to make the camera as convenient as the pencil, (Kodak Eastman, 2013) In September 2012 Kodak reorganized into three segments: Digital Printing and Enterprise (DP&E); Graphics, Entertainment, and Commercial Films (GECF); and Personalized Imaging and Document Imaging (to be sold), (Finance, 2013). Kodak has effectively ceased production of its Kodachrome color film line, digital cameras and pocket video cameras. This follows a decision in early 2012 to file Chapter 11 bankruptcy. Fuji Photo Film Co., Ltd (Fujifilm) is a Japanese based company and was......

Words: 1657 - Pages: 7

Premium Essay

Kodak Turnaround

...Name: Professor: Class: Date of submission: Turnaround strategy for Kodak Introduction The rapid changes in business environment and increased domestic and global competition have made the business environment to be more unstable. Organizations of different sizes are struggling to survive if they do not change according to the changing business environment. Many organizations have realized the need to change in order to survive in the changing business environment. Businesses which do not change are getting into trouble due to some factors some of which are internal while others are external. The businesses can easily get a turnaround if they properly diagnose the symptoms leading to failure and take collective action. The concept of turnaround can be described as taking action when a firm is facing a financial disaster or to prevent the firm from having a financial disaster. Turnaround does not only involve transforming which has declined but also those whose management fell the results are not satisfactory (Mason & Gerard, 160). Kodak one of US most recognized company which has been in operation for over a century has been struggling for years due to its slowness in adapting to the changing business world. The company had been one of the leading image solution providers in the world for many years. Established in 1880 by George Eastman Kodak become one of America’s well known company by helping to establish the market for camera film and the becoming the......

Words: 3894 - Pages: 16

Premium Essay

Cpa Kodak

...Case 1 – Kodak Idendity Industry, Product segments and Value chain The industry is Global photography industry. In the case mentioned that Kodak is a major multinational organisation, was listed on the New York Exchange TEMPLES Factor Issues Nature of impact (+/=/-) Assessment of impact (H/M/L) Technology • Digital technology made the growth of digital photography + H Economic • Impact of recession on consumer spending - M Market • Changing purchasing traditional camera to digital camera • Price competition to gain market share • Market share of photography product declined due to digital photography - - - H H H Society • Change in consumer purchase from traditional photograph to digital photography - H 5Q-Pursued strategy Business Strategy using 5Q approach Examples of how Kodak has been pursuing the corporate strategy Growth-Yes Withdraw: US Subsidiaries filed voluntary petitionfor Chapter 11 business reorganisation to enable Kodak bolster liquidity and sell off non-strategic intellectual property, so that 1) Kodak can focus on its most valuable business units. 2) The process will allow Kodak to continue normal business operation while it attempts to emerge a profitable a sustainable enterprise 3) The Bankruptcy was a step in the transformation in order to build the strong possible foundation for the Kodak of the future. Product Camera, film but focus on printers (consumer and commercial......

Words: 648 - Pages: 3

Premium Essay

Ldr 531 Business Failure

...company Kodak that recently filed for the bankruptcy. Kodak, once a very profitable organization is on the verge of another failure, like Enron, Tyco, etc. This paper will cover how the incorrect management decision lead to its failure. It will compare and contrast leadership, management, and organizational structure that contributed to this failure. History of Kodak and timeline George Eastman started Kodak in 1878. In 1888 Eastman presented a first simple camera to the world. He made the complex and complicated process of photography easy and simple enough to use by everyone. "you press the button, we do the rest," Eastman demonstrated his marketing ingenuity (History of Kodak, n.d.) . The success of Kodak continued and in 1895 Kodak introduced the first pocket camera. Later Eastman formed his companies guiding principle: volume production at affordable cost, global presence, creative marketing, satisfied customers with best customer service, and growth through uninterrupted research and development. Furthermore, he stressed on how important it is to value brand name and the quality it stands for. Eastman firmly believed in product quality and never compromised under any circumstances (Kodak, 2006). Introducing color photography, Kodak continued its growth and success by investing in R&D and by 1963 become standard in photography. Sales reached to 1 billion dollars and rose to 10 billion dollar by 1981 (Kodak, 2006). Kodak's performance today Kodak is......

Words: 1297 - Pages: 6

Premium Essay

Kodark

...Market In between 1996 and 1997, Kodak held almost 80 percent of the U.S market and their products was selling quite well at that time, people were willing to use their roll film and film camera, and this was the main focus of Kodak during that time. When Fujifilm joined the US market, their target strategy is pried its film just a little bit lower than Kodak’s, since they did that, their market share increased form 10% to 16%, they made a price war to Kodak as their competitive advantage. Still, many people is US preferred use Kodak rather than Fuji, but once consumer tried the Fuji film, they found it was similar products as long as they are cheaper than Kodak’s. Since Kodak should react to the price war, as as Salomon Smith Barney analyst Jonathan Rosenzweig figured that “for every 1 percent cut in Kodak film prices, a 1 percent drop in earnings per share results.” When the market is shifting form film camera to digital, what happens to Kodak? Since Kodak was failure to innovate, when the market was changing, they react themselves very slow. In 1975, Kodak electrical engineer, Steve Sasson invented the first digital camera; on the other hand, the management of Kodak decided to keep this new product, because this digital camera will influence their major products- the film. Later Sony make the digital camera but with high cost. Since the cost of the digital camera was decreasing, more people were willing to purchase digital camera and when Kodak realized the market......

Words: 618 - Pages: 3

Premium Essay

Kodak Case Study

...film business (Kodak, 2015). It is evident from various sources that Kodak’s failure in seizing the opportunity in the rising digital photography market stem from its organization’s internal structure’s failures. It will be explored in this essay the driving factors that led to its restructuring and emergence from bankruptcy in 2013. Kodak had enjoyed decades of success, notably achieving US$10 Billion sales in 1981, from dominating the film photography market since George Eastman founded the company in...

Words: 2217 - Pages: 9

Premium Essay

Kodak and Fujifilm

...the history, business approaches, management, and marketing of Eastman Kodak and Fujifilm. The paper will compare and contrast the approach to management that each company has pursued in order to embrace innovation. Determine what other management differences have impacted the relative success of Kodak and Fujifilm. Evaluate each company’s approach to ethics and social responsibility and the impact those approaches have had on each company profitability. Discuss the extent to which management of both companies adapted to changing market conditions. Look at three ways any company could build in flexibility to back up its decision-making process in order to adapt to changing market conditions.   Describe the history and core of each company. In 1881, Eastman Kodak was first introduced into the business world in 1881 as the Eastman Dry Plate Company in Rochester, New York. George Eastman was the founder and was the first to demonstrate a gelation dry plate versus a wet plate that was used for photography. The company changed its name to the name we all know in 1888, which is Kodak and then a new camera was sold to the public with the brand name. In the beginning Kodak was able to keep up with the changing times and keeping up with technology. They were able to develop new and easier methods to use film development, cameras, printers, and health imaging units until the digital age began. In 2012, Kodak entered Chapter 11 bankruptcy because they lack the ability to adapt......

Words: 2080 - Pages: 9

Premium Essay

Kodak

...a different digital imaging strategy in the eighties and the nineties? Evaluate Kodak’s strategy starting in the mid-eighties. In 1983 Kodak’s stated objective was to invest in digital imaging R&D, but the company’s structure and culture were not aligned to promote this innovation. From the 1980s through the early 1990s, Kodak did not have a clear opinion and view of how digital imaging would drive the industry or how to commercialize any of their R&D findings. As a result, Kodak continued to seek ways in which it could marry chemical-based and electronic image to preserve the company’s cash cow, selling high-margin consumables (photographic film and paper). Through 1993, Kodak had spent $5 billion in digital imaging R&D but had little to show for it besides an image sensor that competitors had used to compete for the low-end consumer market and theKodak’s Photo CD device, which was ultimately unsuccessful. Management failed to focus on the merits of developing digital on a stand-alone basis. For example, the Photo CD utilized digital imaging but required it to be used in tandem with traditional photography. Kodak’s pricing was too steep and the product was inappropriately targeted, against the advice of Kodak’s own invention team, to the consumer market rather than the commercial market. As a result, Kodak missed out on establishing an initial digital imaging market position while competitor programmers and commercial businesses utilized Kodak software and technology for......

Words: 822 - Pages: 4