01 May Question: Kodak experienced failure because they were unable to adapt to an ever-changing market in the pho…
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.
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