Key factors to success in the digital segment of industry

Key factors to success in the digital segment of industry

Abstract

This report investigates the key factors for success of digital segment of industry. A detailed history of Eastman Kodak Company is initially outlined. The report focusses on the trends that Kodak has undergone in terms of development. On top of that, the traditional ways of operation of Kodak Company are discussed. Technological advancement on the products made by the company are outlined. Still on the content, examples of the current products that Eastman Kodak Company have been able to devise up to date are discussed. Generally, the paper focuses on the critical reasons that have enabled the company to maintain the top position in the photography industry.

Introduction

Eastman Kodak Company is a firm in the photography industry that has been in existence since 1880s, with a slogan which goes, ‘you press the button, we do the rest ‘Kodak Company has developed a number of processes and innovative products. A good example is creation of digital photography referred to as Dobbin 2005.This product has heated its competitors to the extent of ironically using it as an important product. Kodak company has made sophisticated and the most current products which have facilitated its thrush in technological advancement. This report outlines factors behind the success of any firm in the digital segment of industry. They include; technological advancement and innovation, the product designs and features and the techniques of making alliances by the companies among others. This research also discusses in details the results from the research of key details of success in digital segment of photography basing argument on Kodak as a good example of digital photography firm.

Method

My main source of the information on this report is internet. This particular source has helped me compile most of the newest information on Digital Photography Industry. Internet as a source of information has also helped me collect the newest trends of operation of Eastman Kodak Company. On top of that, I have visited the magazines and journals regularly. This has helped me access images of the products that Kodak Company has made. Not to forget library, the current books in the national and school library have helped me analyze detailed and critical information on the ways of operation of various companies.

Results

Findings from my own research show that, one of the major factors for Kodak’s success in the digital segment industry is the skillful qualifications of its managers. Data shows that Kodak is rated 96% in digital imaging. This is due to initiative of its employees to work smart.

Recently, Kodak Company has spent over $550 recently in innovation only. This shows Kodak’s commitment in innovation, a factor which can be attributed to its success in the digital segment.

The huge size of the company has led to acquisition several companies by Kodak; a good example is Nagel Company in Stuttgart, Germany. The advantage is that most of these companies are aligned. The iconic status of Kodak with averagely $880 market share, which is equal to 71.4% is wild-wide brand important in consumer business segment.

Discussion

The key factors that have facilitated many firms in the digital photography industry include;

Technological advancement and innovation

Traditional photography industry and Information Technology industry have aliased to constitute the Digital Photography Industry. These two companies are known for their commitment in innovation which is a key factor to advancement as it can be evidenced in their constant improvement. The two companies have made the Eastman Kodak Company remain unshakable in the stiff competition at the market. For instance, Kodak Company has managed to devise a photo sharing application which serves as a means of communication and helps consumers to share images in the digital domain. From this, new images may be sent and new information received rather than being limited to the weaknesses of print domain.

Product design and product features.

There has been a wide variety on the type of products made by all firms in the digital photography industry. The specification and the design of particular products enables the firm to survive in the competition. Usability and the simplicity of a camera is what attracts the consumer. Kodak Company has of late devised some of the best and newest cameras today. While other firms in the Digital Photography Industry are making the most complicated cameras to be used by the consumers, Eastman Kodak Company is making the simplest and ordinary products, the factor which is attracting customers to go for them. Additionally, Kodak Company has of late developed camera designs, properties as such as ease share and lens quality and other crucial accessories associated with camera designs, a factor which will facilitate future success in the competition of Kodak. Some of the latest products that Kodak Company has managed to make include; point and shoot film cameras, Professional Digital Cameras, medical diagnostic equipment and slide projectors.

Partnering with mutual interest organizations

Significantly, various companies have strategically aliased to improve products and services delivery flexibilities. Some of the companies that have formed alliances with Kodak includes; Motorola, IBM, HP, EDS and other companies, this has led to Kodak’s growth.

Diversified SBUs

Kodak Company has groups and most importantly is Parent Corporation. This group is involved in business throughout its operating segments. Among the segments that Kodak Company operates include network products $ services consumer product services, Financial services and many others.

Extensive Research and Development

Kodak’s research and development consists of various development groups and research centers. A good example of such a group is Device Group aimed at development of next generation display in technology.

Conclusion

Generally, Kodak company success can be attributed to its skillful employees in terms of innovation and technology. In addition, the size of market share of a firm in the photography industry reflects its ease to maintain the top position in the market. It is clearly evident from Kodak Company that its huge market share has facilitated to acquisition of other companies which are aligned hence promoting efficiency in their dealings. In conclusion, every firm in Digital Photography Industry needs to follow the outlined steps in order to build their profile and maintain superiority among all the other firms.

Appendices

Appendix 1 Technological advancement and Innovation

Appendix 2 Product Design and Product Features

Appendix 3 Diversified SBUs

Appendix 4 Extensive research and development

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