Lack of Innovation and Subsequent Failure of Kodak Inc.

Lack of Innovation and Subsequent Failure of Kodak Inc.

Innovation helps businesses to survive the dynamics of trade. The development of technology is causing some firms to go under due to rigidity and increased cost of production. However, companies that are innovative survive the high costs of production and subsequently become market leaders. When a company becomes innovative, it also becomes a brand, and as a result, it becomes hard to take out of the market. In order to become creative, a business is supposed to combine technology and creativeness. A combination of technology and creativity helps companies to outdo their competitors and also come up with unique products. Kodak is one of the activities that need to be innovative. By doing an extra step to produce commodities for the future, it will be able to mitigate the intense competition, which is almost pushing it out of the market.

Kodak Inc. was renown as a major player in the technology industry, majoring in the production of photography cameras. However, inadequate strategic plans contributed to the decline in the market shareholding, which almost pushed the brand out of the market. Although the company was aware that its competitors were producing digital cameras, they did not invest enough resources in countering the competition (Anthony 32). The entrance of smartphones with high-performance cameras further pushed Kodak from the market. In a bid to reclaim the market dominance, Kodak introduced digital printers. Besides, Kodak has also started to produce footwear as a way of diversification. The poor strategies will lead to the extinction of Kodak since it will lose the main aim of the brand.

According to the company website, the ideal customer for Kodak is the ordinary person. As a result, the company has been manufacturing budget shoes and digital cameras. However, diving the attention between fashion and technology will cost the company in the future. Major competitors to Kodak, which have established themselves as market leaders, are looking for ways to produce the latest digital cameras. On the other hand, the attention of Kodak is divided between producing shoes and digital printers and cameras. The division of focus is making it hard for the company to provide effective products (Melvin 486). Besides, introducing the footwear in its production line is going to affect the company adversely. Kodak was initially meant to produce cameras, and therefore the introduction of fashion is likely to fail. In order for the company to be innovative and perform optimally, it should drop the fashion production line and stick to electronics..

The major focus of Kodak is to offer unmatched quality at budget prices. Since Kodak serves different people in the social setup, they have diversified their products to ensure that they offer value for money. People with low income will find products that match their budget, as well as people with a relatively large budgets (Keinan et al. 37). Kodak uses high-quality materials and technology, which ensures the goods meet the market threshold. The company tests the goods several before rolling them out to the consumers (Moon 29). Apparently, there have been few complaints since the goods have few or no defects. The large scale manufacture of the products permits the company to sell its products at relatively low prices. Therefore, the large scale manufacture of goods and testing are the major contributors to the affordable and high-quality products.

The major primary need that Kodak addresses to its target market is convenience. The products are priced fairly, which enables many people to afford them. The features of each product help Kodak to set a particular price. Similarly, the products are designed to offer maximum comfort to the user. As a result, most of the products are lightweight, without compromising on quality. The digital cameras are fitted with long-lasting batteries, which make filming and photography go undisturbed for a long time. Similarly, digital printers are designed to work for a long time without breaking down (Yudkin 34). The shoes manufactured by Kodak are lightweight to ease movement and are also long-lasting. The use of sophisticated production is the major contribution of efficient products. Therefore, Kodak uses the latest technology to ensure that the quality of products we maintained, which consequently results in convenience.

In conclusion, innovation plays a major role in determining the performance of a product. Although Kodak has been in business since 1888, the rapid developments in technology have made it perform dismally in the market. The introduction of a production line not related to technology will make the company exit the market due to dismal performance. The focus on quality products at affordable pricing is expected to increase sales. Similarly, the use of sophisticated production methods for convenience while maintaining the quality will also increase the number of units sold. From the customer journey map, I have learned that business innovation is key to both businesses and clients. When the customer follows the journey without compromise, they get the best services in the market. Therefore, in order for businesses to perform optimally, they should observe the customer journey optimally.

Works Cited

Anthony, Scott. “Kodak’s downfall wasn’t about technology.” Harvard Business Review 15 (2016).

Keinan, Anat, Giana M. Eckhart, and Michael B. Beverland. “Kodak: The Rebirth of an Iconic Brand.” (2018).

Melvin, W. Scott. “Anatomy of change: a Kodak moment.” Surgery 163.3 (2018): 485-487.

Moon Jr, Paul T. “Missed Moments: Kodak’s Failure to Define the Consumer Market for Digital Photography.” (2019).

Yudkin, Jacob. “From Camera Obscura to Digital: How did the Kodak Camera Alter How Humans Portray Their Relation to the Environment?.” (2017).