Last Updated : 2020-06-17 18:11:05
After being a leader in the photography market, the famous company in the market disappeared. But what lessons does this case leave? From the start of Kodak In 1889, until its bankruptcy in 2012, the New York Company has had a fascinating history. The Ostman Kodak Company, better known as Kodak, for more than a century, has undoubtedly been the photography industry, but also as a warning parable to all the leading companies in its field.
In January 2012, Bankruptcy declared and announced that it would no longer manufacture cameras and that they were exclusively dedicated to digital imaging business for the business sector. And it was around 2013 that he sold most of his patents to a consortium of molded Apple, Google, Facebook, Samsung, Microsoft, and more companies worth $ 525 million. The truth is that Kodak's case was not precipitated by the lack of innovation, but by the incursion of digital photography which shocked the business based on film rolls. Unfortunately, Kodak did not strive to innovate in the field of digital photography, content to be the leader of the roles. The rest is history. So what lessons can be learned from the rise and fall of this photography gig? According to Vince Barabba, former Head of Market Intelligence in Kodak, there are 5 lessons that can be learned from your case:
1. Without a strategy, the brand is not alone: It is said that digital photography is destroying Kodak. The truth is that this company was one of the pioneers in the development of such technology but never thought it necessary to design new business strategies confronting the eruption of this new technology.
2. Don't stick to the story: While they were market leaders for nearly a century, they felt they could do well for another decade without making changes. The truth is that technology has changed, including consumers.
3. Do not ignore the signals and Do not compete with themselves: Still, the potential of digital photography inside the house brought more Kodak when its competitors developed this technology. If the smartphones were true, photos were already liquidated. Kodak has not only decided to stay in the business of print photography rather than transform to live with the digital era but has also wanted to invest in other things that only increase their losses.
4. Don't underestimate the competition: Kodak developed the first digital camera that Apple launched on the market, but the company didn't feel it necessary to put its mark on the device because they see the patent license as a marginal business. Today's Chamber of iPhones It's one of the most valuable.
5. Always listen to the public: So it was Kodak's penchant for adapting business model in the new times, he came up with developing a technology (APS) that took photos digitally, but he had to be discovered.
About Author : Sazid is a freelance writer and editor passionate about writing on the realm of business tech. He currently works with SMEs through North America and Europe.
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