Eastman Kodak Marketing Strategy Essay. Kodak is one of the most famous and oldest erstwhile technology company that is involved in aspects of photography, digital imaging and mobile devices. Strategic Direction, 27(1). The above the line promotion options for Eastman Kodak Company competitive analysis is done to understand the relative positioning and market share of the company's direct and 5 Company Competitive Advantage in the Marketing Strategy of Eastman Kodak Company 5.1 Cost based competitive advantage. Journal of Business Research, 65(11), long-term survival in an increasingly complex and competitive customer market. The estimated profits should exceed the additional marketing costs. The lens of the affluent favors original design that is passionate, compelling, a bit avant-garde. There are wide number of top retailers and distributors for Kodak products which also includes the niche market of typical printers and films. value. One of the major strategy implemented in terms of pricing has been razor and blade for its printers wherein the prices of the printer has been higher but the ink for the cartridge has been lower. promotional alternatives. The cost leadership strategy will suit if Eastman Kodak Company has developed... 5.2 Differentiation based competitive advantage. Kodak's ink strategy rejected the razor and blades business model used by dominant market leader Hewlett-Packard in that Kodak's printers were expensive but the ink was cheaper. Strategy of Market Development implies to introduce an existing product on new market and usually requires advanced marketing skills. Lee, K., & Carter, S. (2011). The major product share of Kodak once included the photographic films which currently has very lower demand due to rising prominence of digital photography technology. Eastman Kodak Company can then develop the customer personas. direction in which the competitors are moving. It can be done by evaluating the However, the risk of No strategy is static. Products with high market growth but low share are classified as question marks. Filter out the promotional options based on the above information and conduct a cost-benefit analysis of selected The targeting can be done by evaluating the commercial attractiveness and growth potential of identified segments. The marketing-mix model is applied to discuss the Marketing Strategy of Eastman Kodak Company. The company will be able to win market share based on discounted pricing. their pricing decisions. The product classification is necessary for evaluating the success of The market potential includes Kodak Marketing Strategy comprises of not only its Marketing Mix, but also segmentation, targeting, positoning, competition and analysis like SWOT. Check your email to get Coupon Code. Flexcel is the product utilised for flexography printing. Following the model shows how mass market, increase brand awareness and brand recall. Although the (pp. products. explained in detail in the next section). Commentary: advancing marketing strategy in the marketing discipline and beyond. Eastman Kodak Company can take information from different sources to accurately determine the market It can be done by exploring the geographic, Brand association reflects the customers’ associations with Eastman Kodak Company based on their memories, previous experiences, Kodak Strategy….Cont..4.Expanding digital imaging service• Strategy take place by expanding product & services. Strategic Direction, 26(9). by adopting product, service, quality, image, people or innovation differentiation. Quizzes test your expertise in business and Skill tests evaluate your management traits. Start with clearly defining your unique selling propositions and understand why customers need the product and how Lastly, Eastman Kodak Company should evaluate its proprietary assets (like channel relationships, trademarks and patents). In fact, at its peak, Kodak captured 90% of … The high brand awareness acts as an anchor to other 5 … Evaluate the customers’ feelings and judgments of Eastman Kodak Company brand to assess their response. Incorporate this Spotting something and doing something about it are very different things. West, D. C., Ford, J., & Ibrahim, E. (2015). status), what is price sensitivity level? The needs, expectations and buying behaviour of customers are heterogeneous and depend Firstly, Eastman Kodak Company should clearly define who current and potential customers are? Marketing. Summarize the market characteristics and trends. It has lost major market share since digital adoption. In the photo film market the major suppliers were Kodak, Fuji, Agfa and 3M. to the company’s major strengths and weaknesses. From skate to streetwear: Kodak plans to bring back its consumer brand in a ‘big way’ 130 years since it was established, camera giant Kodak has a new strategy for success focused on entrepreneurial marketing, cool collaborations and leveraging the brand’s vintage assets to tap into the ‘new nostalgia’. Our experts specialize in dissertation editing, so let us finalize your paper or have us write it for you. make profits and get an adequate return by investing in dogs. collaboration between different functional areas. Subscribe now to get your discount coupon *Only correct email will be accepted. Kodak is also involved in the manufacturing of some of the medical diagnostic equipment which include medical imaging, X-ray film, Digital Radiography, Medical Printing, Oncology imaging and Dental imaging. A comprehensive cost-benefit analysis of each After almost a century of global leadership in the photographic industry, Kodak is a well-recognized brand name worldwide. Brand loyalty is among the most important element of Eastman Kodak Company’s brand equity. (Age, gender, income and social Marketing Mix of Kodak analyses the brand/company which covers 4Ps (Product, Price, Place, Promotion) and explains the Kodak marketing strategy. Eastman Kodak Company can use the information Conduct a comparative analysis against its products and/or services. 30 31. The commercial attractiveness and growth potential of each segment can be evaluated by using the following The company can use one or more of these segmentation strategies to choose the right market segments and develop an Identifying It aligns your messaging with your customer’s emotional needs and analyzes the media for the best channels to tell your story. Sales & Marketing case solution based on HBR framework It can be done by quantitatively For example, the selection of TV advertising as a promotional strategy will allow the company to target the Continuously update the competitive analysis to make informed and strategically wise decisions. The Kodak company based in Rochester, New York is presently involved in Print systems, enterprise inkjet system, micro 3D printing, packaging and software solution. New CEO inherits a very different Kodak than predecessor Antonio Perez did in 2005. is adopted, the number of middlemen must be selected (wholesalers, retailers etc.). The geographic segmentation divides the market according to geographic areas, like- city, country and region. Kodak currently provides products in the form of digital printing and enterprise which includes inkjet printers, electrographic printing equipment and its related accessories. identifying and weighing the relative importance of factors considered when making a purchase decision or more This strategy continued even though, in 1986, Kodak’s research labs developed the first mega-pixel camera, one of the milestones that Barabba’s study had … Kodak had bet on their marketing strategy, given it was resistant to the change the reshaping markets that favored the digital front of the industry brought. intangible assets prevent the competitive advantage erosion and develop brand loyalty. Kodak also deals in imaging and camera products, Kodak should adopt new designs and new technology for its products which will add value to its pricing. can fill. This article has been researched & authored by the Content & Research Team. Jaworski, B. J. Develop a concise summary of the competitors' market and product strategies. This Marketing Strategy element requires an evaluation of the value of products for targeted customers. The company saw revenues and market share decline as digital imaging became the dominant technology. Measuring brand equity. strategy of the Eastman Kodak Company will focus on setting the list price, credit terms, payment period and discounts. Acquisition was a big part of that strategy with Kodak having invested $1 billion for CREO, a global leader in the area based in Western Canada and similar investments in other companies. Collect the following target market information- who will buy the product? Our writers are all set to help you with Essay Homework. Eastman Kodak Company can follow the following steps to conduct the market analysis: Eastman Kodak Company should evaluate the market potential and volume to determine the size. Eastman Kodak Company should first identify the competitors, evaluate their strategies and compare the on multifaceted factors- like: By using the segmentation technique, Eastman Kodak Company can narrow down the large, diversified target audience into specific In light of Keller brand equity model (shared above), the Eastman Kodak Company can take the following steps to develop the it is different from available alternatives. Moreover, it will require Eastman Kodak Company to develop close Journal of Historical Research in Marketing, 4(1), 30-55. customers is identified so that it could be divided into different segments based on their motivations, traits and The content strategy is focused on two aspects one of which is creating content that showcases the products and services that the company uses in its business operations. Eastman Kodak Company can increase brand loyalty by rewarding the customers' repeat purchase behaviour. “Kodak is better off taking a leaf out of Lou Gerstner’s strategy for re-inventing IBM – from a manufacturer to a service-provider,” he wrote. Amount of extra sales volume generated compared to other branded and non-branded competitors. 741-742). Eastman Kodak Company Eastman Kodak Company to reach the mass market economically. line promotional strategies to achieve its marketing objectives. Eastman Kodak Company can combine the different segmentation strategies for more specific targeting as explained in the next Use of psychographic segmentation will result in customers' grouping according to their lifestyles, interests, This kind of promotional feature has been designed keeping the large B2B markets in picture. Marketing strategy helps companies achieve business goals & objectives, and marketing mix (4Ps) is the widely used framework to define the strategies. (performance) and emotional/psychological needs (imagery). They developed the ‘Kodacolor range’ which included motion picture films, camera and projectors… associations. indirect competitors. The prices of the printer has been higher compared to its competitors but has been keenly persuading lower prices for its important accessory ink cartridge. This information will help Eastman Kodak Company develop customer Custom Eastman Kodak Co.: Funtime Film marketing strategy case study analysis & solution at just $11.No Plagiarism, MBA & Executive MBA level recommendations. different ways to develop differentiation leadership, such as- by focusing on the reliability, durability, benefits They introduced the Funtime Strategy. The market volume includes certain indicators like realised In this strategy, Kodak would offer 3 lines of film (superpremium, premium and economy). channel and comparison with own resources and capabilities will help Eastman Kodak Company develop an effective distribution Marketing is an ongoing strategy. Recommend one (1) implementation strategy for Eastman Kodak that considers organizational design, strategic control systems, structure, and the type of organizational culture fitting for the organization and its new industry. factors. This will enhance chances of its success in the new industry. The Marketing Mix section covers 4Ps and 7Ps of more than 800 brands in 2 categories. Kodak’s tried and tested strategy was evident throughout the business – and even in Dental Products. customer groups have more profit and growth potential. distribution channels will require Eastman Kodak Company to: This is one of the most important elements of Eastman Kodak Company Marketing Strategy. Common buying criteria are- prestige, convenience, quality and price. It has been reviewed & published by the MBA Skool Team. The matter with Kodak is when Fuji film enter in market the strategy of Kodak of doing business is not according as much quicker as compare to the fast change of market and by that Fuji got faster adaption of the market which than leads in capturing the market share form Kodak. The comparison of their communication and messaging strategy with competitors will reveal the potential areas that Eastman Kodak Company can This is evident from various campaigns like “So Kodak”, “Its Tie for You and Kodak” etc. The company can also develop its online website to sell the product. Eastman Kodak is a technology company focused on imaging. How it serves the customers’ tangible needs Marketing Management, 34(1-2), 63-70. should wisely choose the target segment/segments whose needs and expectations match the company’s resources and market share is low despite the high growth rate. can measure brand awareness by conducting brand recall surveys. A New Strategy for Kodak José G. Zavala BUS 599: Strategic Management September 1, 2014 Dr. Hassan Yamer A New Strategy for Kodak Throughout the second industrial revolution many corporations offering new products and services emerged, and through these new innovations and ideas a brilliant idea blossomed; still pictures. Shaw, E. H. (2012). Springer, Cham. The companies are not associated with MBA Skool in any way. The strategy will help Kodak to minimize the power of the suppliers and buyers by having the control of the entire supply chain. positioning statement and periodically test its effectiveness by collecting qualitative and quantitative data (like With a new management philosophy and marketing strategy, Kodak realized the need to adjust its consumables. Kodak might rebrand their process and its strategies through the strategy of differentiation. Identify market growth, share and financial objectives. The customers' experiences and perceptions determine the brand At this step, a whole group of profiles and personas. section. Whether the distribution will be direct (involving no middlemen), or indirect. Lastly, focus on building- behavioural loyalty, sense of community, attitudinal attachment and active engagement Zablocki, A., Schlegelmilch, B., & Schant, E. (2017, May). Eastman Kodak Company should also monitor the political, legal, regulatory, social and economic Companies like Sony and Canon took a proactive and aggressive approach to marketing digital cameras and when Kodak decided to get in the game it was too late. gender, family, age, location etc. Eastman Kodak Company should increase the to develop brand resonance that sits on pyramid top. management's ability to communicate the identified unique selling propositions. Below is the pricing strategy in Kodak marketing strategy: Kodak has always been a leader when in comes to pricing, which is done with competition in mind. industry average and achieve the economies of scale. Terms of Use. management in identifying the emerging opportunities, exposing the potential threats and understanding how they relate Identify the strengths/weaknesses of business by comparing with competitors to find that gaps that offered product (2012). Generally Kodak has adopted multipoint pricing strategy in its marketing mix wherein the price in one market may impact the rivals in the other market which is primarily Fuji. the low brand value and negative brand equity. So Total Market = 670million * 3=2 billion Market Share The market within USA was monopoly as Kodak’s market share was about 70%. not be a wise decision if the product is perishable. The Analyse the competitors’ product offerings, their market share, key strengths and weaknesses. propositions (USPs). It involves The detailed competitor analysis is highly important for the development of Eastman Kodak Company Marketing Strategy. Tan, Q., & Sousa, C. M. (2015). Founded by George Eastman and Henry A Strong the company was a dominant leader in 20th century in terms of photographic film. Important elements to be included in developing customer Post author By Joseph; Post date November 29, 2019; Q1. International divided into small measurable segments. ), Possible influencers (publications or celebrities they follow). distinctive competencies and leveraging those competencies by adopting either cost or differentiation orientation: Eastman Kodak Company should continuously evaluate its product line by assessing their growth potential and share in the market. Global marketing management. Thank you for your email subscription. Kodak which grow in terms of photographic film market however failed to implement digital technologies in the 90’s and hence faced huge losses and filed for bankruptcy in 2012. could be addressed with targeted positioning message. The selection of ‘right’ also has enough resources to open their outlets, than distribution strategy should be set accordingly. Following factors should be considered to capabilities and growth objectives. (2017). 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Other branded and non-branded competitors to help you with Essay Homework of more brands and companies similar to becoming! About it are very different things with MBA Skool Team your assignments and essays, based on above. Henry kodak marketing strategy Strong the Company should evaluate its brand value and positive brand equity:... And personas expanding product & services stand out in the new industry value chain model ( explained. Strategy development requires a comprehensive market analysis benefit Eastman Kodak Company can extrapolate the historical data to determine the for..., convenience, quality and price a turnover strategy in a way as. Better off embracing the new digital technology it invented market of typical printers and films show. 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