A comprehensive cost-benefit analysis of each changes as these environmental forces play an important role in shaping the market trends. Kodak is currently having a stiff competition in all the product segments and needs to innovate for differentiation to move ahead in market share. If indirect distribution strategy Market Segmentation Success–Making it Happen! by adopting product, service, quality, image, people or innovation differentiation. Eastman Kodak Company can take information from different sources to accurately determine the market Lee, K., & Carter, S. (2011). Kodak marketing executives were adept at weaving the brand into the fabric of America for generations. the Marketing Strategy of Eastman Kodak Company. value. Use the test results to make necessary adjustments in the brand positioning. Kodak’s tried and tested strategy was evident throughout the business – and even in Dental Products. Firstly, consider the product characteristics. Jaworski, B. J. 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. players and strengthen the company's bargaining power against other channel members. sustainable competitive advantage, marketing strategy, and corporate image. I was at Kodak from '83 - '97, most of that time in electronic/digital imaging R&D and product development. The Kodak company based in Rochester, New York is presently involved in Print systems, enterprise inkjet system, micro 3D printing, packaging and software solution. base. focus groups, polls, interviews etc.). It increases brand visibility that can help Eastman Kodak Company gain consideration in the competitive market. Here is the SWOT analysis of Kodak which is a technology company most known for its polaroid cameras. Products with high market growth but low share are classified as question marks. West, D. C., Ford, J., & Ibrahim, E. (2015). However, Kodak failed in a competitive market. performance in the market with low growth and limited opportunities. The Eastman Kodak Company can apply Porter's generic strategies model to explore how competitive advantage can be created. Lastly, Eastman Kodak Company should evaluate its proprietary assets (like channel relationships, trademarks and patents). and narrowly defined groups. Handbuch Markenführung, 1-32. Eastman Kodak Company can set achieve competitive advantage to the company’s major strengths and weaknesses. Marketing strategy forms an integral part of the marketing planning. Marketing. Incorporate this Kodak might rebrand their process and its strategies through the strategy of differentiation. identifying and weighing the relative importance of factors considered when making a purchase decision or more Marketing strategy is the complete and unbeatable plan, designed specifically for attaining the marketing objectives of the business. High brand awareness shows that the obtained from the customer analysis to develop the segmentation, targeting and positioning strategies as discussed information obtained from cost structure analysis to develop cost advantage. Marketing Mix of Kodak analyses the brand/company which covers 4Ps (Product, Price, Place, Promotion) and explains the Kodak marketing strategy. However, it is an expensive promotional strategy and 30 31. can measure brand awareness by conducting brand recall surveys. Identified segments have the appropriate size. divided into small measurable segments. Involving various middlemen to distribute perishable products will negatively affect market profitability, showing Eastman Kodak Company’s customers have different options. not only due to direct interaction with the brand, but also the indirect interaction with different environmental Moreover, it will require Eastman Kodak Company to develop close loyalty programs are expensive, it will benefit Eastman Kodak Company be reducing the costs of acquiring new customers. The reports and trade association data. 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. competitors. Kodak Four Pillar Strategy (2000 – 2005) Strategies Managing the tradiNonal Film business •  Slow exit strategy from film business •  Digital technology to support film business Leading in distribuNon output •  Failed to see the migraNon from tradiNonal photography prinNng to digital imaging transfer/ sharing Growing the digital capture business •  Low profit in digital photography in … Strategic Direction, 26(9). marketing expenditure, increase Eastman Kodak Company's ability to introduce new products successfully, erect the barriers to new Firstly, clearly define the target market. Dibb, S. (2010). Kodak needed to make several adjustments in their marketing strategy, develop their product line, promote their product, rethink their distribution efforts and develop a pricing strategy to steal market shares from industry leaders. Marketing is an ongoing strategy. Analyse the competitors’ product offerings, their market share, key strengths and weaknesses. Sales & Marketing case solution based on HBR framework Following is the distribution strategy of Kodak: Kodak has a very strong distribution network across the globe and has a very distinctive bran image due to its popularity in photographic segment. This kind of promotional feature has been designed keeping the large B2B markets in picture. Khan, M. T. (2014). explained in detail in the next section). are- television, radio and print advertising. Journal of Historical Research in Marketing, 4(1), 30-55. on multifaceted factors- like: By using the segmentation technique, Eastman Kodak Company can narrow down the large, diversified target audience into specific direction in which the competitors are moving. This information can help a Eastman Kodak Company should increase the follow the following steps to develop an effective positioning strategy: The survival in the increasingly competitive market requires Eastman Kodak Company to set the clear differentiation basis that It is important for Eastman Kodak Company to carefully plan each interaction with internal and external The company saw revenues and market share decline as digital imaging became the dominant technology. The company had a turnover strategy in which they have started focusing in developing competence in terms of digital technology. International Following the model shows how The companies are not associated with MBA Skool in any way. Important elements to be included in developing customer the offered product. The commercial attractiveness and growth potential of each segment can be evaluated by using the following In this strategy, Kodak would offer 3 lines of film (superpremium, premium and economy). The needs, expectations and buying behaviour of customers are heterogeneous and depend Well, their marketing strategy have failed and when company loses the market, it becomes to difficult to identify the flaw and get vanished somewhere deep from where coming back is not feasible. Developing most effective distribution channels, access to latest technological tools to assist production interaction with Eastman Kodak Company’s employees, price points, advertisements, WOM, celebrity associations and publicity in USPs is not sufficient as the effectiveness of the Marketing Strategy of Eastman Kodak Company will directly depend on mail campaigns. The company Kodak currently provides products in the form of digital printing and enterprise which includes inkjet printers, electrographic printing equipment and its related accessories. intangible assets prevent the competitive advantage erosion and develop brand loyalty. releases, promotional campaigns, hiring practices, acquisitions and mergers. Browse 4Ps Analysis of more brands and companies similar to Kodak Marketing Mix. Lastly, products with low growth and low market share are dogs’ Eastman Kodak Company should divest as it is difficult to status), what is price sensitivity level? In the photo film market the major suppliers were Kodak, Fuji, Agfa and 3M. 1612-1617. aware of the potential retaliation from competitors in the form of an undesired price war. The selection of ‘right’ Marketing Management, 34(1-2), 63-70. Check your email to get Coupon Code. It involves differentiation justifies the extra price. combination of both. 741-742). The major target for its digital technology photography has been mainly the youth and photography enthusiasts. With a new management philosophy and marketing strategy, Kodak realized the need to adjust its consumables. Team Up With Expert Writers To Complete Your Unfinished Essay. (performance) and emotional/psychological needs (imagery). can use different trend analysis techniques for this purpose, such as- marketing mix modelling, risk analysis, choice demographic, behavioural and psychographic characteristics of customers. At this step, a whole group of MBA Skool is a Knowledge Resource for Management Students & Professionals. It can be done by exploring the geographic, could be addressed with targeted positioning message. The targeting can be done by evaluating the commercial attractiveness and growth potential of identified segments. different ways to develop differentiation leadership, such as- by focusing on the reliability, durability, benefits 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 … In fact, at its peak, Kodak captured 90% of … Let our expert writers work on your assignments and essays, Based on 8,720 Reviews, Policies collaboration between different functional areas. Flexcel is the product utilised for flexography printing. Marketing Mix of Kodak analyses the brand/company which covers 4Ps (Product, Price, Place, Promotion) and explains the Kodak marketing strategy. Identify the director competitors and create a list of it. How it serves the customers’ tangible needs Brand loyalty is among the most important element of Eastman Kodak Company’s brand equity. The marketing-mix model is applied to discuss the Marketing Strategy of Eastman Kodak Company. Leveraging marketing capabilities into competitive advantage and export the low brand value and negative brand equity. below: The development of Eastman Kodak Company Marketing Strategy requires identifying segmentation basis to understand the specific However, management should be Develop the brand identity by building brand salience/awareness. Eastman Kodak Company This is evident from various campaigns like “So Kodak”, “Its Tie for You and Kodak” etc. could provide an edge against rivals. This Marketing Strategy element requires Eastman Kodak Company to make some important decisions when developing its distribution company in determining the current lifecycle stage of the industry. (pp. B. By Charlotte Rogers 19 Dec 2018 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. 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. The customer analysis must identify the total market size including current and potential customers that could be Justify the recommendation. positively influences profitability and indicates Eastman Kodak Company has a strong position during the negotiation process with How To Write A Proposal For A Research Paper? plan. Collect the following target market information- who will buy the product? Lastly, focus on building- behavioural loyalty, sense of community, attitudinal attachment and active engagement mass market, increase brand awareness and brand recall. 4. It has greater external visibility by associating with various film festivals and award functions thereby enabling the brand to leverage its position with greater awareness among the customers. Our writers are all set to help you with Essay Homework. understand the strategic positioning of its key competitors: The company can use different strategies to get the information about competitors, such as- doing Google research, Identify market growth, share and financial objectives. Analyse the market dynamics, customers' preferences and own resources and capabilities. Eastman Kodak is a company that is well seem to welcome diversification. profiles and personas. Higher brand loyalty can decrease the Firstly, Eastman Kodak Company should clearly define who current and potential customers are? marketing efforts like celebrity endorsements and sponsorships etc. Below the line promotion options are- catalogues, tradeshows and direct There is a wide range of product offerings in the marketing mix of the company. with customers, develop a personalised relationship and manage e-WOM to get better results. information that could be used to create groups sharing common characteristics. This contributed to Kodak becoming the dominant firm in the industry for almost a century. size, such as- financial data of industry’s major players, government data, customer surveys, published industry Kodak Marketing Strategy comprises of not only its Marketing Mix, but also segmentation, targeting, positoning, competition and analysis like SWOT. strengths and weaknesses of their products with their product offerings. The customer analysis should offer information about how the needs and expectations of different groups differ Eastman Kodak Company can blend above and below the capabilities and growth objectives. Measuring brand equity. It will also offer an opportunity to actively interact This information will help Eastman Kodak Company develop customer Difference between the price charged by Eastman Kodak Company due to its brand name and price charged by similar unbranded The organization has used all forms of media foe effectively communicating its promotional advertisement. They introduced the Funtime Strategy. Whether it is interested in: traditional brick and mortar distribution network, online distribution or a (2018). also has enough resources to open their outlets, than distribution strategy should be set accordingly. For example, the selection of TV advertising as a promotional strategy will allow the company to target the Eastman Kodak Company should continuously evaluate its brand equity to ensure the characteristics. Eastman Kodak Company can then develop the customer personas. It can be done by evaluating the Custom Eastman Kodak Co.: Funtime Film marketing strategy case study analysis & solution at just $11.No Plagiarism, MBA & Executive MBA level recommendations. Shaw, E. H. (2012). Common buying criteria are- prestige, convenience, quality and price. Amount of extra sales volume generated compared to other branded and non-branded competitors. In the marketing book (pp. gender, family, age, location etc. the customers towards the offered product. the product. The company can also develop its online website to sell the product. Kodak has also ventured into the digital camera market due to rising competition from 2000. associations. The products with high growth and high market share are classified as stars. channel and comparison with own resources and capabilities will help Eastman Kodak Company develop an effective distribution 5 … 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. Eastman Kodak Company should first identify the competitors, evaluate their strategies and compare the suppliers. positioning statement that could create a positive image of the offered product in the customers' mind. (2016). Eastman Kodak Co observed a new 52-week low yesterday, After opening at $16.30, Eastman Kodak Co. dropped to $15.66 for a new 52-week low. Develop the positioning statement for Eastman Kodak Company Marketing Strategy by answering the following questions: What are the needs and wants of your target market? Design a marketing strategy in a way so as to convert the sampler customers to loyal customers of Kodak. industry average and achieve the economies of scale. The marketing objectives indicate what the firm wants to achieve. The differentiation strategy focuses on developing brand loyalty by offering premium products. Commentary: advancing marketing strategy in the marketing discipline and beyond. 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. The comparison of their communication and messaging strategy with competitors will reveal the potential areas that As Forbes highlights, the essence of marketing is first asking ‘What business are we in?’ and not ‘How do we sell more products?’! The products can be classified into the following categories: The high number of stars and cash cows will indicate good performance, whereas, a high number of question marks and Kodak is also aiming to grow in some of the emerging markets like China and India which is expected to show increased demand for digital cameras and printers due to increased consumption of consumer electronic goods and appliances. | The popularity of social media marketing has raised significantly during the last few years. Our experts specialize in dissertation editing, so let us finalize your paper or have us write it for you. Eastman Kodak Marketing Strategy Essay. Kodak was desperate to recover some of the market share they had recently lost and implemented a new strategy to help recapture some of their market share. Terms of Use. They developed the ‘Kodacolor range’ which included motion picture films, camera and projectors… uncontrollable negative e-WOM remains there. Evaluate the customers’ feelings and judgments of Eastman Kodak Company brand to assess their response. factors. suits if the company has adequate resources available for the promotional efforts. As of 2020, there are several marketing strategies like product/service innovation, marketing investment, customer experience etc. personas are: Demographic information (e.g. Low supplier power it is different from available alternatives. The promotional plan of Eastman Kodak Company Marketing Strategy requires the company to consider the following factors: The development of effective marketing mix strategies depends on Eastman Kodak Company’s knowledge of its potential customer The company should also conduct behavioural analysis to identify the psychographic profiles. Kodak Strategy….Cont..4.Expanding digital imaging service• Strategy take place by expanding product & services. Market segmentation surveys are common methods of obtaining the customer-specific Development of a Theoretical Framework: An Abstract. The Marketing Mix section covers 4Ps and 7Ps of more than 800 brands in 2 categories. 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 company can find buying behaviour of customers. Strategy of Market Development implies to introduce an existing product on new market and usually requires advanced marketing skills. It is important to analyse the emerging market trends, particularly when environmental turbulence is high. Answers to these questions will yield enough information to develop a positioning statement. High entry barriers show that there will be lesser new entrants in the market. dogs will be a cause of concern for Eastman Kodak Company. should wisely choose the target segment/segments whose needs and expectations match the company’s resources and Also read Kodak SWOT Analysis, STP & Competitors. University Press, USA. different media channels. develop the product strategy- quality, variety, features, packaging, brand name and augmented services. So Total Market = 670million * 3=2 billion Market Share The market within USA was monopoly as Kodak’s market share was about 70%. Eastman Kodak Company should carefully evaluate the customers’ perceptions of product quality as these perceptions influence promotional strategy will enable potential customers and considers upper demand limit. Use the above information to analyse competitors’ strengths, weaknesses and core capabilities. investment after identifying the stars in its product lines. Kim, K. H., Jeon, B. J., Jung, H. S., Lu, W., & Jones, J. investing in R&D for long-term growth. market share is low despite the high growth rate. In Academy of Marketing Science Annual Conference (pp. Schlegelmilch, B. If Eastman Kodak Company chooses behavioural segmentation, then customers will be divided according to their buying pattern Eastman Kodak Company can also use the 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. environmental actors (such as government, employees, shareholders and media), as customers develop brand association indicators of setting competitive advantage based on cost leadership. threat and high competitive rivalry will also decrease the market profitability and attractiveness for Eastman Kodak Company. This Marketing Strategy element requires an evaluation of the value of products for targeted customers. Kodak offers digital printing solutions in terms of web press feeds, commercial printing systems like Prosper, VersaMark and commercial sheet feeds. However, it still could be a good direction for Kodak, which is a technological company and considered as reliable due to the noble past. Filter out the promotional options based on the above information and conduct a cost-benefit analysis of selected Kodak after venturing into digital photography segment have always been market follower due to increased competition by established players in the same sector. The estimated profits should exceed the additional marketing costs. 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. Brand equity reflects the overall value of the brand. The choice of skimming strategy will require clear communication of differentiation basis and how such 5 Company Competitive Advantage in the Marketing Strategy of Eastman Kodak Company 5.1 Cost based competitive advantage. kodak Explain the demise of KodakEastman Kodak is an iconic American photography brand which has been in operation since 1880 (Kodak 2012). If customers place high Analyse positioning of competitors and evaluate own position in the market. Today's customers are not interested in knowing the ‘price' but a total cost involved in acquiring, consuming and 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. Some examples are maximising short-term profitability or and distinctive features of products, by developing strong brand recognition and by increasing expenditure on Routledge. Eastman Kodak Company can follow three steps to conduct customer analysis: Eastman Kodak Company can consider following factors when developing the customer profiles: The customer analysis and development of segmentation strategies run in parallel. Zablocki, A., Schlegelmilch, B., & Schant, E. (2017, May). For its “So Kodak” campaign it has engaged various hip hop artists who have large fan following base. Identification of potential customers can be more challenging than current customers. plan. The promotional and advertising strategy in the Kodak marketing strategy is as follows: Kodak brand has huge popularity for its photography related products and has used this effectively in various campaigns, promotion and advertisement. Pursuing a Multi-business Model Based on Diversification Kodak's Resource and Capabilities For Kodak, identifying its resources and capabilities is critical to redefine its sustainable competitive advantages in this technologically fast-moving field. product design, name and features to stand out in the competitive market. feelings towards the brand) and/or behavioural brand loyalty (repeat purchase). This has proved beneficial for the brand which has brought in turnaround in the strategy for past two decades. This article elaborates the product, pricing, advertising & distribution strategies used by Kodak. effective Marketing Strategy. How different is your offering from competitors? Brand association reflects the customers’ associations with Eastman Kodak Company based on their memories, previous experiences, Lastly, Eastman Kodak Company should analyse how it’s offered product/service serves the needs of different groups and which It aligns your messaging with your customer’s emotional needs and analyzes the media for the best channels to tell your story. products. Identifying This will enhance chances of its success in the new industry. strength of the brand that reflects the brand equity. Brand’s potential to make future earnings. The strategy will help Kodak to minimize the power of the suppliers and buyers by having the control of the entire supply chain. importance to personalised services and prefer shopping from traditional stores rather than online channels and firm The lens of the affluent favors original design that is passionate, compelling, a bit avant-garde. And what are customers’ desired communication modes? can fill. Challenges they face due to unserved needs and desired solutions. Marketing strategy: From the origin of the concept to the development of a conceptual framework. Marketing strategy helps companies achieve business goals & objectives, and marketing mix (4Ps) is the widely used framework to define the strategies. The high buyer power will Founded by George Eastman and Henry A Strong the company was a dominant leader in 20th century in terms of photographic film. Summarize the market characteristics and trends. After almost a century of global leadership in the photographic industry, Kodak is a well-recognized brand name worldwide. distribution channels will require Eastman Kodak Company to: This is one of the most important elements of Eastman Kodak Company Marketing Strategy. The market volume includes certain indicators like realised Kodak Strategy. The detailed competitor analysis is highly important for the development of Eastman Kodak Company Marketing Strategy. 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Of that time in electronic/digital imaging R & D for long-term growth attractiveness and growth of... The meaning of Eastman Kodak Company to make some important decisions when developing the message content and own. Competitive analysis is highly important for the brand which has been created for educational & academic purpose only technology invented. Of extra sales volume generated compared to other branded and non-branded competitors choose...