Eastman Kodak and Fujifilm - Assignment Example

Eastman Kodak and Fujifilm Describe the history and core business of each company. Kodak is recognized as one of the best and popular organization, operating for over 13 years in the segment of photographic films. It also invented digital cameras that simplified the entire procedure of taking photographs of various figures and pictures. This helped the organization of Eastman Kodak to enhance its market share and profitability in the market among many other rival players. Moreover the core business of Eastman Kodak is photography and imaging rather than selling of digital cameras. This proved extremely effective for the organization of Eastman Kodak that amplified its brand value and loyalty in the market among many other new entrants. On the other hand, Fujifilm is a Japanese concern, established in the year 1934, operating in the segment of photography and imaging. But within a very small time frame, the organization became successful in captivating the entire market into its grips that contributed in cementing its reputation and competitiveness in the market of Japan (Fandel, 2007). Soon, it tried to expand its popularity and brand image on the entire globe by offering value-added products at a quite competitive price. This strategy proved effective for the organization of Fujifilm to enhance its leadership and reliability in the global market as compared to others. Compare and contrast the approach to management that each company has pursued in order to embrace innovation In order to amplify the sustainability and productivity, Eastman Kodak offered more attention over innovation as well as development of products. However, in order to offer innovative products, the organization concentrated more over digital imaging by utilizing digital print Kiosks in the entire globe. This strategy or product innovation proved extremely effective for the organization that amplified its reputation and demand in the market. Moreover, due to the utilization of digital kiosks, the organization was able to offer online photo services to its target customers that intensified its image and loyalty within their minds among others. Furthermore, in order to improve the customer base and profitability in the segment of ink jet printer, the organization developed digital camera. This helped the organization to increase its total sales and dominance in the market, in spite of numerous competitive rivalries. On the other hand, Fujifilm, tried to implement a different management strategy, in order to amplify its reputation and customer base (Markham, 2006). The organization ventured in different markets and offered varied types of new executions to its existing technology. This strategy of making various alliances and ventures helped the organization to strengthen its popularity and total revenue thereby increasing its total profit margin. Determine what other management differences have impacted the relative success of Kodak and Fujifilm. Provide specific examples to support your response. In order to augment the sustainability and competitive position in the entire globe, the organization of East Kodak as well as Fujifilm tried to implement varied types of different management practices such as arrogance and complacency. However, implementation of such types of strategies declined its image and reputation in the global market and also hindered its market share and prosperity to a considerable extent as compared to many other rival players. However, such type of strategy is used by the organizations of Eastman Kodak and Fujifilm in order to increase their total sales as maximum extent of the customers are getting attracted towards digitalization. Thus, in order to fascinate the customers towards the brands, the organization of Eastman Kodak developed Wi-Fi digital camera. With the help of this camera, the customers might easily send their pictures through emails. This helped the organization to resolve its threat of bankruptcy. For example: in order to intensify its brand value, the organization of Eastman Kodak used kiosks. These kiosks might print the image or picture directly from a mobile phone or any other device and resend it through emails. This strategy or technology boosted the demand and profitability of the organization of Eastman Kodak among others. On the other hand, the organization of Fujifilm through differently technologies developed their own super CCD sensors. Moreover, Fujifilm also introduced image sensors by their own so as to improve their superiority over the brands like Sony, Nokia, Samsung etc. it also developed digital SLR cameras for the professional photographers that increased its market share and profitability to a considerable extent as compared to other contenders, operating in similar market. For example: introduction of FinePix 4700 increased its customer base and popularity in the market. Evaluate each company’s approach to ethics and social responsibility and the impact those approaches have had on each company’s profitability The organization of Eastman Kodak tried to enhance its image and sustainability by offering high attention over ethical and social responsibilities towards the society. It tried to develop high quality of cameras and printers for both domestic and professional uses. This proved extremely effective for the organization of Eastman Kodak that amplified its profitability and productivity in the market among other rival players. Moreover, in order to increase its social responsibility, it introduced high quality of picture images for its target customers. This strategy also proved worthy for the organization that enhanced its demand and loyalty in this competitive market. However, due to the implementation of these strategies and policies, the organization enhanced its profit margin, in spite of high bargaining power of the customers. Similarly, the organization of Fujifilm introduced highly eco-friendly LED printers for its target customers. Thus, implementation of these policies proved highly effective for the organization of Fujifilm that amplified its reputation and prosperity. Discuss the extent to which management of both companies adapted to changing market conditions In order to cope up with the changing demands and preferences of the customers, the organization of Eastman Kodak and Fujifilm offered high attention over digital cameras. This innovation enhanced the brand image and reputation of the organization of Eastman Kodak in this competitive market among many other rival players. Similarly, the organization of Fujifilm introduced varied types of digital lenses and cameras that improved its profitability and customer demand. Thus, due to these innovations, both the organizations became successful in strengthening its customer base and reliability in the market. Moreover, the organization of Fujifilm introduced digital imaging and photographic materials in the market of United States, Japan and many others so as to cement its dominance and position among others. Furthermore, the organization of Eastman Kodak implemented razor-blade model and presented highly advanced technological cameras at a quite cheaper price so as to attract a wide range of customers of varying income groups. Recommend three (3) ways any company should build in flexibility to back up its decision-making process in order to adapt to changing market conditions Three ways that a company might adopt in order to enhance its dependency and reputation in its target market are strong leadership capabilities, product development and innovation. If the leaders or managers maintain a proper relationship with its employees, then they might take part in the process of research and development. By offering high attention over research department, varied types innovative products and services are developed that may prove effective for the organization (Peres, 2007). Moreover, development of new product might help in increasing its portfolio and loyalty in this competitive market. Thus, implementation of all these above mentioned strategies and policies help an organization to cope up with the changing requirements of the customers that may increase their demand and purchasing power. However, due to improved purchasing power of the customers, the brand image and total revenue of the organization might get increased among many other rival players. Hence, these strategies might help an organization to increase its reputation and dominance in this changing market conditions. References Fandel, J. (2007). George Eastman and the Kodak Camera. New York: Capstone. Markham, J. (2006). A Financial History of Modern U.S. Corporate Scandals: From Enron to Reform. New York: M.E. Sharpe. Peres, M. (2007). The Focal Encyclopedia of Photography. Milton Park: Taylor & Francis. Read More