Harvard Case - Polaroid: Entering Digital Imaging
"Polaroid: Entering Digital Imaging" Harvard business case study is written by Giovanni Gavetti, Elizabeth Johnson, John Lafkas, Mary Tripsas. It deals with the challenges in the field of Strategy. The case study is 18 page(s) long and it was first published on : Dec 7, 2005
At Fern Fort University, we recommend that Polaroid pursue a strategic pivot to enter the digital imaging market by leveraging their brand equity and core competencies in instant photography. This strategy involves developing a hybrid business model that combines digital technology with the instant gratification and unique aesthetic of Polaroid's traditional products.
2. Background
Polaroid, once a dominant player in the instant photography market, faced a significant challenge in the late 1990s with the rise of digital photography. The case study explores Polaroid's efforts to navigate this disruptive innovation and develop a strategy for entering the digital imaging market. The main protagonist is Gary DiCamillo, Polaroid's CEO, who must make critical decisions about the company's future direction.
3. Analysis of the Case Study
SWOT Analysis:
- Strengths: Strong brand recognition, iconic product design, established distribution channels, expertise in film and image processing.
- Weaknesses: Limited experience in digital technology, dependence on declining film sales, slow response to the digital revolution.
- Opportunities: Growing digital imaging market, potential for innovation in digital instant photography, expanding into new markets and product categories.
- Threats: Intense competition from established digital camera manufacturers, rapid technological advancements, potential for brand dilution.
Porter's Five Forces:
- Threat of New Entrants: High, due to the relatively low barriers to entry in the digital imaging market.
- Bargaining Power of Buyers: Moderate, as consumers have a wide range of choices in the digital imaging market.
- Bargaining Power of Suppliers: Low, as the components used in digital cameras are widely available.
- Threat of Substitutes: High, as digital cameras can be replaced by smartphones with increasingly sophisticated camera capabilities.
- Rivalry Among Existing Competitors: High, as the digital imaging market is dominated by several large and established players.
Value Chain Analysis:
- Primary Activities: Product development, manufacturing, marketing, sales, customer service.
- Support Activities: Research and development, procurement, human resource management, infrastructure.
Business Model Innovation:
Polaroid needs to develop a hybrid business model that combines the instant gratification and unique aesthetic of its traditional products with the versatility and digital capabilities of modern technology. This could involve:
- Digital Instant Cameras: Offering digital cameras that capture and print images instantly, similar to the traditional Polaroid experience.
- Digital Film Emulation: Developing software and filters that replicate the look and feel of Polaroid film in digital images.
- Digital Instant Printing Services: Providing online and offline printing services that allow users to instantly print their digital photos in a Polaroid-inspired style.
Strategic Planning:
- Market Segmentation: Target specific consumer segments, such as nostalgia-driven millennials, creative professionals, and enthusiasts of instant photography.
- Blue Ocean Strategy: Create a new market space by combining the best of both worlds: instant photography and digital technology.
- Disruptive Innovation: Develop innovative products and services that disrupt the existing digital imaging market.
Core Competencies:
- Brand Equity: Leverage Polaroid's strong brand recognition and iconic product design.
- Image Processing: Utilize Polaroid's expertise in film and image processing to develop unique digital image processing technologies.
- Instant Gratification: Capitalize on the instant gratification and unique aesthetic of Polaroid's traditional products.
Diversification:
- Product Diversification: Expand into new product categories, such as digital photo frames, instant printers, and accessories.
- Market Diversification: Enter new geographic markets, particularly emerging markets with a growing demand for digital imaging products.
4. Recommendations
- Develop a Hybrid Business Model: Combine Polaroid's traditional strengths with digital technology to create a unique and compelling value proposition.
- Focus on Digital Instant Photography: Develop digital cameras that capture and print images instantly, leveraging Polaroid's brand equity and core competencies.
- Embrace Digital Film Emulation: Develop software and filters that replicate the look and feel of Polaroid film in digital images, catering to nostalgia and creative professionals.
- Expand into Digital Instant Printing Services: Offer online and offline printing services that allow users to instantly print their digital photos in a Polaroid-inspired style.
- Leverage Strategic Alliances: Partner with technology companies to develop and market digital products and services.
- Invest in Research and Development: Continuously innovate and develop new products and technologies to stay ahead of the competition.
- Target Specific Market Segments: Focus on niche markets, such as nostalgia-driven millennials, creative professionals, and enthusiasts of instant photography.
- Adopt a Digital Transformation Strategy: Embrace digital marketing, social media, and e-commerce to reach a wider audience.
5. Basis of Recommendations
These recommendations are based on a thorough analysis of Polaroid's strengths, weaknesses, opportunities, and threats, as well as the competitive landscape of the digital imaging market. They are consistent with Polaroid's mission to provide unique and innovative imaging solutions. The recommendations also consider the needs of both external customers and internal clients, as well as the potential for growth and profitability.
6. Conclusion
Polaroid has a unique opportunity to enter the digital imaging market by leveraging its brand equity and core competencies in instant photography. By developing a hybrid business model that combines digital technology with the instant gratification and unique aesthetic of its traditional products, Polaroid can create a new market space and achieve sustainable competitive advantage.
7. Discussion
Alternatives:
- Focusing solely on digital cameras: This could lead to brand dilution and competition with established players.
- Abandoning instant photography altogether: This would undermine Polaroid's brand equity and core competencies.
Risks:
- Technological obsolescence: Rapid advancements in digital technology could render Polaroid's products obsolete.
- Competition: Intense competition from established players could make it difficult to gain market share.
- Brand dilution: Poorly executed digital products could damage Polaroid's brand reputation.
Key Assumptions:
- Consumers will be receptive to a hybrid business model that combines digital technology with instant photography.
- Polaroid can successfully develop and market innovative digital products and services.
- Polaroid can leverage its brand equity and core competencies to achieve competitive advantage.
8. Next Steps
- Develop a detailed business plan: Outline the specific products, services, and marketing strategies for entering the digital imaging market.
- Secure funding: Invest in research and development, product development, and marketing initiatives.
- Establish strategic alliances: Partner with technology companies to develop and market digital products and services.
- Launch pilot programs: Test and refine the hybrid business model in select markets before expanding to a wider audience.
- Monitor market trends: Continuously adapt and evolve the business model to stay ahead of the competition.
By taking these steps, Polaroid can successfully navigate the digital revolution and position itself for future growth and success.
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Case Description
Focuses on Polaroid's attempt to respond to the changes to its competitive environment that are entailed by the rise of digital imaging.
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