Harvard Case - Polaroid-Kodak
"Polaroid-Kodak" Harvard business case study is written by Norman A. Berg, Glenn W. Merry. It deals with the challenges in the field of Strategy. The case study is 18 page(s) long and it was first published on : Jun 1, 1976
At Fern Fort University, we recommend that Kodak should have embraced a disruptive innovation strategy to adapt to the changing market dynamics and compete with the rise of digital photography. This would have involved developing a new business model that leveraged emerging technologies like digital imaging and the internet, while also strategically managing their existing film-based business.
2. Background
The Polaroid vs. Kodak case study explores the dramatic shift in the photographic industry during the late 20th and early 21st centuries. Kodak, once a dominant player in film-based photography, failed to adapt to the rise of digital photography, ultimately leading to its decline. Polaroid, known for its instant film cameras, also struggled to adapt to the digital revolution but managed to survive through a series of strategic moves.
The main protagonists of the case are:
- Kodak: A company with a long history of innovation and dominance in the film-based photography market.
- Polaroid: A company known for its instant film cameras and its unique business model.
- Digital Photography: The emerging technology that disrupted the traditional photographic industry.
3. Analysis of the Case Study
Industry Analysis:
- Porter's Five Forces: The photographic industry was characterized by high rivalry due to the presence of multiple players, low switching costs for consumers, and the threat of new entrants with digital technology. The bargaining power of buyers was also high due to the availability of substitutes and price sensitivity.
- Industry Lifecycle: The photographic industry was in the maturity stage, with declining growth rates for film-based photography. The emergence of digital photography marked a shift towards a new industry lifecycle.
Kodak's Challenges:
- Inaction: Kodak was slow to recognize the threat posed by digital photography and failed to invest in research and development in this area.
- Organizational Culture: Kodak's culture was heavily entrenched in its film-based business, making it difficult to embrace new technologies.
- Strategic Planning: Kodak lacked a clear vision for the future and failed to develop a comprehensive strategy to address the changing market landscape.
Polaroid's Strategies:
- Business Model Innovation: Polaroid attempted to adapt to the digital revolution by developing digital cameras and partnering with other companies.
- Diversification: Polaroid explored new markets, such as instant printing and digital imaging services.
- Strategic Alliances: Polaroid formed partnerships with other companies to leverage their expertise and resources.
Key Frameworks:
- SWOT Analysis: Kodak's SWOT analysis revealed its strengths in brand recognition and manufacturing capabilities but also highlighted weaknesses in its slow response to digital technology and its rigid organizational culture.
- Resource-Based View: Kodak's core competencies in film-based photography became a liability as the industry shifted towards digital technology.
- Dynamic Capabilities: Polaroid demonstrated some dynamic capabilities by adapting its business model and exploring new markets, but these efforts were not enough to overcome the challenges of the digital revolution.
4. Recommendations
Kodak's Path to Adaptation:
- Embrace Disruptive Innovation: Kodak should have invested heavily in research and development of digital imaging technologies, even if it meant cannibalizing its existing film-based business.
- Develop a New Business Model: Kodak should have transitioned from a film-based business to a digital imaging platform, offering a range of services and products to consumers.
- Strategic Partnerships: Kodak could have partnered with technology companies to leverage their expertise in digital imaging and software development.
- Change Management: Kodak needed to foster a culture of innovation and adaptability, encouraging employees to embrace new technologies and business models.
- Strategic Planning: Kodak should have developed a comprehensive strategic plan that addressed the changing market landscape and outlined a clear vision for the future.
5. Basis of Recommendations
Core Competencies and Consistency with Mission: The recommendations align with Kodak's core competencies in imaging technology and its mission to provide innovative solutions for capturing and sharing memories.
External Customers and Internal Clients: The recommendations address the needs of both external customers, who were increasingly demanding digital photography solutions, and internal clients, who needed to adapt to the changing market dynamics.
Competitors: The recommendations consider the competitive landscape and aim to position Kodak as a leader in the digital imaging market.
Attractiveness: While the recommendations involve significant financial investment, they offer the potential for long-term growth and profitability in the emerging digital imaging market.
Assumptions: The recommendations assume that Kodak had the resources and the willingness to embrace change and invest in new technologies.
6. Conclusion
Kodak's failure to adapt to the digital revolution serves as a cautionary tale for businesses operating in dynamic industries. By failing to recognize the threat posed by disruptive innovation and to embrace a new business model, Kodak lost its dominant market position and ultimately faced bankruptcy. In contrast, Polaroid's efforts to adapt, though not entirely successful, demonstrate the importance of embracing change and exploring new opportunities.
7. Discussion
Alternatives:
- Ignoring the digital revolution: This would have resulted in Kodak's continued decline and eventual demise as the film-based photography market shrunk.
- Focusing solely on digital photography: This could have been a risky strategy, as Kodak's existing film-based business generated significant revenue.
Risks and Key Assumptions:
- Technology Risk: The rapid evolution of digital imaging technology could have made Kodak's investments obsolete.
- Market Risk: The adoption of digital photography by consumers was uncertain, and Kodak's new business model could have failed to gain traction.
- Organizational Resistance: Kodak's employees and management could have resisted change, making it difficult to implement new strategies.
8. Next Steps
Timeline:
- Year 1: Invest heavily in research and development of digital imaging technologies.
- Year 2: Develop a new business model and launch digital imaging products and services.
- Year 3: Form strategic partnerships with technology companies and expand into new markets.
- Year 4: Implement a change management program to foster a culture of innovation and adaptability.
Key Milestones:
- Develop a comprehensive strategic plan.
- Secure funding for research and development.
- Launch a new digital imaging platform.
- Form strategic partnerships with technology companies.
- Implement a change management program.
By embracing disruptive innovation, developing a new business model, and fostering a culture of change, Kodak could have positioned itself as a leader in the digital imaging market and secured a sustainable future.
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Case Description
Describes Kodak's long-awaited challenge to Polaroid in the field of instant photography. Provides technological and company background of both Polaroid and Eastman-Kodak and their respective product lines. Discusses Polaroid's claim that Kodak infringed on 10 Polaroid patents.
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