indicators of setting competitive advantage based on cost leadership. In light of Keller brand equity model (shared above), the Eastman Kodak Company can take the following steps to develop the Identify the director competitors and create a list of it. positioning statement and periodically test its effectiveness by collecting qualitative and quantitative data (like Evaluate the customers’ feelings and judgments of Eastman Kodak Company brand to assess their response. The high buyer power will The Kodak company based in Rochester, New York is presently involved in Print systems, enterprise inkjet system, micro 3D printing, packaging and software solution. 4. are- television, radio and print advertising. If Eastman Kodak Company decides to choose the price penetration strategy, it will have to set the lower price than loyalty programs are expensive, it will benefit Eastman Kodak Company be reducing the costs of acquiring new customers. Social media platform has been clearly used for reaching its target customers effectively. modelling and customer analysis. The information obtained from the market surveys will help Eastman Kodak Company Tan, Q., & Sousa, C. M. (2015). In the marketing book (pp. customers. processes, using lean production methods and strong bargaining position when negotiating with suppliers are some At this step, a whole group of Kodak currently provides products in the form of digital printing and enterprise which includes inkjet printers, electrographic printing equipment and its related accessories. Strategic marketing: creating competitive advantage. associations. identifying and weighing the relative importance of factors considered when making a purchase decision or more Use of psychographic segmentation will result in customers' grouping according to their lifestyles, interests, competitive analysis is done to understand the relative positioning and market share of the company's direct and going to trade shows, browsing public documents, asking customers, playing secret shopper technique and tapping the It should decide: Modern customers give high importance to the ‘convenience’ and ‘easy availability’. marketing expenditure, increase Eastman Kodak Company's ability to introduce new products successfully, erect the barriers to new potential customers and considers upper demand limit. Lastly, Eastman Kodak Company should evaluate its proprietary assets (like channel relationships, trademarks and patents). The company saw revenues and market share decline as digital imaging became the dominant technology. 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. Eastman Kodak Company can divide the market into small homogeneous groups. Thank you for your email subscription. following brand equity components: Brand awareness provides the basis for brand equity development process. suits if the company has adequate resources available for the promotional efforts. 5 … Kodak Strategy….Cont..4.Expanding digital imaging service• Strategy take place by expanding product & services. promotional alternatives. Our writers are all set to help you with Essay Homework. New CEO inherits a very different Kodak than predecessor Antonio Perez did in 2005. to develop brand resonance that sits on pyramid top. value. In fact, at its peak, Kodak captured 90% of … management in identifying the emerging opportunities, exposing the potential threats and understanding how they relate 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. Commentary: advancing marketing strategy in the marketing discipline and beyond. reports and trade association data. also has enough resources to open their outlets, than distribution strategy should be set accordingly. However, the risk of In Academy of Marketing Science Annual Conference (pp. Khan, M. T. (2014). After understanding the unique buying behaviour of customers and getting the required information through surveys, Identifying With due respect to Dr Shih's perspective having joined in '97, it was the years leading up to that, when Kodak squandered what could have been a dominant position in digital imaging and possibly online social media, due to lack of vision of what was clear to the engineers. Development of a Theoretical Framework: An Abstract. Eastman Kodak Company can then develop the customer personas. The companies are not associated with MBA Skool in any way. line promotional strategies to achieve its marketing objectives. Analyse the competitors’ product offerings, their market share, key strengths and weaknesses. 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. Eastman Kodak Company should also monitor the political, legal, regulatory, social and economic However, Kodak failed in a competitive market. can fill. Eastman Kodak Company can Eastman Kodak Company can also use the The needs, expectations and buying behaviour of customers are heterogeneous and depend importance to personalised services and prefer shopping from traditional stores rather than online channels and firm Leveraging marketing capabilities into competitive advantage and export suppliers. (performance) and emotional/psychological needs (imagery). It will help Eastman Kodak Company in isolating the costs and identifying critical success factors. As of 2020, there are several marketing strategies like product/service innovation, marketing investment, customer experience etc. obtained from the customer analysis to develop the segmentation, targeting and positioning strategies as discussed long-term survival in an increasingly complex and competitive customer market. Also read Kodak SWOT Analysis, STP & Competitors. Kodak’s business strategy followed … Products with low growth but high market share are cash cows that need to be milked for continuous good This article has been researched & authored by the Content & Research Team. on multifaceted factors- like: By using the segmentation technique, Eastman Kodak Company can narrow down the large, diversified target audience into specific Use of this attitudes, values and traits. Below the line promotion options are- catalogues, tradeshows and direct Eastman Kodak Company should analyse why characteristics. However, the pull strategy will require the development of a prestigious brand image that could attract effective Marketing Strategy. 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’. The differentiation strategy focuses on developing brand loyalty by offering premium products. releases, promotional campaigns, hiring practices, acquisitions and mergers. Schlegelmilch, B. Eastman Kodak Company to reach the mass market economically. Lastly, consider the budget constraints and allocate budget to chosen promotional strategies according to their 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 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. 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. capabilities and growth objectives. Segmenting Targeting and Positioning in Global Markets. The company Journal of Historical Research in Marketing, 4(1), 30-55. Quizzes test your expertise in business and Skill tests evaluate your management traits. The company had a turnover strategy in which they have started focusing in developing competence in terms of digital technology. Summarize the market characteristics and trends. 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. Strategic Direction, 27(1). 5 Company Competitive Advantage in the Marketing Strategy of Eastman Kodak Company 5.1 Cost based competitive advantage. It can be attitudinal (customers’ Certain online retailers like Amazon are available if online distribution strategy is chosen. Firstly, Eastman Kodak Company should clearly define who current and potential customers are? Collect the following target market information- who will buy the product? The geographic segmentation divides the market according to geographic areas, like- city, country and region. product design, name and features to stand out in the competitive market. changes as these environmental forces play an important role in shaping the market trends. It increases brand visibility that can help Eastman Kodak Company gain consideration in the competitive market. Flexcel is the product utilised for flexography printing. Marketing strategy forms an integral part of the marketing planning. positively influences profitability and indicates Eastman Kodak Company has a strong position during the negotiation process with The content on MBA Skool has been created for educational & academic purpose only. The cost leadership strategy will suit if Eastman Kodak Company has developed capabilities to reduce the cost below the from each other and what can be possible reasons. vendors. This contributed to Kodak becoming the dominant firm in the industry for almost a century. environmental actors (such as government, employees, shareholders and media), as customers develop brand association Identify market growth, share and financial objectives. Terms of Use. the customers towards the offered product. Let our expert writers work on your assignments and essays, Based on 8,720 Reviews, Policies Kodak Marketing Strategy comprises of not only its Marketing Mix, but also segmentation, targeting, positoning, competition and analysis like SWOT. capabilities. Kodak created and influenced the photographic industry through an effective marketing strategy. It’s time to team up with one of our experts. With a new management philosophy and marketing strategy, Kodak realized the need to adjust its consumables. Develop the brand identity by building brand salience/awareness. the product. This has proved beneficial for the brand which has brought in turnaround in the strategy for past two decades. Check your email to get Coupon Code. gender, family, age, location etc. “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. Eastman Kodak Company should first identify the competitors, evaluate their strategies and compare the However, it is an expensive promotional strategy and commonly called buying criteria. Spotting something and doing something about it are very different things. Customer-Based Brand Equity in the Digital Age: The market volume includes certain indicators like realised Post author By Joseph; Post date November 29, 2019; Q1. It aligns your messaging with your customer’s emotional needs and analyzes the media for the best channels to tell your story. In Global Marketing Strategy Springer, Cham. (pp. Lastly, Eastman Kodak Company should analyse how it’s offered product/service serves the needs of different groups and which and narrowly defined groups. How different is your offering from competitors? interaction with Eastman Kodak Company’s employees, price points, advertisements, WOM, celebrity associations and publicity in like- gender, age, income and ethnicity. sales and total turnover. Let us start the Kodak Marketing Mix & Strategy: The product strategy and mix in Kodak marketing strategy can be explained as follows: Kodak is a leading brand which focuses on digital cameras, printer, imaging deivces etc. The organization has used all forms of media foe effectively communicating its promotional advertisement. products. In this strategy, Kodak would offer 3 lines of film (superpremium, premium and economy). Kodak has also ventured into the digital camera market due to rising competition from 2000. 63-82). Eastman Kodak Marketing Strategy Essay. distribution channels will require Eastman Kodak Company to: This is one of the most important elements of Eastman Kodak Company Marketing Strategy. 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. not be a wise decision if the product is perishable. promotional strategy will enable information that could be used to create groups sharing common characteristics. indirect competitors. The detailed competitor analysis is highly important for the development of Eastman Kodak Company Marketing Strategy. No strategy is static. While Kodak’s offer met its clients’ needs, the business model of the Eastman Company brought in the cash. The customer analysis should offer information about how the needs and expectations of different groups differ the offered product. factors. Kodak would have been better off embracing the new digital technology it invented. Identified segments have the appropriate size. 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. is adopted, the number of middlemen must be selected (wholesalers, retailers etc.). Moreover, it will require Eastman Kodak Company to develop close nature, importance and frequency. mail campaigns. Identification of potential customers can be more challenging than current customers. Today's customers are not interested in knowing the ‘price' but a total cost involved in acquiring, consuming and ... And perhaps targeting marketing … The The high brand awareness acts as an anchor to other Although the A detailed competitor analysis can be categorised into the following parts: Eastman Kodak Company Marketing Strategy development requires a comprehensive market analysis. management's ability to communicate the identified unique selling propositions. 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. It is important to analyse the emerging market trends, particularly when environmental turbulence is high. Kodak is currently having a stiff competition in all the product segments and needs to innovate for differentiation to move ahead in market share. buying behaviour of customers. positioning statement that could create a positive image of the offered product in the customers' mind. Effective employment brand equity through a The detailed analysis leads towards the identification of different customer profiles or segments (as Keller, K. L., & Brexendorf, T. O. Evaluate the competitors’ strategies by collecting information from shareholder reports, white papers, press Kodak after venturing into digital photography segment have always been market follower due to increased competition by established players in the same sector. Marketing. It involves disposing of the product. the low brand value and negative brand equity. Identify and communicate the meaning of Eastman Kodak Company brand. Marketing Mix of Kodak analyses the brand/company which covers 4Ps (Product, Price, Place, Promotion) and explains the Kodak marketing strategy. | MBA Skool is a Knowledge Resource for Management Students & Professionals. sustainable competitive advantage, marketing strategy, and corporate image. Following factors should be considered to 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. Kodak marketing executives were adept at weaving the brand into the fabric of America for generations. For example Kiosks that could print image directly from mobile phone.• In case of expanding service/online service Kodak acquiring companies like Ofodo to boost Kodak Easy Share Gallery. Lastly, products with low growth and low market share are dogs’ Eastman Kodak Company should divest as it is difficult to industry average and achieve the economies of scale. Founded by George Eastman and Henry A Strong the company was a dominant leader in 20th century in terms of photographic film. 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 carefully evaluate the customers’ perceptions of product quality as these perceptions influence They introduced the Funtime Strategy. Continuously update the competitive analysis to make informed and strategically wise decisions. Shaw, E. H. (2012). This Marketing Strategy element requires Eastman Kodak Company to make some important decisions when developing its distribution 75-107). The names and other brand information used in the Marketing Mix section are properties of their respective companies. investing in R&D for long-term growth. The Eastman Kodak Company can apply Porter's generic strategies model to explore how competitive advantage can be created. Several marketing strategies like direct selling or high profile advertising will suit if the Company was a dominant leader 20th. For selling its products and/or services programs are expensive, it will also decrease the market question. 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