Marketing Strategy and SWOT Analysis of Kodak
Surely we live in a digitalized world. However, some people still appreciate the value of actual papers, pens, books, pictures. It is so easy and convenient to collect all of those in smartphones. That way, you always have them on hand. So, let’s say when a friend of yours wants to see a photo from your vacation, you can pull it out right away. But then there are people who enjoy having photo albums to store their memories. There is a saying that when accomplishing something is difficult, appreciating it becomes more natural. In this blog, we are going to analyze Kodak, a photo printer company.
To begin with, we are going to introduce the mission and vision statements of Kodak.
The mission statement of the company is as follows.
“Build a world-class, results-oriented culture providing consumers and customers with many ways to capture, store, process, output, and communicate images and pictures as memories, information, and entertainment to people and machines anywhere, anytime; and bring differentiated, cost-effective solutions to market quickly and with flawless quality, through a diverse team of energetic employees with the world-class talent and skills to sustain Kodak as the World Leader in Imaging”.
The most obvious purpose for printing pictures is capturing and storing memories. However, this company is much deeper than that. It has way more values than one’s mind can think of on the spot.
Another thing is when people capture photos at different events, of several places, or sights. Those are more for entertainment. People look at those to fulfill their appreciation for beauty. Of course, the definition of beauty differs for many. But photography is used in so many spheres, that you will for sure find something fitting your preferences.
And then, photos can also serve educational purposes. Say, you are reading about history, about World War One. Seeing photos from the events makes your understanding of it a lot clearer. A picture is worth a thousand words, after all.
So what this company wants, is for people to communicate through pictures which are fascinating creations if you think about them.
If one prefers physical photos to digital ones, then he or she should have something on hand at all times. You can not always find a photo printing company or store around the corner. Thus, having your own printer is the smartest solution. That way you save time, money, and energy.
And that is the large mission that this company has envisioned.
The vision statement of Kodak is the following.
“Our heritage has been and our future is to be the World Leader in Imaging”.
Any company has one big goal, to be the leader in its industry. Of course, when you create something, you want people to like it. But that is not something that Kodak does selfishly. It is not only its profits and well-being that concern it. It is about consumers being satisfied with what it has to offer.
Being a leader is a long-term goal that requires a big commitment. Kodak’s vision indicates its dedication towards being the best company in its category.
Moving along, let’s discuss the positioning strategy of Kodak.
The photo is of Axis Towers which is located in Tbilisi, Georgia. In this building, there is a hotel, apartments, commercial and entertaining spaces, and so on.
It is safe to say that this building is one of Tbilisi’s treasures and something the people are proud of. It is definitely something worth capturing.
If you tap on the photo you can see that somebody is tagged. It is the person who has taken the photo. They go by ‘momentonfilm’ username on Instagram. The style of their photos is simplistic. They capture what they see in its raw form.
If there are people in the scene, the picture looks even better. Whether we see a part of a beach, a hotel, a house, it is all aesthetically pleasing due to the minimalistic approach.
Back to Kodak’s post, in the caption, we also see the hashtag ‘portra400’. That is the name of a high-speed color-negative film. If we follow the hashtag we will come across a bunch of other photos taken with Portra 400.
Now, what can we gather from this post?
This post is something artistic that is created effortlessly. It is something of human nature, something we as sensitive beings appreciate.
This is a photo characteristic of a particular style of a certain being. It does not follow a universal guideline of how to do things. Creativity is a huge factor when it comes to photography.
Other than creativity, photography is a form of self-expression. Let’s leave this post aside for a second, and go to Kodak’s main page. There is literally no specific pattern. Everything is different and unique, allowing everybody to bring their vision to life.
We do not need further proof to realize that the archetype Kodak belongs to is the Creator.
Desire: create something of enduring value
Aim: give form to a vision
Strategy: develop artistic control and skill
These are the messaging levels of the archetype.
Level One: daydreams, fantasies, flashes of inspiration
Level Two: being creative or innovative in imitative ways.
Level Three: giving form to your own vision.
Level Four: creating structures that influence culture and society.
The Creator provides a good identity for brands that
- have a function inspiring self-expression, presenting the customer with choices and options, helping them adapt innovation, or simply having an artistic design
- have something to do with creativity, belonging to spheres such as marketing, public relations, arts, technology
- lets consumers be in charge of the product’s usage rather than having it all figured out
- have a do-it-yourself element and enable customers to save money
- own a Creator mindset, culture, and beliefs
Next up, we are going to bring up the SWOT analysis of Kodak
Strengths
Renowned brand: Ever since this company was initially established, it has achieved so much fame. Many people talk about it and from words of mouth, the company gets new consumers.
Broad product portfolio: As we can gather from the mission statement of Kodak, the company has a wide range of products. Ones that can be utilized for not only personal purposes but also commercial plans. So many industries make use of the greatness of this company. Thus it has a product presence in a wide spectrum of enterprises.
Technological advancement: You would be surprised that this company has actually greatly benefited from the developing technology. Kodak has smoothly transferred from image sensing technology to digital imagine. It also stays on track and plans ahead for the upcoming technological advancements.
Socially responsible company: This company is both socially and environmentally friendly. It participates in major issues regarding the environment we are surrounded with. Kodak also makes people aware of the importance of environmental concerns as it raises awareness with its presence in social organizations.
Weaknesses
Virtual store: There are many online stores that sell items specific to this industry. However, Kodak has not yet made the effort to market its own products online. This is unfortunate because more and more people make online purchases these days.
Lack of focus: While there, the transportation from analog to digital technology has not happened as quickly. Thus, we witness a reduction in market share.
Opportunities
Technology adaptation: The company has got the hang of advancing technology under control. So, Kodak is already trying to benefit from this opportunity, investing in tech items such as smartphones.
Changing lifestyle: Interconnected with the last opportunity consider this. You can not meet a human being down the street who does not own a phone. Optical imaging technology is becoming more and more practical. So, people are switching the devices they have on hand.
Expanding their product lines: The digital marketing industry is pretty broad. However, mobile phones have become a leading category and it will surely be the case for the years to come. So, finding a presence in mobile telephony is something Kodak should look into.
Strategic alliances: Since the beginning, Kodak has collaborated with lots of companies from other industries. That has been working out great. However, Kodak could be even smarter and increase its profits through correct strategies.
Threats
Competition: The biggest threat for Kodak is competition not only from local brands but also international ones. The latter is also the only reason why the market share of Kodak has decreased.
Substitute products: It is more convenient for people to invest in a great quality smartphone. One that has a nice camera. So, people prefer carrying their phones with them everywhere, rather than having extra devices hanging from their necks.
Lastly, we suggest watching an ad that will help us reveal the segment Kodak has chosen to target.
Kodak included Pitbull in the advertisement. He is sitting by his pool looking through social media. But then he simply grabs a Kodak camera, takes a fancy picture, and sends it to a bunch of celebrities we all know.
The first point we can take away from the video is Pitbull wanting to be noticed. He wishes to communicate with others and share aspects of his life.
And then again, everybody who is more or less included in the ad is of high status. They have some sort of recognition in the public eye.
And lastly, Pitbull literally decides to take a picture of him ‘showing off’ right after he witnesses Drake doing the same thing.
All of these key points lead us to believe that the segment Kodak has chosen to target is Peacocks.
Lifestyle and values: Peacocks want to stand out, be different, and original. Whether they achieve it through style, personality, hobbies, and interests is does not really matter. What matters is that they turn their goal into reality.
However, we all know how the obsession with perfection brings out insecurities. This does not however take away from the overpowering confidence. For example, if a small fail happens in the workplace, it will not disappoint or unmotivate this segment.
Achievements are also important for Peacocks, and they contribute to the perfectionism of the segment. Peacocks first set their goals and then divide them into small steps. And it is through those small steps that they ultimately arrive at their big destination.
Peacocks aim to be leaders in the workplace. Starting from getting high education to working towards every promotion, they make that happen.
Earning a good amount of money and living a flourishing life is an inseparable aspect of a successful career. However, Peacocks struggle with that.
Although they earn a lot of money, they tend to waste some as well. For example, they purchase small but pricey products all the time just for the sake of it, or for rewarding themselves. This results in them not having enough income left for the necessary stuff.
Attitude to shopping: If we know that Peacocks love rewarding themselves, there is something else we can infer. They enjoy purchasing from well-known luxurious brands. This also brings their obsession with being outstanding to the picture. In their minds being outstanding means dressing nicely.
This segment is so different from any other one. While people either prefer quality or quantity, this segment cares about both. So discounts and special offers are a huge help.
One other reason why Peacocks do so much shopping is their tendency of staying modern. They like their outfits to be in style. Media consumption helps them with it. Whether it is through Instagram or a TV ad, they soak style inspirations like a sponge.
This segment is brand loyal. Once they find a company they like, they stick to it.
Other interesting facts:
- Peacocks appreciate their looks and how they are recognized
- They constantly run to the gym. The gym is not only for getting and staying in shape but it is also an occasion for meeting new people.
- This segment fancies going to the cinema
- They are above average restaurant and bar visitors
- Their friends must be alike
- Their main source of information appears from TV
- Peacocks live for reading magazines
- Online platforms are medians of staying social and communicating with people.
- A portion of them use print media and even less listen to the radio.
To sum up, we talked about Kodak in this blog, a software solution for printers. We did a deeper dive into its marketing strategies to understand how it remains relevant and successful. To find out more information about other brands, make sure to check out our main website.
