If Kodak 6 Kodak were to partner successfully with retailers like this, the company would be able to gain further market share and sales, because people would increase their recognition of this particular brand, and could become the go-to brand for most. Get a custom sample essay written according to your requirements urgent 3h delivery guaranteed Order Now. Accessed May 22, Educating consumers would likely only work best when paired with another alternative solution. However, we cannot go about this by simply dropping the price of Gold Plus immediately. However, considering its change in strategy, dedication to marketing and advancement in technology, Kodak should continue giving its competitors a very hard task.
By selling within these types of stores, companies were more likely to succeed because this was a retail niche that was evolving, and would give particular brands and products more consumer recognition. Although the market was searching for a product from Kodak that would be introduced in the economy brand, Funtime was unsuccessful. We examine the various strategies in which Kodak has ventured in over the years in its quest to remain the leader in film and print industry. This shows competition which is a good prerequisite in ensuring consumers get the best as firms compete to win the market. Mainly because doing so, in the eye on the customer, will cause confusion and potentially reduce brand equity.
Your Answer is very helpful for Us Thank you a lot! We have received your request oodak getting a sample. Customers sometimes tend to believe that reduction in prices goes with reduction in quality hence feel skeptical about buying the product.
Simultaneously, they would also acquaint consumers with the value of their product, when compared to others.
In doing so, this would be a great way for Kodak to tap into market share that had not yet been touched. Still allowing Kodak to have a distinguished brand image over competitors in the economy brand, this would place Gold Plus as a premium brand competing with competitors of the economy level.
To do this, Kodak needs to redevelop an existing line that will appeal to a broader audience of photographers.
Advertising definitely increases sales. Customer satisfaction is king when it comes to acquiring market share. Sending coupons to customers is another way to help Kodak gain back market share in the decreasing market. Kodak could have taken advantage of the strong market and loyal customers that a wholesale retail company already has.
Because many uneducated customers simply buy based off of price alone, Kodak needs to inform customers why they should pay the premium price, and what benefits come along with paying that premium.
The key to a successful business is focusing on the present product, while spending time on researching and developing the future product. Their competition capitalized on the market changes and private film companies began offering lower cost film of comparable quality.
The biggest challenge now comes on how a company can maintain its market share while still supplying quality products. Kodak did not take time to distinguish themselves from this new competition but simply relied on their trusted brand name they had built in the years prior.
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It is in the privately owned shops that single rolls of film will be purchased more frequently. No other film companies were educating consumers fhntime value and benefits, so Kodak had an opportunity to capitalize on the lack of knowledge thereof.
S market, it is clear that even with a high market share there is still much to be done in maintaining this status. Before differentiating themselves from their competition they should have reacted immediately to new competition rather than ignore it.
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Customers will always look at price before purchase. Success in Business goes far than just having capital to start the business. How the strategy will work out in favor of the company is a companj thing all together.
It faces stiff competition from other players in the market providing the same commodity. Let aside, this would not address the problem of having been unadaptive, at its core.
Implementing a gradual price decrease will slowly lower Gold Plus into the economy level tier without adding an entire new Kodak line.
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However, had the company spent more time on researching the camera film industry, it might have noticed that developing another cash cow product was not intelligent. They underestimated their competition and did not react soon enough.
Those wishing to potentially enlarge the photo will have a finished product fillm is so crisp they will have the peace of mind in knowing it will not jeopardize the integrity of the picture.
Kodak was not prepared for the market changes that came. Kodak was reluctant to come to terms with this new reality.
Kodak Major Case Essay
kodk Every company wants to outdo the other in the market with each using different tactics such as reducing prices, advertising and discounts. Kodak strategy — SlideShare 7 Aug Kodak strategy. They should have immediately started discussion strategies on repositioning themselves to avoid the competition absorbing their market. According to satisfaction obtained by a customer, there is likely to be repeat purchase and consequently brand loyalty.