Cameras has been one of my favourite gadget of all time. Kodak camera, one with the film was my first camera, which I got as a gift on one of my birthdays. But now-a-days hardly anybody goes for it. People have far better options than it.
Kodak – pioneer in photography and one of the most iconic of all photography companies had tough times lately.
Every person has a Kodak moment in their lives. Even Kodak had a kodak moment in theirs. It filed for chapter 11 bankruptcy protection in the US. Many a articles have been published regarding kodak filing bankruptcy and the learning from it.
The bullet points
- The company seemed to move with the industry, but it wasn’t enough. In particular, Kodak was still implicitly married to an outdated business model that relied on people printing their photos.
- People don’t print photos anymore but they like to share online.
- Despite being the first to have invented Digital phoography, but the fear that it could cannibalize its film business and here the competitors saw an opportunity and en-cashed upon it. When kodak realised, it was too late.
- The essence of marketing is asking first, “what business are we in?” and not “how do we sell more products?”
- The bottom line is that in any transformation, you need to embrace the right business model.
Few articles which I came across are as under:
Why Kodak failed – and how to avoid the same fate. – cbsnews
Kodak Failed by asking wrong marketing question. – Forbes
The rise and fall of Kodak – what went to wrong. – Birminghampost.net
Finally a kodak analogy with Blackberry maker RIM – Firstpost
Kodak Lesson – My broadband
Grim Kodak moments – Buffalo News