Kodak could have taken advantage of the strong market and loyal customers that a wholesale retail company already has. Sorry, but copying text is forbidden on this website. The company must focus equally on both the present and the future. It will require not only distribution channel analysis but also promotion mix for the product. Funtime became a question mark product, liquidating revenues made by the existing cash cows.
Accessed May 22, No other film companies were educating consumers about value and benefits, so Kodak had an opportunity to capitalize on the lack of knowledge thereof. As Royal Gold is new to the market, more advertising must be focused to educate consumers about the product. Moreover, in the case study, we are told that Kodak offered three types of films: Send your data or let us do the research.
This is partly because most consumers do not buy as much from the middle segment.
Kodak can gain a larger market share by informing the customer what they are gaining from purchasing Kodak film before even entering the store. We’ll occasionally send you account related and promo emails. They introduced the Funtime Strategy.
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. Since Consumer Reports kkodak a study showing that most film rolls in that time performed similarly and printed pictures of comparable quality.
[Marketing Strategy]Eastman Kodak Co.: Funtime Film Case Study Analysis & Solution
Developing segment priorities and positioning the product based on the product need fit developed by the firm. Moreover, investing its time Kodak 10 and money on proper product development and analysis will allow Kodak to grow within the developing market. To solve its main problem, not foreseeing and adapting to market changes, we propose five alternative solutions: We make the greatest data maps. This would turn the product into a dog, and over time, would be fully liquidated.
The consumer was not educated in the differentiation between the superpremium Royal Gold, premium Gold Plus, and economy Funtime. Funtime became a question mark product, liquidating revenues made by the existing cash cows. Whenever you take a picture, Gold Plus is there for you, always dependable in any situation. They wanted to keep their high quality image while competing in the low end of the market as well.
Because perception is iflm, it is important for Kodak to position its brand as a product of high value. Market potential of Eastman Kodak Co.: They underestimated their competition casee did not react soon enough.
Eastman Kodak: Funtime Film by Tí Con on Prezi
Often companies can easily see the unfulfilled needs in the markets but they are difficult to serve as there are costly barriers. Its lack of educational advertising left customers in the dark, as far as the difference between products available.
Gold Plus is the dependable film for irresistible times thereafter when the baby is constantly photographed. Understanding the different needs and caxe value of your offering by segment. How about make it original?
Eastman Kodak Co.: Funtime Film
They should have immediately started discussion strategies on repositioning themselves to avoid the competition absorbing their market. This late response resulted in a rapid loss of market share. Because Kodak was kodaj selling this product during the off seasons, Funtime could never become a cash cow.
Sending coupons to customers is another way to help Kodak gain back market share in the decreasing market. Analyze the areas that you need to sort out while launching the products to wider market and what are the challenges the firm will face in market place. Your Answer is very helpful for Us Thank you a lot! By taking Funtime off the shelves, the economy portion of the Kodak market is unavailable.
Instead of allowing Gold Plus to completely diminish from the market, diffusing it into the economy tier will still give Gold Plus a competitive edge.
Kodak Major Case Essay
Therefore, we want to enter a more profitable market segment. Instead, we will drop prices once or twice a month over the course of a year. Film had become a commodity product to most consumers, and there was little customer loyalty to any particular camera film brand.