Strategy Planning Saudi electronic university Industry Evolution and Change discussion
Q – Please read the discussion Attached and prepare a Reply to this discussion post with comments that further and advance the discussion topic.
The evolution of the photography industry has been driven by several key factors, each playing a pivotal role in shaping its current state. At the forefront of these factors is the groundbreaking shift from analog to digital technology. This technological advancement revolutionized the photography landscape, fundamentally altering every aspect of the process. The way photos were taken underwent a massive transformation, but the changes didn’t stop there. Digital technology also introduced new methods for storing, processing, and sharing photographs, completely redefining the user experience. As digital technology advanced, it inevitably led to shifts in consumer preferences and behaviors (Grant, 2022). People began to gravitate towards digital storage and sharing, moving away from the traditional print photographs that had been the norm for decades. This change in consumer behavior wasn’t just a mere trend; it signified a deep-seated shift in how people interacted with and valued their photographic memories. The competitive landscape of the photography industry was another area that experienced significant changes. The advent of digital technology opened the doors for new entrants, particularly from the electronics and computing sectors. These new players brought fresh perspectives and innovations, challenging the dominance of traditional photography companies. The once clear boundaries of the industry began to blur, as electronics and computing companies stepped into the arena, drastically altering the competition and setting the stage for a new era in photography. These factors significantly impacted Kodak’s business model, which was heavily reliant on film-based photography. The rise of digital technology diminished the demand for film, disrupting Kodak’s main revenue stream. During Kodak’s quest for a digital future, the photography industry was in a state of transition, arguably at the intersection of maturity and decline for traditional photography, and in a growth phase for digital photography. The traditional film-based segment was experiencing saturation and decline due to technological substitution, while the digital segment was rapidly growing and evolving. As the photography industry underwent significant changes, Kodak, a long-standing giant in the field, adopted various strategies to navigate the evolving landscape. One of the key approaches Kodak took was an incremental transition to digital technology (Grant, 2022). Recognizing the shift in the industry’s direction, Kodak aimed to balance maintaining its traditional film business while progressively building and integrating digital capabilities. This gradual approach was designed to allow Kodak to adapt to the new digital era without abruptly abandoning its established business model. In addition to transitioning towards digital technology, Kodak also embarked on a journey of diversification (Grant, 2022). The company expanded its reach into various digital domains, including manufacturing digital cameras, developing printers, and offering online photo services. This expansion was a strategic move to not only stay relevant in the rapidly changing market but also to explore new avenues for growth and innovation in the digital space. Another significant strategy employed by Kodak was forming alliances and acquiring companies (Grant, 2022). This approach was pivotal in bolstering Kodak’s technological capabilities and expertise in the digital domain. By partnering with other companies and integrating newly acquired technologies and skills, Kodak aimed to enhance its competitiveness and position itself as a key player in the digital photography industry. These strategic moves reflected Kodak’s recognition of the need for collaboration and innovation in keeping pace with an industry in the midst of profound transformation These strategies had mixed effectiveness. Kodak successfully developed digital technologies and products but struggled to transition its business model away from film rapidly enough to stay ahead of the curve. The incremental approach, while minimizing risk, also meant slower adaptation in a rapidly evolving market. Kodak’s journey through the shifting sands of the photography industry could potentially have seen greater success with a more assertive approach towards digital transformation. A key aspect of this strategy would have involved a faster adoption of digital technologies (Mui, 2012). Instead of the gradual transition that Kodak opted for, a quicker shift away from their traditional film business towards emerging digital opportunities might have better positioned them in the rapidly evolving market. In this more aggressive strategy, a significant emphasis would have been placed on leveraging Kodak’s core competencies. With a rich history and expertise in imaging technology, Kodak had a competitive edge that could have been more effectively utilized. By focusing on areas where they already excelled, such as advanced imaging technology, Kodak could have strengthened its foothold in the digital arena. Furthermore, building a strong digital ecosystem would have been a cornerstone of this approach (Mui, 2012). Kodak’s strategy could have encompassed a more integrated digital offering, combining hardware, software, and services into a cohesive unit. This holistic approach to digital photography would not only have catered to the evolving needs of consumers but also established Kodak as a comprehensive provider in the digital landscape, ensuring a more robust presence in a market that was quickly moving away from traditional film. Organizational ambidexterity refers to the ability of an organization to both explore new opportunities and exploit existing competencies (rodriguez, 2014). Kodak struggled with this balance. While they did invest in new digital technologies, they were unable to let go of their traditional film business quickly enough. This lack of ambidexterity hindered their ability to effectively respond to the rapidly changing landscape and to disruptive technologies. References Grant, R. M. (2022). Contemporary Strategy Analysis (11th ed.). Wiley. Mui, C. (2012). How Kodak Failed. Forbes. https://www.forbes.com/sites/chunkamui/2012/01/18/how-kodak-failed/ rodriguez, A. (2014). Organisational ambidexterity. London Business School. https://www.london.edu/think/organisational-ambidexterity
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