Term Paper on "Marketing Strategy Plan"

Term Paper 7 pages (2585 words) Sources: 1+

[EXCERPT] . . . .

Marketing Strategy Plan

Firm Chosen: Eastman Kodak Company.

About Kodak:

Kodak has come a long way ever since it was founded by George Eastman dating back to 1888 with the slogan "you press the button, we do the rest," that gave the first simple camera in the hands of a world of consumers. Since those days, Kodak has been a frontrunner with a plethora of new products and processes to make the world of photography easy, more useful and more thrilling. Certainly, at present, Kodak is popular not just for photography, but even for images used in an array of recreation, medical, business, entertainment and scientific uses. Its market more and more entails what is known as "infoimaging." Infoimaging is a term used to mean the use of technology to combine images and information- building the capability to profoundly transform the manner in which people and business interact with one another. In its pursuit to offer excellence in quality, Kodak persistently expands the avenues in which images touch the daily lives of people. Kodak is ranked as a leading multinational company whose brand is recognized nearly throughout the world. (Introduction: Kodak.com)

Internal Analysis:

As an initiative to guarantee that the expertise of the employees remains up-to-date; Kodak continues to put a strong dedication on 'continuous renewal' for its employees. The company feels that in order that it remains a market leader in the industry, Kodak should have a workforce having leading edge competencies. This ideal is contained in the corporate value of Continuous Improvement and Personal Renewal, which is an important component to the success at Kodak. An Employee Development Plan Process is formally administered wherein the employees might prefer the desired extent of participation and thereafter become responsible for propelling their independent development. This process assists employees to document career ambitions and develop training plans. Training to the employees is imparted in a number of ways apart from conventional classroom environment. The various alternatives include learning on the job, coaching, special projects, assignments and e-learning. (Health, Safety, and Environment 2004 Annual Report: Employee Training an Important Practice at Kodak)

The various programs and initiatives formulated by Kodak for managing employee relations are (i) Resolution Support Services (RSS): This is established within the Global Diversity and Community Affairs that supports employees in putting up appeals of management decisions to attain resolution of workplace problems and extends the best practices in the Resolution Support Services process. (ii) the Kodak Work/Life Program: This assists employees maintain a balance their commitment to the business with their personal, family and community responsibilities. The program supports like flexible work arrangements, back-up care for relatives who are old. Besides, the company also conducts seminars on managing stress, legal issues and others. (iii) the Employee Assistance Program: gives guidance and direction to the staff and their dependents who are encountering personal problems which cannot be efficiently addressed by the individual. (Health, Safety, and Environment 2004 Annual Report: Employee Training an Important Practice at Kodak)

From 23 May 2005, Sandra Morris has taken over as the Vice President and General Manager, Digital Imaging Services Group, within the company's Digital & Film Imaging Systems (D & FIS) business unit. She will be answerable to Bernard Massson, President of D & FIS and also a senior V.P. Of the company. Being the G.M. Of Digital Imaging Services, Morris will look after for spearheading the Kodak Easy Share Gallery, the online photo sharing and & printing, as also propelling Kodak Mobile Service, the mobile photo-centric picture sharing and picture sharing offering. The Kodak EasyShare Gallery contains 20 million members and more than 1 billion images stored. As regards performance measure, President, Masson has great reliance on incumbent Vice President Sandra Morris. (Sandra Morris Vice President Kodak Imaging Service)

According to him Sandra possesses genuine passion for the manner in which technology functions, and more significantly, the manner in which it can be applied to enhance the means people live, communicate, work & play across the world. She has dynamic leadership qualities, which has a feel about the important role that Kodak plays in the revolution of the imaging industry. Sandra also reciprocates with equal measure in acknowledging that Kodak is a powerful global brand and the company possesses vision as well as the resources to render technology accessible to the consumers across the globe and her keenness to develop this business as a vital component of Kodak's digital portfolio. (Sandra Morris Vice President Kodak Imaging Service)

Customer Analysis:

Kodak has a broad professional product portfolio, new segment strategy, and reporting structures. It is estimated that professional photography produces roughly 5 to 15% of the Kodak's net revenues. The company hopes professional photographers to persist in accepting, capturing, and outputting product and services which differentiate them from others and assist them in functioning more effectively. At Kodak, these products include new films with visible improvements, the new DCS ProBack 645, the ProShots program, the ML-500 and 8500 digital printers and Kodak lab scanners like the HR 500 Plus and HR universal. The company plans to support analog and digital solutions intended for commercial as well as portrait photographer well into the future. The company commands a good market share with the introduction of DCS Pro-Back Portfolio -- Pro-Back Plus and ProBack 645 and the DCS 760 and DCS 720X Digital SLR Lines. These products address to the segment that look for high performance in their class. (Kodak's strategy for the pro-imaging market)

With the emergence of the digital technology, there are various expectations regarding film vs. digital in the professional market since professional are embracing digital technology at different pace depending on their capital, digital knowledge, and available capacity. As a result, professional photographers will continue to require total film solutions, even though they are shooting a combination of film and digital. Kodak Professional will go on supporting and developing versatile film products. The company will persist in launching film products, concurrently leveraging the benefits of the digital workflow. The company will go on improving the trend of price-to-performance. The company has observed that the customers are looking beyond cameras. They want integrated systems and workflow solutions. (Kodak's strategy for the pro-imaging market)

Competitive Analysis:

During the year ended 2004, Kodak shipped most of the digital cameras in the U.S. compared to any of its Japanese rivals, thereby keeping up its edge in the first quarter according to a market research firm. Kodak dispatched 9,00,000 point-shoot digital cameras to domestic retailers during the January to March quarter which is 41% higher compared to first quarter of 2004 and its market share went up to 20.4% from 18.1% a year back as per IDC. Japan-based Canon occupied the second spot with 8, 50,000 shipments which is 72% higher compared to the previous year. Sony the leader since long, slipped to the third, followed by Olympus. Hewlett Packard or HP occupied cornered a 7.5%, Fuji Photo Film 6.8% and Nikkon with 5.7% Digital Camera, a new item. In the yearly digital-camera race Kodak crafted the first win in home turf. The Company shipped 4.88 million digital cameras to domestic retailers, increasing its market share from17.9% to 21.9% according to IDC. Sony was second with 4.33 million shipments, its share of the U.S. market plummeting to 19.4% from 21.7% in 2003. (Kodak Shipped the Most digital cameras in the U.S.A.)

Market Analysis:

Kodak expects that it is expecting a sale of digital products and services to go up at a compound annual growth rate of 36% between the years 2003 and 2007. The Company earlier projected a growth rate of 26% between 2002 and 2006. For the period between the year 2003 to year 2007 Kodak is now projecting the total revenue to go up at the rate of 7% to 8%. Even though the present anticipate envisages more quicker fall in the conventional business, that decline is counterbalanced by an increased rate of growth in the digital products and services, letting the company to keep up its target for total sales if $16 billion by the year 2006. In the opinion of Kodak's Chairman and CEO Kodak will persist to produce faster growth in digital markets through execution of strategy which the company presented a year back. The digital portfolio is inching broader acceptance in commercial and consumer markets, as proved by the higher share which the company presently enjoys in computed radiography and consumer digital cameras. (Kodak Reports Significant Progress in Digital Growth Strategies)

The sale of the digital products are increasing at a rapid pace that the company expects that by the coming year, in excess of 50% of the total sales will come from digital products and the company's profits will be higher compared to the year 2004. The critical success factors of the company's digital efforts are echoed by its proven potential to curtail costs in wake of the dwindling demand of some of its conventional products and services. Kodak presented a proposal to build on its base in conventional… READ MORE

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