Eastman Kodak is struggling severe competition and the company has to come up with effective solutions to regain its status of the leader in the industry. It is necessary to note that the strategies Kodak is using are connected with the company’s vision and mission. The company’s vision involves improvement of safety, environmental and health aspects of Eastman Kodak’s products and services. It is stressed that the company is committed to ensure protection of safety of employees, customers, partners, neighborhoods and the entire society. Special attention is paid to corporate culture and responsibility. As far as the mission of the company is concerned, Eastman Kodak strives to invent and employ innovative digital technologies with special attention to the environment and society in order to ensure that the company’s operations as well as people’s lives in general are sustainable. The company uses certain strategies to bring these mission and vision to life. It is possible to analyze strategies used at corporate, business and functional levels.
Thus, corporate level strategies concentrate on such issues as sustainability, corporate culture, ethics and so on (Carroll & Buchholtz, 2014). Admittedly, these issues define the way the company will develop. Eastman Kodak focuses on sustainability, innovation, inclusion and social responsibility (Innovation, 2014). It is necessary to note that attention to sustainability in environment or social responsibility are crucial for companies operating globally as the contemporary customers are willing to buy from companies that contribute to development of the society and do not focus on profit (Ketchen & Short, 2011). At the same time, Kodak’s attention to innovation is essential as it can enable the company regain its status of the leader in the field. More so, this strategy proved to be effective for the company in the past. It is noteworthy that the company’s focus on sustainability (environmental as well as social) are beneficial for the company. The company will create a more sustainable community and will attract more customers as well as effective employees and reliable partners.
When it comes to business level strategies, these are focused differentiation, product development and market penetration. The strategies at this level are closely connected with the ones at the corporate level. Focused differentiation enables he company innovate and address the needs of the customers (Ketchen & Short, 2011). The company can add value to its products. For instance, instead of simply offering high-quality digital technologies, the company produces high-quality digital technologies that contribute to creation of a better and more sustainable world. It is possible to provide such examples as Digital Offset Plates that significantly reduce consumption of such resources as chemistry, energy and water (Innovation, 2014). Packaging solutions is also an effective innovation as the company contributes to reduction of wastes (Innovation, 2014).
The strategy mentioned above is closely tied to product development. Clearly, to remain an innovative company, Eastman Kodak has to come up with new products and services that address needs of the company’s customers. It is noteworthy that the company should also work on creation of the need for certain products. For instance, it is essential to make more and more people share the company’s commitment to develop a sustainable society. Hence, producing new products that are sustainable is of paramount importance for the company.
Finally, functional level strategies include a wide range of activities in such areas as marketing, finance, operations, public relations, human resources and so on (Carroll & Buchholtz, 2014). Functional level strategies are aimed at achieving major goals of the company through minimization of costs and maximization of productivity. It is possible to consider the company’s human resources policies to understand that the company strives for carrying out its mission and vision. For instance, Kodak’s Employee Health and Wellness program contributes greatly to creating sustainable society. These benefits include vocational program, travel medicine program, care for children and elderly, flexible work schedules and so on (Employee health and safety, 2014). Admittedly, having such benefits, people working in the company have an opportunity to work and live in a more comfortable environment. Another example of effective strategies at the functional level. Is the company’s inclusion program as the company has a specific advisory board that ensures that principles of diversity are incorporate in all departments’ operations. The aspect of public relations is very important for modern companies. Kodak’s recent initiative to provide low-cost office space in one of its office complexes contributes significantly to development of the community (The Kodak space project, 2014).
On balance, it is possible to note that Eastman Kodak employs strategies at corporate, business and functional levels that are closely connected with the company’s mission and vision. Kodak has high chances to regain it status of the leader in the industry as the company focuses on innovation, inclusion and sustainability. The company introduces new products and services that contribute greatly to development of communities as well as the entire society. It is noteworthy that the company also utilizes effective strategies to achieve its goals.
Reference List
Carroll, A., & Buchholtz, A. (2014). Business and society: Ethics, sustainability, and stakeholder management. Stamford, CT: Cengage Learning.
Employee health and safety. (2014). Web.
Innovation. (2014). Web.
Ketchen, D., & Short, J. (2011). Mastering strategic management. Irvington, NY: Flat World Education, Inc.
The Kodak space project. (2014). Web.