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Unfortunately, Kodak was slow to realize that where Fujifilm adapted to it quite quickly, After many power changes, the eventual leader Shigetaka Komori put the company on the right path.
The restructuring and the remodeling plan that he started, he basically went onto lay off people and cut down the costs. (the Economist, 2012) in just eighteen months, Komori ensured that the development labels, managers and researchers that were extra, and extra costs were removed from the company. Surely, it was not an easy task to lay off people but the entire change basically reduced the cost about 2.5 billion dollars. (Inagaki and Osawa, 2012)
From all this discussion, we basically see that a failure to change and a lack of strategic planning can cause any company a lot of damage. A lot of scholars and experts agree on the fact that the only thing that is constant is change. Therefore, we have established that change is something that is bound to happening and a company should be open and flexible enough for to change.
One way to build up flexibility is to allow the people in the company specifically to analyze the changing market. Thus, companies should always be on the lookout for change and they should look for ways to adapt to that change as well. Thus, predicting and analyzing change will itself...
Even though the board of directors or the leaders of the company might want to stick to the old ideals, all members of the company should be inquired about their views. Creative strategy making and better ideas will be only be provided if a company relies on the input by everyone and not just some selected members.
References
Gavetti, G., and Henderson, R., et al. (2005). Kodak and the digital revolution (a). Boston, MA: Harvard Business School Pub..
Inagaki, K. And Osawa, J. How Fujifilm Charted Different Course Than Kodak. The Wall Street Journal.2012.Available at: http://online.wsj.com/article/SB10001424052970203750404577170481473958516.html. Accessed: 11 May 2013.
Levitt, T. (1960). Marketing Myopia. Harvard Business Review, (July-August).
Mendes, G. (n.d.). What went wrong at Eastmen Kodak. [e-book] Available through: The Strategy tank http://www.martinfrost.ws/htmlfiles/oct2011/What-Went-Wrong-at-Eastman-Kodak.pdf [Accessed: 11th May 2013].
Unknown. The last Kodak moment? The Economist.2012.Available at:http://www.economist.com/node/21542796?fsrc=nlw|hig|1-12-2012|editors_highlights; Accessed: 11 May 2013
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