Kodak and Fujifilm Essay Example for Free

Kodak and Fujifilm Essay Kodak, which was once known as Eastman Kodak Company, was founded by George Eastman in 1888. This invention enabled inventor Thomas Edison to create the first motion picture camera in 1891. Kodak’s photography and imaging was its main big thing and was widely used from photography equipment to film, paper and color chemicals. Kodak set the standards high for quality when making its motion picture films. (Kodak) In the 1980’s, Kodak’s market share reached 90%. In the 1800’s he also invented an emulsion-coating machine which enabled him to mass-produce photographic dry plates, he was one of the first to prove the great convenience of gelatin dry plates over the cumbersome and messy wet plate photography prevalent in his day. Dry plates could be exposed and developed at the photographers convenience; wet plates had to be coated, exposed at once, and developed while still wet. The name Kodak was born and the KODAK camera was placed on the market, with the slogan, You press the button we do the rest. (Kodak) Kodak went on to become one of the biggest expanding the major impact it brought to pictures. It grew into helping the health industry by devising films that detected radiation exposure for developing the atomic bomb. (Kodak) Kodak went on to play significant roles with joint ventures from Nasa, Sun Chemical, and other big ventures. By 1962 the company’s U. S. consolidated sales exceed $1 billion for the first time. Its work force tops 75,000. Today Kodak’s estimated total market capitalization is about $900 million (Forbes) Kodak was a pioneer of photography and imaging and that was its core business. Kodak came before Fujifilm and was able to evolve and adapt quickly to the market changes. In January 2012, Kodak filed for Chapter 11 bankruptcy protection in the United States District Court for the Southern District of New York and in January 2013 it exited bankruptcy. Kodak’s downfall I think was that it was not able to keep up with the technology changes and multiple new waves of how it evolved. Ethics and social responsibility was on its side because of the good it did for the world through the company’s research and the profit margin showed that. Being able to help NASA and hospitals showed there ethical practices. Customers were satisfied and they trusted the brand. Obviously for them to have gone bankrupt means there was a breakdown in financial strategies and decision making. Fujifilm was established in 1934 with the aim of producing photographic films. Over the decades we have diversified into new markets and built a strong presence around the globe. It was founded by (Fujifilm. com) It emerged with its photographic film manufacturing industry and then began operating, producing photographic film, print paper, dry plates, and other photosensitive materials. It went through several name changes starting as Fuji Photo film and ending up as Fujifilm. Fujifilm may have started as a manufacturer of photographic film, but the companys decision to branch into many areas of business including a transition to a digital camera manufacturer in the past several years has been a successful one. (camersabout. com) Fuji has crossed over into hospitals providing x-rays and medical imaging. Fujifilm has offered photographic film, motion picture film, color reversal film slides, microfilm, color negatives, 8mm motion picture film, and videotape. Beyond film, the company also has offered computer storage tape, computer floppy disks, and offset printing plates. Fujifilm made its first digital still camera in 1988, the DS-1P, and it was the worlds first digital camera with removable media. The company also created the first one-time-use recyclable film camera, the Quick Snap, in 1986. (Cameras about. com) Fuji dominated overseas and has embraced change and diversity to become a more effective force for a better future. Fujifilm has continued to maximize other resources effectively to achieve healthy growth.. In 2007, Fujifilm cameras ranked eighth worldwide in number of digital cameras manufactured, with about 8. 3 million units, according to a Techno Systems Research report. Fujifilm cameras, sometimes shortened to Fuji cameras, held a market share of about 6. 3%. (fujifilm. com) they too have been innovators and there management strategies have kept them on top and out of trouble such as bankruptcy. Kodak was not quick as Fuji was to adapt and they adapted quickly to stay well liked in the marketplace. They went from just hot in Japan to being second in the lead below Kodak in film usage, Both companies show what their approach to ethics and social responsibility are by their profits and success. It takes good decision making, quick turn around, and constant change to ensure diversity with any company. Flexibility, the right marketing, and speed are important in decision making. Fuji was smart and aggressive going from overseas to the global market with their low prices that made for a powerful marketing strategy. 1984 Los Angeles Olympics put them on the map when they became the official film of the event. Kodak made bad investments that caused them to eventually go bankrupt. It acquired Sterling drug for 1. 5 billion in January of 1988 and it turned out to be a bad investment and they wind up selling it off. Once it started falling the CEO was not able to revive it. Both companies made photography and imaging as their core business but Fuji even though it started later had the better adaptability. Fuji stayed reinventing itself and evolved with the change to invent better products. Kodak seems to come to a standstill even when the smart phone was introduced. When making decisions to build in flexibility you need to access the option, define the problem, adjust your approach and have innovative thinking. (Houston chronicle, by Amber Keefer, Demand Media) Before proceeding with you of action you have to choose an adequate course of action, and then you define the problem. Gather information, evaluating possible solutions and estimating the outcomes are crucial steps in the decision-making process. The objective is to take a situation from its current circumstances and move it toward a future goal. When making decisions you have to understand what you need to change and come up with ideas on how to improve the situation. After analyzing the problem, the next step is to find a solution before making a decision and implementing changes. Consider the advantages and disadvantages of each of the options available. Think about the value of the actions you can take. After you decide on a solution, you might want to change your approach.. Evaluate new information as it becomes available to you. Flexibility in decision making allows you to learn from your mistakes and then move toward a successful outcome. When you prepare to implement change, it is important to consider your organization’s future needs and objectives. You have to consider various options as solutions to a problem tend to put more thought into making decisions. Critical thinking is important. Flexibility in problem solving is key and involves interpreting information, drawing conclusions and considering the implications. A decision maker must identify weaknesses of the situation and move to remove it from the equation. Then finally as you approach the final decision change often requires adjusting your approach to meet the unexpected. Keeping an open mind is important when considering the overall situation and looking at all facets of the problem. Building flexibility in decision making requires that you be receptive to change. Even the best-laid plans hit unanticipated obstacles. The key is to know when to adjust your approach. Effective decision makers demonstrate the ability to shift priorities as the need arises and show a willingness to achieve objectives by taking advantage of new opportunities. (Houston chronicle, by Amber Keefer, Demand Media) Kodak was first out the door in the business industry but made some financial mistakes that cost them in the end. They were not fast paced like Fuji with keeping up with the industryand keeping their technology current. Fuji looked for newer marketing strategies to please their customers and kept evolving. That would explain their success today. , Fujifilm has transformed itself into a solidly profitable business, with a market capitalization, even after a rough year, of some $12. 6 billion to Kodak’s $220m (petapixel. com) Kodak filed a lawsuit against Fuji claiming they had infringed on Kodak’s digital photography patents.