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MUHAMMAD FAKRUL IZWAN BIN MOHAMAD ZAKI

(2022449688)

NURUL IZWANI NADHIRAH BINTI AHMAD HISHAM

(2022466622)

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(2022680776)

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Kodak was once one of the most successful companies in the world, known for its pioneering work in the field of photography. However, the story of Kodak is also one of failure, as the company failed to adapt to changing technologies and market trends, ultimately leading to its decline. Ultimately, Kodak's failure was a result of its inability to adapt to changing market conditions. The company was focused on protecting its existing business, rather than embracing new technologies and opportunities. As a result, Kodak was left behind as the photography industry shifted towards digital.

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Need to follow the current trend

Always keep an eye on market developments. Present new ideas that meet customer needs and solve customer problems. However, before that, you need to do a survey first about what the community needs now. Don't delay if you have an interesting idea. Act fast because, in today's world, every trend and need changes quickly. Pay attention to market trends and developing technologies. There are always new innovations and changes in consumer habits. Companies that can anticipate these trends and adapt quickly have a better chance of surviving.

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Maximize shareholder value

Maximizing shareholder value is an imperative for Kodak to ensure long-term success and survival in a competitive industry. This necessitates a multifaceted approach that emphasises strategic investments, operational efficiency, and innovation. By investing in cutting-edge digital imaging technology and expanding into high-growth areas such as healthcare imaging, artificial intelligence, and cloud-based services, Kodak can generate additional income and strengthen its market position.

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Allow technology to advance

Kodak's slow pace change from traditional film to digital photography was a significant reason in its demise. Due to this kodak must allow technology to advance. To remain competitive in the digital imaging business, Kodak may have boosted technological advancement by providing new technologies and intellectual property to larger enterprises, sparking fresh discoveries and innovations. There are many terms that kodak can consider to upgrade including developing high-resolution image sensors that capture more detail and produce sharper images. High-resolution sensors are critical because they significantly enhance image quality, which is a primary factor for both professional photographers and everyday consumers. As the demand for higher-quality visuals continues to rise, driven by advancements in display technologies like 4K and 8K screens.

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Continuous innovation and adaptation

Imagine if Kodak had kept up with the digital revolution instead of sticking to film. They could've been like tech wizards, inventing new ways to capture and share memories. By investing in research and development, they could've stayed ahead of the game, even disrupting their own film business before digital cameras took over. But instead, they got stuck in the past, like a record player in a streaming world.

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Customer-centric approach

Kodak's downfall was a bit like throwing a party without asking what the guests wanted. They were so focused on their own products that they forgot to listen to what people really needed – easy ways to store and share photos digitally. If they'd paid more attention to customer feedback and market trends, they might've seen the writing on the wall and pivoted sooner.

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Diversification of products and services

Kodak put all their eggs in one basket – film. But when digital cameras came along, they were left scrambling. If they'd diversified their offerings – maybe branching out into digital cameras or photo-sharing platforms – they could've cushioned the blow. It's like if a farmer grows different crops instead of just one – if one fails, there's always something else to fall back on. But instead, Kodak found themselves in a one-trick pony show, and we all know how that ended.