Describe the history and core business of each company.
Both Fujifilm and Eastman Kodak are renowned brands not only in the United States but all over the world. Eastman Kodak was founded in 1881 and was known as Eastman Dry Plate Company. Its headquarters are in Rochester, New York. Its founder, George Eastman, was among the first people in photography to demonstrate the difference between gelatin dry plate from a wet plate that was until then, widely used in photography. It was until 1888 that the company changed its name to Kodak. As elucidated by Inagaki & Osawa (2012), Kodak rebranded all its products and it then sold the first camera to the general public with a new name.
Owing to the changing nature of photography and technology, Kodak demonstrated innovative and creative strategies that would keep the company afloat (Hill et al., 2014). The company came up with easier ways of film development and production, designed and developed printers and cameras. Apparently, Kodak also ventured into health sector by developing imaging units especially at the dawn of digital age. Although the company was able to remain profitable throughout the 20th century, increase in competition, advancement in photography technology and inability to maintain healthy financial performance brought the company to its knees in 2012. In fact, many people saw the company as bankrupt. In order to avoid closing its doors, Kodak sold majority of its product lines especially graphic patented prints (Inagaki & Osawa, 2012). It also embarked on a rigorous process of changing internal processes and leadership. Among the changes that were apparent, elimination of cameras and shifting the company’s focus to mature and commercial market. Although the changes and transition that took effect alienated the company from the market it had commanded for so long, Kodak was able to leave bankruptcy and remain within the profitable margins.
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