Strategic Audit for Eastman Kodak (Kodak)

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Strategic Case Analysis-Kodak

Introduction

Most companies have an abundance of informational data, from market aptitude statistics to consumer information, or operational reports which consists of facts and figures. Everyday this data continues to grow and transform, as our world is ever-changing. To have a competitive advantage in today's aggressive market; companies must streamline their internal operations, find newer business opportunities, increase their profits, and cultivate industry relationships. This can all be achieved by having a well-defined business strategy. A strategy is a term used in business to describe where a company is presently, where a company wants to be, and how a company will achieve their goals. Company analysis is crucial in formulating such a strategy, as it focuses on improving the company's competitive position (Wheelen & Hunger, 2007).

A strategic analysis is vital in formulating Kodak's strategy. It can sustain the long term deportment of their business, the capacity of a competitive market, the advantage of that particular market, what capital may be necessary, and what factors are directly and indirectly contributing to their business and stakeholders (Wheelen & Hunger, 2007).

Kodak's Current situation

Eastman Kodak Company (Kodak) is in the business of selling technology, imaging products, services and solutions to businesses, consumers, and professionals. Kodak's products and services span digital video and still cameras, in addition to associated accessories; consumer media and inkjet printers; digital frames; retail printing booths, APEX dry lab structures and interrelated media; online imaging galleries; prepress machinery, etc.

Kodak's slogan is "you press the button, we do the rest." In 1888, George Eastman marketed the first simple camera; thus, Mr. Eastman made a complicated and cumbersome process easy and accessible to use by nearly everyone. Since then, Kodak has led the way with many new processes and products to formulate simpler photography, making it more enjoyable and useful for the consumer (Kodak, 2010).

Today, Kodak is known for their photography and their images, which are utilized in an assortment of commercial, leisure, scientific and entertainment applications. Kodak's reach, increasingly entails the utilization of technology to join information and images, thus creating the probability to intensely alter how individuals and companies communicate. In the same way Mr. Eastman had the goal of making photography "as convenient as the pencil," Kodak continually expands the methods in which images touch individual's lives. Kodak ranks as a leading international firm, with brand recognition in practically every nation around the globe (Kodak, 2010).

Corporate governance

Kodak's reputation has been established from their ethical business conduct, of more than a century. Kodak has established a Corporate Responsibility, as well as Values and Principles, by which we all can live. Kodak's conduct is governed by their policies and procedures, which include both legal and ethical directives. A critical element of Kodak's program is their transparency, and particularly, their eagerness to set goals and objectives while reporting on their progress. For over a decade, Kodak has had voluntary responsibility and environmental goals in ...