Free Essay Sample: Applying Strategies to Achieve Competitive Advantage

There are diverse ways of gaining competitive advantage in the marketplace, and most organizations pay attention to few tried or true methods of attaining an edge on the competition. These companies in diverse geographic and industries, encounter extensively differing strategic challenges, which forces executives to continually search for the right strategy constantly. To identify the appropriate strategy that suits corporate needs, it becomes critical to conduct a thorough analysis of the organization, along with its key aspects.

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At a certain point, one of the global pioneering film companies, Kodak, was unable to keep up with the digital revolution due to its hesitation of cannibalizing its strongest product lines. The leader in production, marketing, and design of photographic equipment had multiples opportunities of steering their organization in the right direction, but their fear to entirely embrace the change to the digital revolution resulted in its demise. As the company lagged in evolving to digital cameras with the fear of eradicating its all-significant film line, competitors, for instance, Japanese firm Canon, grabbed the opportunity, hence conquering the giant (Ho & Chen, 2018). To overcome these challenges, Kodak requires numerous strategies that are required to gain a competitive edge.

Firstly, the Kodak company has the opportunity of introducing its brands in the local markets through transnational strategy. Utilizing this strategy would cut down marketing expenses since international promotions necessitate extensive marketing. The company has multiple opportunities of reducing its cost, where else reaping above-average returns on its capital funds. By using a transnational strategy, the firm can market its products through local representatives instead of using brand ambassadors. Similarly, they can utilize print medium as it is close to its consumers, as well as embracing technological models to enhance its products, functions, brands, along with the design (Natalia & Ellitan, 2019). These measures will reduce expenses, duplication of assets, enhance the implementation of systems; thus, increasing its competitive nature over the competitors.

Secondly, based on the cloud service industry, a cloud computing strategy would be more effective in providing customers with more efficient, safer, and better services. The Kodak company should implement a business plan that sufficiently defines its vision, ethical values, and mission statement since these practices are the foundation of a strategic plan (Kim & Mauborgne, 2017). All these intent and statements are interconnected and play a significant role when setting future goals and orienting employees to understand what is expected from them. Kodak must alter its vision and mission statements to be in line with the technological advancement and market surroundings. These innovative strategies will scale the company to its original position in the market, hence gaining a competitive edge.

Conclusively, Kodak can implement blue ocean strategy by (1) selecting the appropriate scope of blue ocean initiative and building the market confidence, (2) having a clear current strategic landscape to differentiate itself from the competitors, (3) recognizing the hidden constraints which could be turned into opportunities to offer solutions to existing challenges, (4) generating practical blue ocean options which pursue both low-cost and differentiation, and (5) launching the blue ocean direction to maximize its potential. These steps will enable Kodak to acquire a competitive edge in the market.

References

Ho, J. C., & Chen, H. (2018). Managing the disruptive and sustaining the disrupted: the case of Kodak and Fujifilm in the face of digital disruption. Review of Policy Research, 35(3), 352-371. https://doi.org/10.1111/ropr.12278

Kim, W. C., & Mauborgne, R. (2017). Blue Ocean Shift: Beyond Competing-Proven Steps to Inspire Confidence and Seize New Growth. Hachette UK. https://doi.org/10.15358/9783800656622-1

Natalia, I., & Ellitan, L. (2019). Strategies to achieve competitive advantage in industrial revolution 4.0. International Journal of Research Culture Society, 3(6), 10-16. http://repository.ubaya.ac.id/35009/