Summary Reflection Of Polaroid Expert Answer

Polaroid was established in 1937, and is well recognized for its instant Polaroid picture and lenses. Polaroid was incapable to forecast the impact that digital cameras would have on its film industry following its initial success in securing a market which had few rivals. Ignoring emerging technological advancement and considering its historical success in the film industry to be as a permanent success, Polaroid ignored the need to seek new areas and improve their long-term competitiveness and sustainability. In 2001, the Polaroid Corporation went for bankruptcy, and it sold off the brand and all its properties. In May 2017, the Polaroid Corporation’s logo and copyright properties was purchased by the biggest owner of the Impossible Project, which first launched development of new instant films for Polaroid cameras and then in September 2017, the new brand name i.e. Polaroid Originals came into being. As digital photography entered the market, Polaroid executives were turned off by the substantial hit to margins they would be taking. While possessing the technology, Polaroid had no marketing plan for the product, and no intention to unrestraint a business model’s cash cow (Db (n.d.).

The biggest problem with Polaroid’s policy and strategy is that they perceive just the technological challenges as the hurdle but neglect the market challenges created by the growing need for rising competition from consumers. There was a perception that when their technological advancements were set, the consumer would respond according to their result. But in reality, the strategy was not worked in that manner in an effective way (Lefler, 2010). The Proov Content Team (2018) stated that the old and obsolete Polaroid cameras on the market were essentially useless at the period when digital cameras became the fashion style. Polaroid then reinvent its strategy; change its approach and incorporated creativity into its organizational culture and products.

References

Db. (n.d.). Polaroid: Instant Photography King No More. Retrieved March 19, 2020, from https://digital.hbs.edu/platform-digit/submission/polaroid-instant-photography-king-no-more/.

Lefler, P. (2010, November 11). Patrick Lefler. Retrieved March 19, 2020, from http://customerthink.com/polavision_polaroids_disruptive_innovation_failure/.

Proov Content Team. (2018, October 14). Lessons from Past Giants – When Lack of Strategy and Innovation (Nearly) Destroyed the Polaroid Enterprise. Retrieved March 19, 2020, from https://proov.io/blog/lenterprise-success-polaroid/.