Polaroid was once dominant in the instant camera and film market but failed to adapt to digital photography. It filed for bankruptcy in 2001 due to falling sales, high debt, and lack of innovation. Key reasons for its decline included the rise of digital cameras which made instant film obsolete, as well as Polaroid's reluctance to enter new markets and focus on brand value over products. While Polaroid has attempted revitalization through new ownership and targeting nostalgia, its future remains uncertain.
2. +
• 1937
• Edwind land
• Sunglasses, camera, film
• Instant cameras- monopoly
1943
100% control
Owned almost all patents
10% of the US camera market
3. +
Synonym of instant photographs
Cool
Live for the moment
Piece of Art
Highly profiled
4. +
• 90s Sales starting falling
• drastic cost cuts
• 2001, Debt $1 billion
• Share value $60 in 1997 to 28 cents 2001
• Soon announced bankruptcy
Popularity Credibility
5. +
2002 - 2005 One equity partner
Minneapolis financier Tom peters
Bankruptcy again
2008 production stopped
6. +
Why did they fail?
Printed photographs replaced by Digital photography
Lack of innovation
Possessive about the market - ‘law of category’
Focused more on products then value
Poor marketing management
Irony- Instant camera not instant to adapt change.
7. +
Reinforcing Polaroid
Maintain Brand consistency
instant photograph
Simultaneously, update with advancement
Eg:
Research
Ignorance
"Why should we accept a 38 percent margin? I can get 70 percent in film”
8. +
Reinforcing Polaroid
Protecting sources of brand equity
One hour photo shops - usage decreased
- Businesses stopped using Polaroid
Digital cameras
-strong impression, poor marketing management, ignorance
Protect by focusing on being a ‘social lubricant’
Easy to adapt to change with core value intact
Focus on Value than products
9. +
Reinforcing Polaroid
Fortifying
Heavy impression – fun, luxury, artistic, OPTIONAL !
Possessive – at the cost of entire market
Kodak- sued
Had they entered, different perception – serious
Law of Category
-Leading brand promote category
-Long term sustain single handedly
10. +
Reinforcing Polaroid
Fine tuning the marketing program
Change consumer’s perception
The company is to blame for creating that image
Past commercials
– Muppets, spice girls
- Luxury, fun, artistic but not NECESSARY.
Extend the meaning of the brand
Portray it more then just an artistic, luxury product
11. +
Revitalizing Brand
Expanding brand awareness
Synonym – instant photographs
Vintage
Increase its usage
Social lubricant - Only internet devices social.
Improve quality and features
Replace the digital camera- added benefit of printing
12. +
Revitalizing Brand
Improving brand image
80 years old
Disappearing trend of printing photos
Bring back the charm of pictures
Portray Polaroid Camera as more than optional
Add more value
- Printing along with store digitally.
13. +
Revitalizing Brand
Enter new market
Cheaper to keep loyal customers than to attract new ones
Regain lost customer
Added features
-Screen display, Memory card slot, Flexible setting options
Attract more consumers
- Video recording
14. +
Recommendations
They should introduce the digital screen as an addition to
polaroid.
It should be given a value for where it can be used other than
just instant photos.
Should specify its Target Market and advertise accordingly.
Should take advantage of the uniqueness it has.