Recording a history of the provision of photos and graphics, the Kodak companies is one of the pioneers of the photography industry. Their current bankruptcy case displays the brutality of the global market in terms of the long term sustainability. It is difficult to predict the performance of any company owing to the unpredictability of the market. One of the ways that is however being considered is the observation of the trends and their impact on the organizational strategy of a firm or an industry. The observation of trends is an essential aspect in the management of any business. Trends can be analyzed in terms of economic, social and political aspects (Katz, 2010).
A look at the concept of the global market showcases a shift of various policies, systems of governmental and social forces. One of the trends that continue to define the global market is the globalization. Globalization is the interaction between different economies and communities as a result of factors such as trade, technology, communication and immigration. Globalization changes the dynamics in which all companies perform. A study on the effect of technology on the market reflects on the performance on the Kodak situation. Globalization ensures that all economies are up to date with the latest inventions and innovations. The introduction of the cell phone in particular affected the sale and production of the company’s products.
The sensitivity to the economy of the economy is another issue that determines the performance of a company in the future. The demands and preferences of the market influences the production of the goods supplied.
The present society demands for efficient products that reflect on their fast paced life. The sale of the Iphone, Blackberry, Ipads and Galaxy tabs are the latest technology fads to hit the market. All these products displayed superiority to the Kodak products which could not compete in the end. Adapting to the current trends is ideal for the viability of any company. The inability of the Kodak Company to cope with the production of the latest products that competes with their merchandise made it vulnerable to the competitive market (Grant, 2010).
Cultural diversity is vital for determining the organizational strategy in the global market. The variety of cultures has different preferences and regulations that should all be followed by companies. The Kodak Company failed to meet the demands of the various cultures in the market. Most of the products were geared towards the western market forgetting countries in different parts of the globe. This in turn, impacted greatly on their public image making them loose a large percentage of their customers (Grant, 2010).
Trends in society, technology reflects on the products purchased by customers. The company’s products were not appealing to the modern society that demands multipurpose functions in their products. The change in the economy also reflects on the purchasing power of the market. The 2008 recession saw the demise of a number of companies that are yet to recover to date. Environmentalism concentrates on the treatment of the environment by the companies and economists. Companies that are not going green face a high chance of losing their position in the market. These factors are likely to create dramatic turns in the company’s future companies study how to identify opportunities in the market (Katz, 2010).
Future trends continue to control the activities of the current market environment. Most companies have to keep up with the changing forces by changing their strategies. The case of Kodak Pioneer films is one of the examples of a causality of the changing global economy. It is thus ideal to learn for the occurrence so as to prevent the fall of another historical company.
References
Grant, R.M. (2010). Contemporary strategy analysis (7th ed.). West Sussex, UK: John Wiley & Sons.
Katz, J. S. (2010). Competing for global dominance: Survival in a changing world. Silicon Valley, California: Happy About.