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Kodak Crisis: The pain of business model innovation
The decline of film giant Kodak is, in the final analysis, its lack of innovation in its business model. The bleakness of Kodak in the market makes people think of the apples that are in full swing. The same as the corporate empire, Ke reached the hero of the decline, is about to slip into the abyss of bankruptcy, and Apple is in full swing, the momentum in the field of digital electronics is even more fierce. The key factors in the development of the two corporate empire in the brutal market competition are whether they have carried out continuous business model innovation. Business model is the way and method for enterprises to make profits. A conceptual tool that contains a set of elements and their relationships to clarify the business logic of a particular entity. Enterprise survival has some inevitable elements: capital, brand, manpower, products, market, business model, technology, trade, etc., but among the factors that determine the success or failure of a company, the business model is the first. Business model is the core logic of an enterprise to create value. It is the internal activities and capabilities that an enterprise needs to achieve its stated financial goals in a given environment. It is a systematic design that measures and builds a company's health and profitability. The business model is in the enterprise, just like the direction of the company's development, the direction is correct, and it can achieve twice the result with half the effort. Companies that don't work hard will not succeed, but hard-working companies are not necessarily successful. Thousands of efforts also require choosing the right business model. Business models are critical. As the gold giant in the film industry, Kodak has been one of Dow Jones' 30 industrial stocks for 70 consecutive years from 1930 to 2004. It has left countless precious Kodak moments for the world, and its winning magic is precisely the correct business model. select. With pioneering technology and creative marketing, Kodak has gained a good reputation and has become more and more influential in the film market. Moreover, although the film price is relatively low, the flushing cost is expensive, which guarantees Kodak's profit. The business model that caters to the market demand has brought a profit to Kodak, making it the leader in the film industry. However, the business model is not static. Need to continue to innovate according to market demand and the requirements of the times. Business model innovation is the most obvious and powerful offensive advantage of the company. In an open market environment, competition is becoming increasingly fierce. If it cannot be timely innovated, enterprises will eventually be eliminated by the market and changes. Only when the business model is innovated, and the company will change, the company will be able to go further and further on the road of long-term success. In the 1990s, the world entered the digital age from the film era, and many established companies quickly turned to digital products. Kodak also made a proper transformation, the world's first digital camera was born in Kodak Labs. However, Kodak's transformation is not complete, the digital market trend is underestimated, and the digital technology is single, and does not produce products that satisfy customers according to customer experience. Although Kodak focuses on patents and cash flow, it is still unable to avoid the tragedy of losing ground in competition due to the shortcomings of insufficient business model innovation. Compared with Kodak's old business model, Apple has a clear contrast. Apple continues to tap customer needs and innovate continuously. Apple has also encountered Waterloo in innovation. By 1997, Apple had experienced continuous losses and was almost on the verge of extinction. In times of crisis, Apple co-founder Steve Jobs once again joined Apple and served as CEO, and drastically reorganized Apple. Apple once again returned to the track of business model innovation and successfully broke through the development bottleneck. Jobs said, we don't ask consumers what they need, we want to create the needs that consumers need but can't express. That is to produce the products that consumers need tomorrow. Apple innovation led by Jobs is not only a technological innovation, but also an innovation that combines technological innovation with user experience and service. Jobs' distinctive innovations, whether in the European and American markets or China, are popular. The ultimate transformation of technology into social and business value is the true business model of innovation. In 2001, Apple not only launched the first iPod music player, but also launched the iTunes online music on-demand store, which is a legal music download platform. It solves the troubles of consumers and only wants to listen to one or two songs on the album, but for the whole album. Record payment. Apple's new business model combining hardware, software and services has better catered to the market demand and has been recognized by the market. Apple's identity has thus changed from a pure consumer electronics manufacturer to a comprehensive terminal. Content service provider. With the great success of the iPod iTunes model, Apple developed the iPhone and launched the Appstore for the iPhone. By providing personalized software to meet the diverse needs of mobile phone users, Apple has further expanded its product line layout and innovation. As Drucker said: The customer decides what the company is, determines what the company produces, and whether the company can achieve good results. Since the customer's needs are always potential, the function of the company is to stimulate the customer's needs by providing products and services. Apple continues to innovate in business models and successfully hit customers to buy their minds. So some people say that every time Apple launches a new product, it will trigger a revolution, changing the business pattern of the recording industry (iPod), mobile phone (iPhone), and electronic reading (iPad). The late hero Kodak, because of the pain of business model innovation, indulged in the original glory, neglected the consumer experience, had to be lonely. A company that walks on the long-term road of the foundation industry, business model innovation is a long and continuous process, and any innovative fault may lead to the decline of the enterprise. Apple's successful experience is worth learning; the Kodak crisis should be taken as a warning. Regardless of a century-old brand enterprise or a rising star, continuous business model innovation should be carried out, which is the top priority for the company's continued survival and development.