The Makeover of Kodak

Polaroid may be gone, but it looks like Kodak may be here to stay--albeit it in a morphed form to adapt to current trends.

Kodak prides itself as being a highly savvy marketing organization. It has transformed itself from a traditional maker and marketer of cameras, film and papers into a key competitor in the digital marketplace in which it now operates.

Kodak now has 19 products, each being number 1, 2 or 3 in their respective markets. Half of these products did not exist 10 years ago. Kodak has made dramatic shifts within its workforce. At its peak in 1988, Kodak had 150,000 people compared to 27,000 today. 60% of the current workforce consists of people who are new to the company within the past four years.

Staying true to the founder's mission, making strategic acquisitions and fostering a "culture of innovation" and "accountability" are some of the tactics Kodak has used to stay ahead in business.

In an article in IndustryWeek, the company's chief business development officer reveals some of the challenges Kodak has faced and how the company overcame them.