I think Fujifilm is a great example of the risk as well as the opportunity in the digital revolution. Fujifilm Holdings Corporation (富士フイルム株式会社, Fujifuirumu Kabushiki-kaisha), trading as Fujifilm, or simply Fuji, is a Japanese multinational photography, medical equipment, biotechnology company headquartered in Tokyo, Japan.. Diversification Strategies Firms using diversification strategies enter entirely new industries. To raise awareness of the diversification of Fujifilm's business portfolio to a wide audience and our determination to NEVER STOP taking on challenges to contribute to the resolution of societal issues, we launched our NEVER STOP global branding campaign in October 2018. Diversification strategies allow a firm to expand its product lines and operate in several different economic markets. Diversification is a strategy that aims to mitigate risk and maximize returns by allocating investment funds across different vehicles, industries, companies, and other categories. It fit with the general diversification strategy that Kodak was pursuing at the time. The Diversification Strategy At Disney Marketing Essay. Following is the distribution strategy of Fujifilm: Fujifilm has a wide spread network in North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. I think Fujifilm also deserves credit for taking digital imaging more seriously than Kodak did. I wonder how it was also able to evolve its operations to establish divisions that shared knowledge, technology, and resources, but faced such different customers. Register for an account. • Optical Devices: Fujifilm’s one of the world leaders in optical technology and production scale in lens grinding, aspherical plastic lens fabrication, aspherical glass lens fabrication. Besides photo imaging, we are also in the medical products, graphic arts, digital camera, recording media and industrial products space. Diversification strategies are used to extend the company’s product lines and operate in several different markets. Companies that sell products to the public may also need diversification, especially if they can’t sustain their businesses with just one product or approach. Fujifilm chose the account-based marketing tool Marketo and set to work trialing it on a B2C area of the business aimed at persuading existing customers to continue using the company’s online Photobook services via marketing emails. If you want to get somewhere else, you must run at least twice as fast as that!" Product Diversification Meaning. Learn more about Sustainability Report. The general strategies include concentric, horizontal and conglomerate diversification. Kodak vs Fujifilm sales. Pharmaceuticals and cosmetics are very promising and profitable markets. FUJIFILM Holdings' sustainability efforts including strengthening corporate governance and environmental conservation and social contribution. Quizzes test your expertise in business and Skill tests evaluate your management traits. Fuji Film uses the mix of demographic, geographic and psychographic segmentation strategy. As a child, I remember taking film to the store to have them developed, order extra prints, and physically placed them in our photo albums when we got home. And, unlike competitor Fujifilm, Kodak failed to see the implications and adapt to the new reality. Today, we can take photos with our smartphones and share them with anyone in the world in a matter of seconds. That was a resounding success, with the … [Featured Images] Corporation, F. Photogenic beauty. Concentric diversification. A Path recommended: spin-off cosmetics division The diversification strategy of Fuji, based on capitalizing on their core competencies, has been successful. Diversification is an investment strategy based on the premise that a portfolio with different asset types will perform better than one with few. The concentric strategy … In recent years, Fujifilm expanded its global presence to Cambridge, Massachusetts, the epicenter of healthcare innovation for the opportunity to forge collaborations with world- leading industry and academia. Facing with difficulties in existent business, company decided to expand its business through diversification. … How to increase brand awareness through consistency; Dec. 11, 2020. Let us start the Fujifilm Marketing Mix & Strategy: The product strategy and mix in Fujifilm marketing strategy can be explained as follows: Fujifilm looks for what people need and then come up with a diverse range of innovative products and services in its marketing mix. It has been reviewed & published by the MBA Skool Team. By adopting this strategy, the organization not only diversifies its products offerings in the target markets but also expands its business horizons. Their products assure reliability and are backed by continuous innovation. FUJIFILM Holdings' sustainability efforts including strengthening corporate governance and environmental conservation and social contribution. Browse 4Ps Analysis of more brands and companies similar to Fujifilm Marketing Mix. Diversification strategy involves expanding organization’s operations by adding markets, services or product to the existing business. Conglomerate Diversification. However, this approach proved unsuccessful as they realized without in-house expertise, they lacked the ability to effectively vet acquisition candidate, integrate companies it had purchased and negotiate profitable partnerships. Summit: Pathways to a Just Digital Future, Investigate how to address technological inequality, AI puts Moderna within striking distance of beating COVID-19, Dig into the totally digital biotech company, Fujifilm: Surviving the digital revolution in photography through diversification into cosmetics, Efficient Roadways: How the Masspike is speeding up your commute. The company website, itself has news feed section to make the customers aware about the company and its products. Under such circumstances, to sustain their photo imaging business, Fujifilm decided to increase the price of photographic films. Whereas Fujifilm had its own system, Kodak needed to partner with another firm—and thus share the income. “The business has changed,” said Manny Almeida, Fujifilm’s vice president and general manager, Imaging division, “and while the print market shifted, and the film market continued to dissolve, we had to refine who we were, and how we were going to be successful as the market changed around us.” • Films & Cameras: For expressing the richness of films. Kodak was the leading player in the industry before it was upset from the position by Fujifilm. Available at: http://www.economist.com/blogs/schumpeter/2012/01/how-fujifilm-survived (Accessed: November 2016). They looked at the fields to which its existing technology could be adapted and started acquiring companies that would complement their business. usually undertaken with the motive of ensuring survival or growth and expansion.  Fujifilm, on the other hand, was able to survive by diversify their product portfolio by leveraging their photographic film technology to start making cosmetics – yes, you heard right, cosmetics. Flexibility and adaptability to industry-wide changing conditions are the key factors that allowed Fujifilm to survive. For example, when sales from film developing and printing were dwindling, some revenue could still be gained by installing kiosks to print digital photos. Diversification is one of the four main growth strategies defined by Igor Ansoff in the Ansoff Matrix: Products Present The names and other brand information used in the Marketing Mix section are properties of their respective companies. Kodak and Fujifilm, manufacturers of photographic film, saw demand for their products sharply decline, causing Kodak to eventually file for Chapter 11 bankruptcy in 2012. This strategy can be used by investors attempting to spread out their money and gain new areas of exposure. Fujifilm was founded in 1934. As of 2020, there are several marketing strategies like product/service innovation, marketing investment, customer experience etc. Unrelated diversification has nothing to do with leveraging your current business strengths or weaknesses. If I hadn’t read this post I would not have realized that FujiFilm has moved beyond “film” into cosmetics. It’s not just a good thought experiment. Diversification is thus a common and fundamental concept in both daily life and business. Also, a type of horizontal diversification, a conglomerate diversification strategy, means to introduce brand new products or services that have no relation to your business’s current product offering, therefore entering a completely new market and appealing to customers that may have had zero interest in your business previously. Marketing Mix of Fujifilm analyses the brand/company which covers 4Ps (Product, Price, Place, Promotion) and explains the Fujifilm marketing strategy. For example, they grew their health market superbly. A lot has been said about Kodak failure to reform itself. Examples of the concepts include strategy, strategic planning, innovative culture, transformational leadership, effective leadership, effective decision making, strategic positioning, and diversification. It requires managers to engage in products, trades, technologies and markets that are new to the company.. Requirement for diversification The difference between Kodak and Fujifilm, the Japanese company's CEO says, is that his company tapped its chemical expertise for drugs and LCD panels. • Medical Systems: Fujifilm is a pioneer in clinically proven diagnostic imaging and information systems for healthcare facilities. It allows a company to grow by expanding market share in an existing market or by developing a market presence. • Industrial Products: Fujifilm provides equipment which use digital X-ray technology to find defects, prescale to enable visual confirmation of physical pressure, microfilm solutions for long-term archiving and micro filters ensuring precise filtering with their proprietary microporous membranes.  In the 1960s, it began its endeavor to expand its business overseas, in an aim to catch up to the dominant industry leader, Kodak. Available at: https://www.bloomberg.com/news/articles/2013-09-03/kodak-exits-bankruptcy-as-printer-without-photographs (Accessed: November 2016). The marketing strategy will focus on one of the main leading brands offered by Photocentre which is Fujifilm. . Diversification -- MotivesThe risks of single business strategies aremore severe for management than forshareholders of publicly traded firms.Diversification may be motivated bymanagement’s desire to reduce risk.Diversification only makes sense … Diversification is a corporate strategy to enter into a new products or product lines, new services or new markets, involving substantially different skills, technology and knowledge. Various television commercials have also been used to promote the products like Insta Photo. This related diversification strategy works because all the companies share the brand, marketing, public relations, and corporate knowledge. To accelerate the company’s ICT initiatives, Fujifilm established the ICT Strategy Management Office in October 2016. Fujifilm, established in 1934 with the aim of producing photographic films in Japan, is regarded as one of the best camera brands worldwide. Blog. • Graphic Systems: In a field of printing system suppliers, Fujifilm printing plates command a 40% market share worldwide.  L, B. This article is about how a Japanese company FujiFilm thrived to overcome different kinds of challenges through diversification and lead… The diversification of cropping systems encompasses different strategies that may help maintain or enhance the sustainability of agriculture. which have helped the brand grow. Since 2009, Fujifilm has decreased its investment in innovation from $1.73 to $1.48 Billion or from 7.6% to 6.5% of revenues (see Figure 3). • Biomaterials: Fujifilm offers unique and new biomaterial for a broad range of medical and pharmaceutical applications. Segmentation Variables such as age, social class, income group, region, behaviour attitudeare some of the attributes considered by the company for segmentation.  Each strategy focuses on a specific method of diversification. Building a Life Science Hub. . • Instant Photo System: A wonderful experience of shooting and getting the results printed right away. In 2010, the film market dropped to less than 10% compared to 2000. More specifically, diversification during a time of transition. To maintain the quality of their products, the company has invested a good amount in their manufacturing plants, advance research and developments centres and suppliers to reach the potential customers through different outlets like electronic shops, film studio, showrooms and other retail markets. Therefore, Fujifilm developed new products (Ebola drugs, anti-aging lotions, etc.) Fujifilm believes in achieving the solutions that can drive tomorrow's industries without putting the company at the risk of drowning. FujiFilm Built on It’s Diversification FujiFilm’s diverse base of business gave it other areas on which to build. What an unexpected diversification move! Kodak and Fujifilm, manufacturers of photographic film, saw demand for their products sharply decline, causing Kodak to eventually file for Chapter 11 bankruptcy in 2012. In contrast to Fujifilm, who realized the need to develop in-house expertise in the new businesses, Kodak believed its core strength lay in its strong brand and marketing, and could simply partner or buy itself into new industries, such as chemicals and drugs. Unknowingly, in their efforts to perfect film stock the researchers had been laying the groundwork for a skincare business. 3. The content on MBA Skool has been created for educational & academic purpose only. (2013) Kodak moments just a memory as company exits bankruptcy.  Monocle (2013) Renewal process – issue 60 – magazine. We have a lean and robust management structure that is integrated with Fujifilm Holdings Corporation. Although the two companies shared similar assumptions and internal politics, the differentiating factor was in execution. The following is a guest blog contributed by Enric Escorsa of IALE Tecnologia. Apart from this, Fujifilm has also provided offers like cashback and contests to promote their brand. • Semiconductor Materials: The Company provides a wide range of products and services that are used throughout the semiconductor manufacturing process. DIVERSIFICATION TECHNIQUES:The strategies of diversification can include products tend to create or stimulate new markets; new markets promote product innovation, internal development of new products or markets, acquisition of a firm, alliance with a complementary company, licensing of new technologies, and distributing or importing a products line manufactured by another firm. At both firms, the employees in the profitable film division were in control and late to admit that the film business was a thing of the past. Conglomerate diversification takes place when a firm diversifies with another company that manufactures totally unrelated goods or services. This is a truly fascinating post. You must be logged in to post a comment. The Fujifilm company has consistently maintained its pace with the changing times, has involved with a wide range of technologies and provided innovative products and services. Thousands of experiments have been carried out around the world since almost five decades to evaluate and compare the performances of various diversification strategies in a wide array of agroecosystems and climates. which have helped the brand grow. Professionals from diverse fields use Fujifilm products to win satisfied customers and strengthen competitiveness. Photography transitioned from film to digital, and with Kodak’s entire revenue stream tied up in film development, they flopped.  The decline in R&D spending has yielded an improvement in operating margins, but could slow innovation in the long term, counter to Fujifilm’s strategy. It’s amazing to see how FujiFilm has survived the digital onslaught by leveraging its internal research based assets to move into seemingly unrelated industries. Strategy 3: Corporate Strategy, Diversification, Porter's Three Essential Tests and Synergies Published on November 27, 2016 November 27, 2016 • 66 Likes • 7 Comments At Fujifilm we create innovative products and deliver effective solutions in a wide variety of fields to serve society, contribute to the quality of life, and enhance environmental sustainability. Conglomerate diversification.  Fujifilm, on the other hand, was able to survive by diversify their product portfolio by leveraging their photographic film technology to start making cosmetics – yes, you heard right, cosmetics. ^ So it is in the American economy. Given the prominent role of business groups in shaping firms’ diversification strategies in transition economy, we further examine whether business groups’ nonmarket capital—political, relational, and reputational capital—moderates the relationship between product diversification strategy … Diversification is one of the four alternative growth strategies in the Ansoff Matrix. A diversification strategy achieves growth by developing new products for completely new markets. Learn more about Create Environments That Lead to Motivated Workplace (Work Style Priority Issue 1). The critical element in Fujifilm’s success is diversification. Hence this concludes the Fujifilm marketing mix.  Foundation, N.C. (2011) Fujifilm finds new life in cosmetics. The central themes of the GFX & X Series are simplicity and elegance; the camera is a precision instrument, but one that’s combined with a functional beauty. Xerox has agreed a deal that will see Japan’s Fujifilm Holdings take control of its printer and photocopier business as the ailing US group seeks to fend off an activist shareholder revolt. In the following years they expanded to China, Southeast Asia, and Europe, while becoming one of Japan’s top-selling anti-aging skincare brands. ), In 2007, Fujifilm launched their anti-aging skincare line ‘ASTALIFT’ which quickly gained popularity. 2. Great post. Though in 2016, Fujifilm announced increase in the price of photographic films. The Marketing Mix section covers 4Ps and 7Ps of more than 800 brands in 2 categories.  Corporation, F. Fujifilm global. In the case of FujiFilm, I believe digitization has meant an overhaul of its core customer promise and operating purpose. Photography forums to discuss digital photography, film photography, photographers, techniques and cameras and equipment, along with advice on buying and using cameras. In this case there is no direct connection with the company´s existing business - this diversification is classified as unrelated. • Recording Media: Fujifilm benchmarked in the field of computer data storage, professional video production and TV broadcasting which are backed by reliability and security. Unrelated diversification. They use progressive technology to improve their products’ quality and services and nurture market sustainability around the globe. Since company caters to the emerging needs of diverse groups of customers segments and therefore it uses differentiating targetin… The goal is simple but far-reaching: take Fujifilm ICT to the next level and leverage it to add value to current products, services, business methods, and manufacturing processes—while creating entirely new ones as well. For that reason, product diversification is an often effective business strategy. Diversification mitigates risks in the event of an industry downturn. The move into film-based digital imaging, again vertical diversification, was from a strategic perspective a natural extension of … For example: 1. Fujifilm deserves a lot of credit for identifying new fields (like cosmetics) where their legacy expertise (like dyes) allowed for competitive entry and not just increased R&D expenses. “Kodak acted like a stereotypical change-resistant Japanese firm, while Fujifilm acted like a flexible American one.” -The Economist . I did not realized Fujifilm was so diversified. They found that the chemicals they developed over the years to prevent color in photographs from fading, could be used on skin too. This article has been researched & authored by the Content & Research Team. Dec. 15, 2020. Diversifying a company to new business fields and products can be complicated and require substantial investment, but it also reduces risks (much like diversifying a portfolio of stocks), and creates new opportunities for growth. I love the comparison of Kodak and Fujifilm. Diversification strategy 1. Using print media, the products have been advertised in magazines and newspapers. Segmentation helps in understanding the underlying population characteristics and groups with similar taste & preferences. Want to learn more about digital transformation? Each strategy focuses on a specific method of diversification. Diversification is an investment strategy that means owning a mix of investments within and across asset classes. This includes first determining the customer’s willingness to pay for the good or service that is being offered. Traditional businesses can lose their competitive advantage because of technological innovations and new emerging digital business models. It opens up new possibilities for the organization. Legendary investors like Jim Rogers, creator of the Rogers International Commodities Index, and George Soros of the Quantum Fund have made their bread by trading internationally. By working alongside active wealth managers, who are not limited by accepted benchmarks our clients are assured that they have the vanguard of proactively and diversified managed portfolios which are strategically diluted over a wide range of investment styles, risk profiles, asset classes and territories. Diversification allows for more variety and options of products and services. 1st Jan 1970 Marketing Reference this Share this: Facebook Twitter Reddit LinkedIn WhatsApp The story of Disney is that of a company founded in 1923 by the Disney brothers, Walt and Roy. Diversification strategy is a form of growth strategy which helps the organizational business to grow. It’s more about not … This is great work, Hide. Instead, it leveraged its chemical expertise to pioneer new business fields. In addition to achieving higher profitability, there are several reasons for a company to diversify. What Fujifilm did was go one step further than simply shift to digital photography from analog. displays Fujifilm’s extensive range of in-store print services with a particular emphasis on the Photobook service. Fujifilm is active in pharmaceutical products and contract manufacturing through its subsidiaries including Fujifilm Toyama Chemical, Fujifilm Diosynth Biotechnologies, etc. The Japanese photography and imaging company has focused on developing peripheral technologies to expand into the medical and pharmaceuticals sectors; but while its holdings have increased in quality over the years, it still has a way to go The products included were Photographic Film: Color Negative Film, Color Reversal Film, Black and White Film and Quick Snap. Like every technological advance, the triumph of digital photography has created significant challenges for some industry players. For example, if the shoe producer enters the business of clothing manufacturing. The companies are not associated with MBA Skool in any way. For the second Problem Based Learning trigger, we were given an interesting yet familiar article. Marketing Mix of Fujifilm analyses the brand/company which covers 4Ps (Product, Price, Place, Promotion) and explains the Fujifilm marketing strategy. Diversification strategy consist of all projects of regrouping assets at the disposal of the enterprise to activities fundamentally different from in the past. Fujifilm has diversified into new businesses by incorporating its core photographic technologies. and entered new market, health care industry. Why Did Kodak Fail? Looking at the world, American companies in the 1960s and 1970s opened up a diversified path through large-scale mergers and acquisitions. Fujifilm’s strategy was based on photo-films, but that has changed. In addition, this move led to further market opportunities down the road. Like Kodak, Fujifilm continued to reap profits from film sales, invested in digital technologies and tried to diversify into new areas. The product or service is charged high when the demand is high and a low price is charged when the demand is low. 4. • Binoculars: A full line of high performance and reliable binoculars, ranging from high-grade models for professional users to image-stabilizing binoculars, large and marine binoculars that are waterproof, lightweight and durable and compact binoculars. Fujifilm managed to ride out of the storm via a massive restructuration and diversification strategy. Keeping the customers in mind, Fujifilm have divided their products into two categories: • Fujifilm Digital Cameras: Award winning range of cameras suited to Pros and enthusiasts. It offers a wide range of consumer products such as: Digital cameras, 3D image products, Binoculars and other supplies. (Below shows nanoparticles of Astaxanthin, a red ingredient filled with beauty power, that Fujifilm formulated which became the basis of their skincare products. • Photofinishing Products: Fujifilm's exclusive Image Intelligence brings beautiful prints using environmentally friendly technology. However, these traditional businesses also hold a significant knowledge base and expertise that can be leveraged and utilized in other industries. As the name suggests demand oriented pricing customer demand is used to set up the price in the market. Marketing strategy helps companies achieve business goals & objectives, and marketing mix (4Ps) is the widely used framework to define the strategies. This article is taken from The Wall Street and written by Kana Inagaki & Juro Osawa in January 20th 2012. Fujifilm’s strategy and execution were both very bold. The paper seeks to explain why two rival companies, Kodak and Fujifilm have performed differently in the dynamic business environment.  K.N.C (2012) Sharper focus. It seems to me that given research and innovation are the anchor of their business model, they would eventually become a conglomerate of sorts for a wide range of products. Fujifilm is an international company that has won several awards for its high-quality products. Fujifilm’s example reminds us the importance of having in-house expertise and constantly looking into new technologies. This article elaborates the product, pricing, advertising & distribution strategies used by Fujifilm. As of 2020, there are several marketing strategies like product/service innovation, marketing investment, customer experience etc. Life Sciences Strategy. In the 1980s, it became apparent to both Kodak and Fujifilm that the age of digital photography was right around the corner, and from a global peak in 2000, demand for camera film dropped 90% in 10 years as the digital revolution transformed the industry. Top 10 blogs in 2020 for remote teaching and learning; Dec. 11, 2020 So, why the different outcomes? , Another area it pursued was cosmetics (which they call “Life Science”), which was set up as a division in 2006. Nonetheless, Fuji should be aware that new game means new rules. ic film market, Fujifilm shifted to a business diversification strategy, developing innovative products that applied pho-tographic film-related technologies in the medical (X-ray diagnosis), printing, electronic imaging and magnetic mate-rial fields. Such a diversification strategy is essential—especially in a world that’s increasingly undergoing globalization. The digital revolution in photography has dramatically changed the way we take and share photos. Figure 3. They moved into digital X-ray and endoscopes; they now have a 70% world market share of tac film, an essential component of all LCD screens. 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