Polaroid Strategy

For quite some time, Polaroid’s company focus was instant cameras. They were a hit, as many could see their pictures immediately. Further, the catchy song lyrics â€Å"Shake it like a Polaroid Picture† helped spread the brand name to multiple populations. As digital cameras became popular over time, Polaroid lost concentration on their main selling point: instant photography. However, Polaroid believes that this new decade is the time to recreate their instant cameras with a revised mission and fresh set of values and visions. Current Mission â€Å"To put the latest cutting edge technology in the people’s hands and give them the power to use it comfortably, affordably†¦and in an instant. † Polaroid’s mission has always revolved around customer convenience and ease of technology. Their forte, instant film, remains a legacy in the company. By associating their products with reasonable prices, comfort, and mainly dynamically continuous innovations, Polaroid has been ingrained as a top brand in the eyes of their customers, especially amateurs. However, in lieu of current market trends, it is now time for Polaroid to revise this mission to include the following aspects and values: * Experience: More than just a product, the new Polaroid cameras will serve as an experience to its customers. Through instant gratification and social networking movements, the company opens up to allow the redefined PIC-1000 model to include multiple features. * Compatibility: Polaroid’s new plan emphasizes consistency with their old models. The new PIC-1000 will be compatible with traditional film. Retro-Futurism: The company attempts to step back in time and bring back an old, vintage styled camera with a modern twist. * Enthusiasts: Polaroid is expanding their target market to more than just the amateur. They plan to spice things up with Creative Director, Lady Gaga, and attract to the passion-driven enthusiasts in the art and fashion communities who unequivocally want the Polaroid experience back. Vision Polaroid’s vision serves as the framework for their marketing plan and guides every aspect of their business by describing what they need to accomplish in order to achieve sustainable, quality growth. This includes focusing on the needs of their customers, consumers, and partners. In addition, this improved vision pinpoints the following company values: leadership, diversity, quality, passion, accountability, integrity, and collaboration. Goals An overall goal includes expanding Polaroid’s market to younger photographers, while also appealing to older generations with more familiarity with the company’s cameras. The following are specific short and long-term goals: Short-term: Enter new markets, specifically the art and fashion communities * Reduce postage costs with more distribution centers around the world * Present the new technology at consumer electronic shows * Publicize innovative products in various advertising media, for example Engadget and Popular Science magazines * Widely distribute products in many retail stores for easy access to customers * Regain participation in community promotions, such as in the corporate sponsorship of motorsports Long-term: Gain a large percentage of the niche photography market * Re-establish their iconic instant imaging * Create a legacy * Form licensing deals to extend the brand into new market segments * Provide customer satisfaction and fulfillment * Be a top-ranked player in the photography industry * Maximize profit and return to shareowners while being aware of responsibilities * Offer a social networking â€Å"Movement† for consumers to share and enjoy Core Competencies and Competitive Advantage As a pioneer of instant photography, Polaroid has a leg up on other competitors. They have a patent that allows for product protection and brand equity. Through much research, development, and devotion, these so-called purists have created a unique image and legacy that has stood the test of time. Some points of differentiation to distinguish Polaroid’s products from the masses are its vintage quality, ease of use, instant gratification, and retro niche appeal. The company’s competitive advantage in instant imaging is made possible through its partners and supporting industries, the availability of skilled researchers, and the current demand for artistic products in the marketplace. Polaroid will work to form strong bonds and relationships with distributors and suppliers, which will in turn satisfy their customer’s needs most fully.