Canon Inc.: Case Study: Canon Inc.

There are five major dimensions of personality: extraversion, agreeableness, conscientiousness, neuroticism, and openness. Neuroticism includes anxiety, depression, hostility, impulsiveness, self-consciousness, and vulnerability. Warmth, gregariousness, assertiveness, activity, excitement seeking and positive emotions characterize extraversion. Openness includes openness to fantasy, aesthetics, feelings, actions, ideas and values. The facets of agreeableness include altruism, compliance, modesty, straightforwardness, tender-mindedness, and trust. Conscientiousness includes achievement striving, competence, deliberation, dutifulness, order and self-discipline (Article 3).

The “Big Five” personality classification model includes the traits of extraversion, agreeableness, conscientiousness, emotional stability, and openness to experience. The Big Five are broad, global traits that are associated with behaviors at work.

At 70% market share, Kodak enjoys unrivalled brand awareness. Moreover, its research showed that 50% of film buyers were Kodak-loyal and an additional 40% relied heavily on Kodak.

One main goal of psychology has been established a model to describe and understand human personality. The five-factor model of personality is the most widely used model in describing personality types. The components of the Big Five are extraversion, openness, agreeableness, conscientiousness, and neuroticism.

When Kodak began making changes to its organizational architecture in 1984, its current architecture did not fit the business environment for the industry. The largest factor that motivated Kodak to make this change was increased competition and decreased market share. Until the early 1980’s, Kodak owned the film production market with very little competition. This suddenly changed when Fuji Corporation and many other generic store brands began producing high quality film as well (Brickley, 2009, p. 358). Another factor in this change was technology advancements. As technology rapidly expanded in the 1980’s, other

The five-factor model of personality is a set of five broad personality traits referred to as the “Big 5”. These include, openness, conscientiousness, extraversion, agreeableness, and neuroticism (OCEAN). “Each of the five personality facts represents a range between two extremes” (Cherry, 2016).

In psychology, the Big Five personality traits are five broad domains or dimensions of personality that are used to describe human personality. The theory based on the Big Five factors is called the Five Factor Model (FFM)[1] The Big Five factors are openness, conscientiousness, extraversion, agreeableness, and neuroticism.

At your request, I have compiled information on Eastman Kodak Co., so that you may come to an investment decision. The report will consider the company’s background (including Kodak’s areas of production), a past obstacle Kodak has had to face and overcome, and a financial snapshot of Kodak over the past five years.

Background Eastman Kodak Company, headquartered in Rochester New York, was founded in 1889. The corporation, now multinational and focusing on imaging and photographic equipment, posted revenues in excess of $6 billion in 2011. During most of the 20th century Kodak was dominant in the photographic film industry in 1976 it held 90% of the market but began a downward slide once the Internet, digital cameras and computer processing grew. By 2007, Kodak ceased making a profit and in January 2012 filed for bankruptcy protection and ceased making cameras, video cameras and began to focus on the corporate digital imaging market (De La Merced, 2012). In evaluating Kodak's corporate strategy from the mid-1980s onward, we find that there four major management paradigms in place during this transitional period:

Kodak is known for providing the quality services, innovative products offering the best quality to customers. It developed competitive advantages and satisfied its customers during many years. Kodak has evolved different strategies in the field of traditional photography where it brought innovations and modification. Kodak has a successful history in the industry. According to the case study, the main reason behind the success of Kodak in the industry is its quality.

Burton, western & Kowaslki (2015) describes Personality as the enduring patterns of thought, feeling, motivation and behaviour that are expressed in different circumstances. In other words it can be defined as differences in characteristics in a person, including their way of thinking, likes, dislikes, sociability, openness, feelings and behaviour, which make them the person they are and differentiates them from others. All these traits when brought together is known to be the personality of that particular person.

This report is focusing on the strategies adopted by Canon and the strategies when Canon is facing competitions. This report shows that how Canon survives in the market and keeps its long lasting growth in market and profit.

While Kodak has historically been a well-established brand name in the marketplace, it struggled to find a niche when the industry morphed from a film-based market to a digital-based market. Kodak has struggled to successfully evolve its film-based business structure to the new structure of digital-based technology, which has allowed for competitors to enter the market, decreasing Kodak’s market share. Competitors (such as Canon Inc., Fuji Photo Film Co., Hewlett Packard Co., Nikon, and Sony Corp.) have posed major threats to Kodak’s livelihood. Kodak faces a 5% drop in film sales (2001-2003) and a 3% reduction in overall revenues over the same time period. In addition, revenues and net income are expected to be fairly flat (or decrease) in future estimates. Kodak faces much pressure to revitalize their business through digital imaging, a radical innovation, or risk being eaten alive in an industry they thought they controlled.

The Five Factor Model or Big Five model developed by McCrae and Costa factor together personality traits into 5 major categories. Those factors were Neuroticism (worried insecure, nervous, highly strung), Extraversion (Sociable, talkative, fun-loving, affectionate), Openness (Original, independent, creative, daring), Agreeableness (Good-natured, softhearted, trusting, courteous), and Conscientiousness (Careful, reliable, hardworking, organized). (Schultz & Schultz, 2013). They are able to include most of other lower order traits accounting for specific dimensions of individual differences in personality. (Schultz & Schultz, 2013)

Thomas C. Finnerty is a doctoral candidate in the Doctoral of Professional Studies Program, Lubin School of Business, Pace University, New York. This case was written under the supervision of Warren J. Keegan, Professor of International Business and Marketing and Director of the Institute for Global Business Strategy, Lubin School of Business, Pace University, New York, as a basis for class discussion rather than to illustrate either effective or ineffective handling of a business situation. ©2000 Dr. Warren J. Keegan.