Developing businesses - the Polaroid story
Description
The story of Polaroid and their reluctance to give up their lucrative consumable film business. This story considers how Polaroid grew from nothing to market leader to bankruptcy. Rather than go with the flow of new technology, they refused to accept consumers would want to move on. Attempts at extending the life of Polaroid simply failed. This story is a lesson to all big businesses - ignore new technology at your peril!
Classroom Ideas
Students can discuss what steps Polaroid could have taken to survive. They can look at other case studies of products that have adapted to changing technology or regulation, such as landline to cordless to mobile phones, extra safety features in cars to adhere to more stringent safety standards, or video and dvd hire to online rental.
Understanding business
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