swot analysis of eastman kodak co_leslie canin_final

27
Leslie Canin BUS 226-04 SWOT Analysis – Eastman Kodak Co. Company Overview Eastman Kodak Co. owned by George Eastman of Rochester, New York was the driving force behind the advent of mass- market amateur photography, which in turn sparked America’s love for both photography and the newer phenomenon of moving pictures. Kodak was responsible for many of the film processes necessary to the growth and development of the Hollywood film industry, and constantly produced new innovations for cheap widely available cameras. Kodak products were produced in the North Eastern United States, and because of the company’s enormous distribution network, their product lines spanned the globe. In 1927 “Kodak employment throughout the world passed the 20,000 mark,” 1 and their factories created millions of feet of film. In 1927 specifically, Eastman Kodak’s headquarters were located in upstate New York, in a lakeside town called Rochester. 1 “Our Company History, 1878-1929,” Can be found at Kodak.com, 2015. Accessed Nov. 3, 2015. 1

Upload: leslie-e-canin

Post on 15-Apr-2017

45 views

Category:

Documents


1 download

TRANSCRIPT

Page 1: SWOT Analysis of Eastman Kodak Co_Leslie Canin_FINAL

Leslie CaninBUS 226-04SWOT Analysis – Eastman Kodak Co.

Company Overview

Eastman Kodak Co. owned by George Eastman of Rochester, New York was the

driving force behind the advent of mass-market amateur photography, which in turn

sparked America’s love for both photography and the newer phenomenon of moving

pictures. Kodak was responsible for many of the film processes necessary to the growth

and development of the Hollywood film industry, and constantly produced new

innovations for cheap widely available cameras. Kodak products were produced in the

North Eastern United States, and because of the company’s enormous distribution

network, their product lines spanned the globe. In 1927 “Kodak employment throughout

the world passed the 20,000 mark,”1 and their factories created millions of feet of film. In

1927 specifically, Eastman Kodak’s headquarters were located in upstate New York, in a

lakeside town called Rochester. Back in the late 1920’s Rochester had a population of

almost 360,000 people,2 and a booming manufacturing economy. Kodak set up their

major production area here, called Kodak Park, located at 1999 Lake Ave, Rochester,

NY. The Park “occupied more than 400 acres and contained 180 buildings, the total floor

area of which exceeded 4 million square feet.”3 In fact, Kodak Park was just one of the

company’s expansive manufacturing plants, and with the addition of retail and wholesale

stores across the globe, demand exploded for Kodak brand film.

1 “Our Company History, 1878-1929,” Can be found at Kodak.com, 2015. Accessed Nov. 3, 2015.2 Florence E.S. Knapp, “Population Figures for the Cities, Incorporated Villages, Towns, and Counties of New York - Census of June 1, 1925,” New York Census. Jun 1, 1925.3 Eastman Kodak Co., 1927 Annual Report, Mergent Archives. 18.

1

Page 2: SWOT Analysis of Eastman Kodak Co_Leslie Canin_FINAL

Strengths:

Global Distribution NetworkCommunity OutreachConstant New Products/Innovations

Weaknesses:

Size Led to Anti-Trust SuitsIntense Competition from Constantly Developing Small FirmsAmount of Employees/Managerial Issues

Opportunities:

Large Amounts of Natural ResourcesEager and Intrigued Customer Base

Threats:

Constant Competition to Stay Current Various Antitrust Suits.

Strengths

Global Distribution Network:

During the late 1920’s Eastman Kodak Co. controlled not only the photography

and photographic supplies market in the United States, but to the rest of the world’s

market as well. Eastman Kodak’s Annual Report of 1927 has a world map indicating the

locations of its stores, and although it is not the most precise indication of the store’s

location, the groupings of stores on various continents are vast. According to this Annual

Report compiled by Kodak, domestically the company owned and operated 24 retail

stores, 7 factories, and 3 wholesale branches.4 Moving farther out globally, Kodak had a

store in Cuba, one in Canada, and another in Mexico. In South America, Kodak operated

7 wholesale branches,5 (supplying photographic equipment on a larger scale than

individual purchasers). Kodak expanded heavily in Europe and even partnered with

foreign theatre companies like Pathé Cinemas, of France.6 “The position of Pathé in

4 Eastman Kodak Co., 1927 Annual Report, Mergent Archives. 18. 5 Ibid.6 "Eastman And Pathé Join," New York Times, Mar 17, 1927. 32.

2

Page 3: SWOT Analysis of Eastman Kodak Co_Leslie Canin_FINAL

France and Western Europe is much the same as that of the Eastman Kodak Company in

the United States.”7 Meaning that Kodak was as well known in America (where it was

created) as Pathé Cinemas was well known in France (it’s homeland). Kodak also had a

heavy presence in Germany, and even built a factory in Berlin.8 Over the area of Western

Europe Kodak had 4 factories, 4 exclusive distributors, 14 retail stores, 4 wholesale

branches, and 23 retail/wholesale distributors.9 The company had its capitalist claws so

deep in the American and European photography industry, that it would be hard to

imagine an even wider distribution network. However, Eastman Kodak also controlled

portions of Asia, India, Australia, and Africa. If you were to combine these four areas,

they would contain 25 retail/wholesale distributors, 2 exclusive distributors, 2 wholesale

shops, and 1 factory (in Australia).10 This expansive network of stores and factories

owned and operated by George Eastman, the owner and founder of Eastman Kodak Co.,

projected Kodak to a chief distributor of photography equipment and film all across the

globe. This is a major strength for Kodak, and led to an easily accessible worldwide

market for Kodak’s products.

Community Outreach:

Eastman Kodak Co. and its founder, George Eastman in particular, produced

products and films specifically for the government, war veterans, factories, and schools

across America. This extensive list of important clientele and Eastman’s various

charitable foundations provided a cushion of good public relations for anything that

7 Ibid.8 "To Build in Germany," Wall Street Journal, Jan 12, 1927. 17.9 Eastman Kodak Co., 1927 Annual Report, Mergent Archives. 18.10 Ibid.

3

Page 4: SWOT Analysis of Eastman Kodak Co_Leslie Canin_FINAL

might go wrong in Kodak’s future. George Eastman, “transferred to London $1,000,000,”

to create, “the world’s finest dental clinic.”11 In doing this, George Eastman made sure

people in London’s poorest areas knew that Kodak was there for them, to provide them

with X-rays of their teeth or photographs in their home. This ingenuity combined

philanthropic acts with sales of Kodak products, increasing sales and notability of the

company. Schools in America also were beginning to use Kodak’s developing product

lines. Kodak didn’t necessarily know how much films in schools would cost, so they

turned to various schools across the nation to test out the effectiveness of these new

educational films. “A general program adequate to the needs of schools, from

kindergarten to college, will be developed if the results of a two-year test by the Eastman

Co. are approved by educational leaders.”12 Kodak produced these films to show, “the

fisheries of New England, the development of transportation in the Mohawk Valley and

the production of coal, iron and steel in Pennsylvania.”13 In addition to those depicting

mineral procurement, films were produced depicting “the grain markets of Chicago, the

wheat fields and cattle country of the West, [and] transportation as developed by the

Union Pacific and San Francisco and the Golden Gate.”14 The purpose of these films was

to educate the youth of America about all of the wonderful prospective jobs and

manufacturing opportunities they would have as future workers of America. This

education of the nation’s youth only strengthened Kodak’s brand and people’s positive

views of the company. The organization that benefitted the most from Kodak’s

innovations was the U.S. Army. Whether it was “showing a moving-picture film from

11 "Eastman's Gift Reaches London," New York Times, Dec 25, 1927. N2.12 "Making Teaching Films," New York Times, Jan 23, 1927. E613 Ibid.14 Ibid.

4

Page 5: SWOT Analysis of Eastman Kodak Co_Leslie Canin_FINAL

2,000,000 feet of motion pictures compiled by the War and Navy departments during the

war…to entertain members of the American Legion,”15 or “seeking an altitude of 40,000

feet to take a picture of New York City, from 300 miles away,”16 Kodak helped the Army

greatly. Film itself was also a valuable tool to the nation, as military operations could

now be recorded or watched at a later time for instructional purposes. All of these

philanthropic deeds done by Eastman Kodak Co. helped strengthen the company’s public

image and made Kodak a household name, therefore making it more likely that people

would want to invest in the company and buy up their stock.

Constant Innovation:

“The year 1926 was not only the most successful from the standpoint of

manufacturing and world-wide distribution of Eastman Kodak products, but it recorded

many significant developments in the progress of photography.”17 Eastman Kodak was

the worldwide leader in photographic innovation in the late 1920’s. With, “the great

increase in amateur motion picture photography…there were few events of importance

that were not filmed.”18 This was a huge strength because Kodak basically had no

competition for its various product lines, for example X-rays. “During the year [1926] the

use of X-ray photographs became so universal that there were probably more individuals

who had X-ray pictures taken by dentists and doctors than pictures by professional

photographers.” On the other side of the coin, in “the professional motion picture

photography there were two important developments: first the improved quality of

15 “War Movies For Veterans," New York Times, Aug 29, 1927. 17.16 "Plan Photograph of 300-Mile Area," New York Times, Mar 12, 1927. 32.17 "Kodak To Pay Wage Dividends," Wall Street Journal, Apr 4, 1927. 18.18 Ibid.

5

Page 6: SWOT Analysis of Eastman Kodak Co_Leslie Canin_FINAL

pictures on the screen due to the extensive use of Panchromatic film, which is sensitive to

red, yellow, and green, as well as to violet and blue.”19 And secondly, “the development

of a new duplicating film used by the [motion picture] industry as an insurance against

the possible permanent loss of valuable negatives and for the shipment of duplicate

negatives abroad.”20

Weakness Profile

The Roaring 1920s truly roared. American culture and economy surged after

World War I, but it wasn’t just flapper girls and speakeasies, the economy surged forward

as well. “Not only did the latest goods become necessities, consumption itself became a

necessity,”21 and nothing stimulated this necessity quite like advertising. Soldiers

returned home to a country quite different from the one they had left years earlier,

wartime production had helped propel America’s economy forward22 into a massive

machine, ingesting raw materials and spitting out finished products for everyday

consumers to buy. Consumerism, or “the culture surrounding the buying and selling of

products,”23 dominated day-to-day American life. Mass production and new products

changed the way businesses ran. Instead of producing a few well-made things for high

prices, businesses instead moved to mass production of cheaper goods. More and more

Americans could afford to follow trends, like premade clothing and mass produced cars,

19 Ibid.20 Ibid.21 "Prosperity," Consumerism, America in the 1920s, America in Class: National Humanities Center, 2012. Can be found at Nationalhumanitiescenter.org. Accessed Nov 10, 2015.22 "The Rise of American Consumerism," Can be found on PBS.org, 2015. Accessed Nov 2, 2015.23 "American Economy in the 1920s: Consumerism, Stock Market & Economic Shift," Can be found on Study.com. 2015. Accessed Nov 2, 2015.

6

Page 7: SWOT Analysis of Eastman Kodak Co_Leslie Canin_FINAL

that this new capitalist empire promoted. The people of America flocked towards these

new innovations and indulged themselves like they never had before. These new

technologies, like the automobile, household appliances, and mass-produced food

products led to a vibrant consumer culture, and their sales stimulated the economy’s

growth. Installment buying or, “buying on credit,”24 was also popular. This allowed

people to buy things they may not be able to afford all at once, which provided average

Americans the opportunity to buy amenities they had not ever imagined they would be

able to possess before now. All of a sudden there was a rising middle class, ready and

willing to buy goods, furthering the aims of the major corporations. Key political figures

like Warren G. Harding and Herbert Hoover believed that, “if government would just

stay out of business affairs, for example, by lowering taxes and loosening regulations, the

economy would thrive and everyone would benefit.”25 And not surprisingly, that was how

the business world continued to develop in the late 1920s. The government set up laws to

control the rise of monopolies. These monopolies were each controlled by business

giants, and each controlled different parts of the economy and the goods available to

every day Americans. All monopolies were illegal, but the big businesses of the 1920’s

pushed these laws, and found loopholes around them. Some monopolies ensured that

prices stayed low and benefited the population while others were not as beneficial.

Overall the 1920’s was a critical decade for American business, with new innovations in

manufacturing, industrial applications and the economy growing so rapidly, it was truly a

prosperous decade.

24 Ibid.25 "The Business of America: The Economy in the 1920s," Can be found on Encyclopedia.com. 2015. Accessed Nov 2, 2015.

7

Page 8: SWOT Analysis of Eastman Kodak Co_Leslie Canin_FINAL

Weaknesses

Intense Competition from Constantly Developing Small Firms:

Due to its incredible size and reach, smaller photographic supply firms and

companies that produced photography equipment and film, were constantly suing Kodak.

Many sued Kodak for the same thing, violating the Sherman Anti-Trust Act. The

Supreme court heard case after case from plaintiffs suing Kodak, “for monopoly in

moving picture films,”26 while lawyers for Kodak vehemently denied this and claimed

that, “their [Kodak’s] ownership did not constitute unfair methods of competition or an

effort to create a monopoly.”27 In one case, a judge ordered that, “Eastman Kodak

Company of Rochester, must pay $183,189.04 to Howard Sutherland, alien property

custodian [who originally worked for a German firm, which Kodak did business with],

within the next ten days.”28 This meant that Eastman Kodak had to pay out almost two

hundred thousand dollars to an employee of another company that sued Kodak for shares

of their stock. Kodak was constantly being attacked on all sides from these anti-trust

suits. In another, more domestic case, the Southern Photos Materials Company of

Georgia, sued Eastman Kodak for violating the Sherman Act. The Supreme Court ruled

that Kodak “did violate the Sherman anti-trust law,”29 and declared “independent dealers

in photographic supplies throughout the country had the right to collect damages from the

Eastman Kodak Company for these violations.”30 Kodak was continually battling in the

26 “Supreme Court Hears Eastman Monopoly Case," Los Angeles Times, Mar 12, 1927. 3.27 Ibid.28 "Eastman Loses Suit," New York Times, Apr 03, 1927.29 "Declares Dealers May Sue Eastman." New York Times, Jul 24, 1927. E1.30 Ibid.

8

Page 9: SWOT Analysis of Eastman Kodak Co_Leslie Canin_FINAL

legal realm, thus they were constantly on guard and had large teams of lawyers to fight

off these smaller threats. This was a major weakness for any company, but especially one

that fought so hard to have good public relations.

Size Led to Anti-Trust Suits:

Monopolies were a big problem in 1920’s American business, and Kodak was

considered a monopoly on photography supplies and camera equipment. Many plaintiffs

against Kodak, “alleged that the defendant [Kodak] had acquired a monopoly in its line in

restraint of trade, and by buying up competitors, and also obtained control over dealers by

imposing on them restrictive terms of sale, fixing the price of resale, and preventing them

from handling competitive goods.”31 However it was not likely that Kodak actually was

trying to impede other companies from participating in the market. George Eastman even

made all of the photographic innovations he had come up with public, so any company

could use the same processes. Restriction of trade is in direct violation of the Commerce

Clause and thus the Supreme Court took these allegations incredibly seriously.

“Independent dealers in photographic supplies throughout the country, collected damages

from Eastman Kodak,”32 and in doing so, constantly weakened Kodak’s available cash

flow. Albeit only a slight weakness, but to this huge company, small firms constantly

nipping at its ankles would be seen as an annoying inevitability, thus weakening the

company as a whole. Kodak did not always comply with these claims of monopoly either.

The company was in perpetual legal suits, usually more than one at a time. Kodak almost

always, “denied that it had formed monopolies in restraint of trade, or refused to deal

31 Ibid.32 Ibid.

9

Page 10: SWOT Analysis of Eastman Kodak Co_Leslie Canin_FINAL

with the plaintiff pursuant to a plan to monopolize.”33 Kodak also was frequently sued

over other companies loosing profits. However on this contention, the Supreme Court

usually could not “prove with sufficient certainty to justify a judgment for a fixed sum,”34

to prove malice on Kodak’s part.

Managerial and Employee Relationships:

Eastman Kodak had 21,000 employees in 1927 as compared to two years before

in 1925 with only 16,000 employees,35 which gives a glimpse of how fast the company

was growing. With any quick expansion come issues with production and job placement,

but also with the happiness of the workers. Large masses of workers were flooding into

the manufacturing plants, while it was unclear if management was getting larger to

accommodate the new large amount of employees. Also, if a company grows too quickly

and neglects its workers, there is a high likelihood that those neglected workers will

produce low quality goods or services and actually hurt the value of the company. Kodak

decided that, “5,100 shares of common stock of no par value, to be sold to employees ‘of

seven years continuous and satisfactory service’ for $10 a share.”36 This granting of stock

privileges ensured happy employees who felt connected to their place of work and was a

safeguard against poor workmanship. Although Kodak regularly paid their employees

high salaries and large wage dividends, management rarely heard suggestions from their

employees, which caused unrest. Management was also changing at Kodak in ’27. Two

members of the board of directors, “Lewis B. Jones and James S. Havens,”37 died and

33 "Declares Dealers May Sue Eastman," New York Times, Jul 24, 1927. E1.34 Ibid.35 Eastman Kodak Co., 1927 Annual Report, Mergent Archives. 18.36 "Eastman Co. Approves Big Wage Dividends." New York Times, Apr 06, 1927. 45.37 Ibid.

10

Page 11: SWOT Analysis of Eastman Kodak Co_Leslie Canin_FINAL

their successors had not been named. Even today, the death of executive officers has a

large impact on the companies they lead. A company is like a family, and if the leaders of

that family die or are suddenly gone, that company could fall to pieces. The Board of

Directors of most corporations in the 20’s were a tightly knit group of like-minded, rich,

white, males. When someone died, let alone two people, serious issues could occur, like

intense power struggles or even failing to find an adequate replacement.

Opportunities

Large Amounts of Natural Resources:

The 1920’s was a very interesting decade for business, from the rise of mass

manufacturing to intense market competition inspired by thousands of companies

merging together and the advent of hundreds of new businesses appearing all the time, .

Due to the market’s constant growth, opportunities for new products and new consumers

to sell these products to were vast. In regard to resources, Kodak was the main

manufacturer of film, which used silver and gelatin to create “dry plates.” “The gelatin

dry plate process is based on the light sensitivity of silver bromide, which is suspended in

a gelatin binder on a glass support.”38 Meat packinghouses of the 20’s used every single

part of the animal, especially the by-products which came from the actual meat packing

processes. Gelatin, which is “produced by boiling the connective tissues, bones and skins

of animals, usually cows and pigs,”39 was abundant at the time, and thus Kodak had no

trouble securing whatever amount of gelatin it could possibly need for manufacturing at a

38 "Identification," Graphics Atlas. Image Permanence Institute, Rochester Institute of Technology. 2015. Can be found on Imagepermanenceinstitute.org, Accessed Nov 9, 2015.39 "Gelatin," How Gelatin Is Made, Advameg Inc., 2015. Can be found on Madehow.com. Accessed Nov 10, 2015.

11

Page 12: SWOT Analysis of Eastman Kodak Co_Leslie Canin_FINAL

very cheap price. Silver, used to create silver bromide, was also readily available now

that societies all over the globe were transitioning to paper money (instead of metal

coinage of the past). Furthermore, “The World War and industrial expansion revived

significant demand for base metals [like silver].”40 This intense demand caused a boom of

silver mining so the metal could be used in other applications, like light bulbs, mirrors,

and of course film.

Eager and Intrigued Customer Base:

Photography was springing to the front of people’s work and social lives as the

20’s boomed and the population had more disposable income. Parties were captured,

wars documented, births celebrated, and deaths remembered, all made possible by Kodak

cameras and film. Kodak’s main economic goal was to introduce photography to

everyday Americans, and to grow their client base. Drawing from advertisements for the

“purchase of the smallest Brownie camera or the finest Cine-Kodak, which takes real

motion pictures,”41 and the immense profits, roughly “120 million dollars,”42 from

products sold in 1927, it’s not hard to conclude that Kodak truly was in the perfect

market for it’s technologically advanced product; A market with eager consumers ready

to experiment with new fangled contraptions, advertised to them in a way that they

couldn’t resist. In many cities all across the United States, and countries around the

world, Kodak was the go to camera. One could draw parallels between Kodak back then,

and Kleenex today. Kleenex isn’t a specific product or good; It is a brand name for

40 "Nevada Mining History," Nevada Mining Association, 2010. Can be found on Nevadamining.org. Accessed Nov 11, 2015.41 "Display Ad 15 -- no Title," Los Angeles Times, N.d. 1926.42 Eastman Kodak Co., 1927 Annual Report, Mergent Archives. 14.

12

Page 13: SWOT Analysis of Eastman Kodak Co_Leslie Canin_FINAL

tissues. Yet people still ask if you have a Kleenex when you start to sniffle, not a tissue.

The name “Kodak” was respected the same way back then. Kodak’s slogan for most of

its existence was, “You Press the Button, We Do the Rest!,”43 This slogan was very

accurate during the 1920’s, once the photograph was taken, film was almost exclusively

developed (processed into actual photographs on paper) by the Kodak Company itself.

Even if you bought a camera from the company you’d always have to pay a small fee to

have your photos developed and new film to be put in your camera. This was a great

prospective opportunity for continuous sales and repeat customers.

Threats

Various Antitrust Suits:

Along with all of the opportunities that the 1920’s brought, came a few immense

threats as well. The Sherman Anti Trust Law passed in 1890, stated, “Every person who

shall monopolize, or attempt to monopolize, or combine or conspire with any other

person or persons, to monopolize any part of the trade or commerce among the several

States, or with foreign nations, shall be deemed guilty of a felony.”44 This law stopped

monopolies and collusion between large corporations and business giants for a while, but

it didn’t outline clearly enough what monopoly technically was. In 1914, the Clayton Act

was enacted by Congress to close any loopholes present and strengthen the Sherman Anti

Trust Law. The most important part of the Clayton Act in regards to the Eastman Kodak

Company was section four. This section outlined, “that any person who shall be injured

in his business or property by reason of anything forbidden in the antitrust laws may sue

43 "Milestones," Can be found at Kodak.com, 2015. Accessed Nov 11, 2015. 44 "Transcript of Sherman Anti-Trust Act (1890)," OurDocuments.gov, 2015. Accessed Nov 13, 2015.

13

Page 14: SWOT Analysis of Eastman Kodak Co_Leslie Canin_FINAL

therefor in any district court of the United States,”45 which truly benefited smaller

companies and individuals, but opened Kodak up to lawsuits from every conceivable

‘injured’ party. Many companies and individuals brought up suits against the company,

even the Federal Trade Commission. “The government contends that the company

[Kodak] owns three laboratories which it threatens to use in the making of prints from

film negatives should the Allied Film Laboratories Association, now engaged in making

the same prints, refuse to use Eastman films exclusively.”46 There was a high likelihood

of Kodak being court ordered to compensate these smaller firms anyway, so the company

couldn’t do much in these situations except pay off the smaller firms, or fight in court.

These lawsuits were an immediate and ever present threat to the company, so teams of

litigators and policy makers were employed by Kodak to keep all of them under control.

This would have been costly and time consuming, which is always a threat to the stability

of a company.

Constant Competition to Stay Current:

The 1920’s were also a time of constant innovation in all fields. Insulin, the

iron lung, the traffic signal, penicillin and bubblegum were all invented in the 20’s.

The United States was a booming industrial nation, constantly producing and

perfecting goods and services. A smaller, but still substantial threat to Eastman Kodak

was the sheer number of people inventing and creating these new machines and

products, and trying to sell them to the masses. Though many of these other inventors

didn’t posses the size and scale that Kodak did, the company still stayed on its toes

45 "63rd Congress - Session II," Office of the Law Revision Counsel, Oct 15, 1914.46 "Supreme Court Hears Eastman Monopoly Case," Los Angeles Times, Mar 12, 1927.

14

Page 15: SWOT Analysis of Eastman Kodak Co_Leslie Canin_FINAL

researching and developing new types of products and new ways to advertise them.

In the mid 20’s Kodak partnered with, “Walter Dorwin Teague, a respected graphic

designer whose influence over the next several decades resulted in some of the most

distinctive cameras ever produced.”47 They partnered with the designer to increase the

brand awareness of Kodak, some of their ideas included introducing the bright yellow

color to the packaging of the cameras to give it a distinct look. “Teague came to be

regarded as a giant among the artists and designers from various disciplines who, by

applying their talents to the design of mass-produced goods, created the field of industrial

design.”48 This became an important aspect of Kodak’s company (and advertising in the

20’s) as a whole. The ever-present threat of new products on the market continuously

drove Kodak to innovate and design more and more.

Bibliography

"63rd Congress - Session II, Office of the Law Revision Counsel." 1914.

47 "A Brief History of Design & Usability at Kodak," Can be found at Kodak.com. 2015. Accessed Nov 11, 2015.48 Ibid.

15

Page 16: SWOT Analysis of Eastman Kodak Co_Leslie Canin_FINAL

"A Brief History of Design & Usability at Kodak." Kodak. 2015. Accessed November 11, 2015. Kodak.com.

"American Economy in the 1920s: Consumerism, Stock Market & Economic Shift." Study.com. 2015. Accessed November 2, 2015. Study.com.

"Declares Dealers May Sue Eastman." New York Times, July 24, 1927, E1 sec.

"Display Ad 15 -- No Title." Los Angeles Times, 1926.

E.S. Knapp, Florence. "Population Figures for the Cities, Incorporated Villages, Towns, and Counties of New York - Census of June 1, 1925." New York Census, 1925. Accessed November 8, 2015.

"Eastman And Pathé Join." New York Times, March 17, 1927, sec. 32.

"Eastman Co. Approves Big Wage Dividends." New York Times, April 6, 1927, sec. 45.

Eastman Kodak Co., Annual Report, Mergent Archives. 14-18.

"Eastman Loses Suit." New York Times, April 3, 1927.

"Eastman's Gift Reaches London." New York Times, December 25, 1927, N2 sec.

"Gelatin." How Gelatin Is Made. 2015. Accessed November 10, 2015. Madehow.com.

"Identification." Graphics Atlas. 2015. Accessed November 9, 2015. Imagepermanenceinstitute.org.

"Kodak To Pay Wage Dividends." Wall Street Journal, April 4, 1927, sec. 18.

"Kodak To Pay Wage Dividends." Wall Street Journal, April 4, 1927, sec. 18.

"Making Teaching Films." New York Times, January 23, 1927, E6 sec.

"Milestones." Kodak. 2015. Accessed November 11, 2015. Kodak.com.

"Nevada Mining History." Nevada Mining Association. 2010. Accessed November 11, 2015. Nevadamining.org.

"Our Company History, 1878-1929." Kodak.com. 2015. Accessed December 7, 2015. Kodak.com.

"Plan Photograph of 300-Mile Area." New York Times, March 12, 1927, sec. 32.

16

Page 17: SWOT Analysis of Eastman Kodak Co_Leslie Canin_FINAL

"Prosperity - Consumerism, America in the 1920s." America in Class: National Humanities Center. 2012. Accessed November 10, 2015. Nationalhumanitiescenter.org.

"Supreme Court Hears Eastman Monopoly Case." Los Angeles Times, March 12, 1927.

"The Business of America: The Economy in the 1920s." Encyclopedia.com. 2015. Accessed November 2, 2015. Encyclopedia.com.

"The Rise of American Consumerism." PBS. 2015. Accessed November 2, 2015. PBS.org.

"To Build in Germany." Wall Street Journal, January 12, 1927, sec. 17. Accessed 2015.

"Transcript of Sherman Anti-Trust Act (1890)." Office of The Law Revision Council. 1890.

"War Movies For Veterans." New York Times, August 29, 1927, sec. 17.

17