"As digital cameras proliferate, they suck the life out of Polaroid's older instant-film products. It's only a question of how rapidly these products will fall" -Cravens et al. 2003-
Referring to this digitals world, if I were a CEO of Polaroid, I would set a new strategy; corporate strategy, business strategy, and functional strategy respectively.
To begin with corporate strategy, the CEO of the company should re-brand Polaroid from a toylish image to a professional image in both of the one stop photo lab services and a leading technology in manual camera. Additionally, they should preserve their niche market which is composed by not only customers who always feel loyalty to Polaroid but also a youngster market. Due to the fact that Nikon stopped the production line of compact film camera since 2004, while Cannon stopped to produce a compact film camera since 2003. Film has died from the photo market; in particular, an instant film was substituted by digital camera already. Undoubtedly, Polaroid should invest in one stop photo lab services. Because Polaroid is specialized in film; in fact it is not too tough to develop this specialization. Research group IDC noticed that people tends to decrease home photo printing, because it is expensive, difficult, and fiddly. On the other hand, Polaroid needs to develop a camera technology in order to surviving. The company should pay more attention on digital camera market and try to own a market share more than nowadays. For example, they might use Price strategy in order to take a steak-holder from Samsung etcetera. However, Polaroid should remain their concept: live and impressive memory. As can be seen from "Lomo"; the Polaroid's camera which is very popular right now, it provides the easiest way to get an instant fantasy photo while Photoshop adjusting is not necessary. By the way, the price of Lomo is high, and the function is not variety enough.