Polaroid

Definition

In the context of an Introduction to Business, especially within the chapter on Understanding Economic Systems and Business, focusing on "Competing in a Free Market," Polaroid serves as an example of a company that once held a dominant position in the instant photography market. It illustrates how innovation and adaptation are crucial in maintaining competitiveness within a free market economy.

Related terms

Innovation:

The process of translating an idea or invention into a good or service that creates value for which customers will pay.

Free Market: An economic system where prices for goods and services are determined by the open market and consumers, in which the laws and forces of supply and demand are free from any intervention by a government, price-setting monopoly, or other authority.

Competitive Advantage:

The attribute that allows an organization to outperform its competitors, achieved through innovation, quality, cost advantages, etc