What was Kodak's biggest mistake. Comment in relation to strategic failure

Kodak - Need for Change

Kodak is synonymous with photography. Their print processing methods were global and technologies ahead of the competition. However, the company ultimately camecrashingdown because it didn't change their strategy with the market.

Kodak invented the digital camera in 1975. Even though they produced a report on predicted future trends in the market, management decided that the technology wouldn't disrupt the market so strategic change was unnecessary. They had 10 years to act, but didn't. The company lost 75% of its value before filing for bankruptcy in 2012.