Nikon Marketing Plan free essay sample

Nikon Inc. is involved in a broad spectrum of businesses centered around specializations in imaging products, precision equipment, and instruments. Nikon’s efforts to provide the kind of products and technologies that will exceed its customers’ expectations are already achieving impressive results. Nikon is perhaps most well known for its reputation as a world leader in imaging products, and its technologies continue to play a significant role in defining the photographic industry. Beyond photography, Nikon Inc. is also the leading innovator of precision optical lens and imaging devices. Our array of ophthalmic instruments, Nikon industrial inspection and measuring systems, Nikon microscopes and imaging systems for the biosciences and Nikon surveying instruments are improving the way companies advance their business and professionals care for their clients. Nikon’s precision equipment business is also driving remarkable innovation and growth. Immersion lithography technology in IC scanners and LCD scanners that feature Nikon’s multi-lens scanning system are now the finest in the industry, attracting keen attention. We will write a custom essay sample on Nikon Marketing Plan or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Nikon is also making active efforts in new fields, such as photomask substrates for liquid crystal displays (LCDs). Over the last 90 years, Nikon has consistently moved the photography, imaging and optics industry forward, discovery by discovery and product by product. As we continue our research and development mission to uncover advanced technologies that will enhance the lives of our customers, we also reaffirm our commitment to delivering the highest quality products and support. Mission Statement The Nikon philosophies are Trustworthiness and creativity, Our aspirations: Meeting needs. Exceeding expectations and the slogan is â€Å"At the heart of the image† SWOT Analysis Strength: 1. Strong market position built on broad product portfolio 2. Diversified geographic presence with focus on developing markets provides diversified revenue stream with reduced business risk 3. Strong research and development capabilities facilitate new product development in line with changing consumer preference 4. Effective integration of digital platforms like social networking sites in its marketing efforts has helped attract larger target audience 5. Excellent advertising and branding exercises through TVCs and print ads 6. Has a strong workforce of over 25,000 7. Good branding through sponsorships of events and sports teams Weakness: 1. Dependence on particular products and businesses. Precision equipment businesses and imaging products business account for 90% of total net sales 2. Instances of alleged violation of competition laws incurred penalties and hurt the brand image a few times Opportunity: 1. Online sales opportunities by leveraging e-commerce market and effectively using online marketing options 2. Expanding presence in the global market 3. More innovative product offerings for the customers Threats: 1. Rapid technological changes 2. Increasing appeal of high end camera phones and their social networking integration facilitating easy sharing of photos 3. Competition with black market, parallel import and smuggled goods 4. Ever-increasing smart phones camera quality Maslow Pyramid of Needs Nikon’s Imaging Products are addresses around Esteem Stage and Self-actualization. So not necessary for survival, but photography, for those who have chosen to undertake it, is a part of all the things that lead to self-transcendence. Demographics Nikon users have traditionally been professional photographers with cameras from the Nikon D4 to the Nikon D3000, ranging in price from $500 to $6500. These cameras have typically been targeted towards more mature adults with income over $40,000 per year. Nikon decided to change their image and release a line of cameras more price friendly and stylish for the younger, tech savvy generation. The primary audience of the Nikon Coolpix collection of cameras is young women, mainly between the ages of 18-25. College students and young professionals don’t have as much income as Nikon’s traditional audience, so they kept that in mind by creating a camera for young adults with incomes right around $20,000 per year. Nikon has priced their Coolpix cameras at a cheaper price than their other professional cameras, ranging from $150 to $250. Cameras with the entire back being a touch screen are in the higher price range around $300. Age: 16 – 65 Gender: female and male Race: All Religion: All Education: high school and above Occupation: students and professionals Psychographics D series Nikon cameras’ target audience is mostly professional and semi-professional photographers. The target audience for the Nikon Coolpix values her family and friends. Their opinions are important and help aid her in the decision making process. She values high quality products and new technology. She is in the generation of the Millennials, which means she is very tech savvy and does thorough information search online before making a decision. This person has strong opinions toward different brand names. Quality of the products is directly correlated to the brand name. This woman lives either on her own or with roommates in a well-populated area. She is adventurous and likes to travel. The write, draw, and paint feature on the Coolpix allows her to personalize all of her memories. 4Ps Product Nikon is contributing to technology in numerous fields, from manufacturing ICs with nanometer-rule circuit patterns and advancing bioscience, to furthering the possibilities of imaging and capturing views of stars that are billions of light years away. What makes this possible? Nikon’s opto-electronics and precision technologies have nurtured throughout its history and used to create an extensive range of products, services and even more new technologies. Imaging Products Thanks to advances in digital technology, the camera has evolved into an everyday device anybody can use to easily take high-quality pictures. For professional photographers, digital camera technologies have yielded remarkably advanced functions and performance that can significantly intensify creativity and expression. Nikon camera production acumen and technologies, both supported by our long history, will continue to expand imaging possibilities. There are four main segments of Nikon imaging products; D series, New Nikon1 series, Coolpix series and Nikkor lenses. D Series Nikon’s DSLR ‘D’ camera is the culmination of leading technology that brings innovation to both photo imaging culture and the evolution of cameras. ‘D’ continues to aggressively inspire the creativity of photographers. Despite changing times, Nikon has constantly pushed to perfect and redefine the SLR category. ‘D’ is a product of Nikon’s tradition of technology and craftsmanship, and is well equipped with performance that puts it at top position within each camera class. Nikon 1 Series Nikon 1 is designed for the modern picture taker. Ready when you are, Nikon’s Advanced Camera with Interchangeable Lens (A-CIL), is the one camera you’ll want to take everywhere, to connect you to the world. Sharing your life in photos and videos is easy with the dynamic Nikon 1 digital camera. Beautifully crafted, its every control is intuitive; giving you everything you need to capture a complete view of your world. COOLPIX Series Behind every Nikon COOLPIX compact digital camera is the fundamental idea that photography should bring you joy. Every shot you take is a precious moment captured. With Nikon COOLPIX cameras, you can capture that moment and its joy forever. Its portability allows you to casually carry high-end equipment with you everywhere you go. Responsiveness allows you to react to any situation, at any time. Nikkor Lenses Nikon is the only company in the world that manufactures their imaging products all the way from glass manufacturing to finished product. The spirit and technology to freely maneuver light are deeply embedded in Nikon’s product. Nikkor is a lens brand for cameras that symbolizes the spirit of Nikon. It is â€Å"instrument of light† brand where advanced engineering technology and traditional lent craftsmanship are combined at the highest level. †¢Digital cameras †¢Film cameras †¢Interchangeable lenses †¢Speed lights †¢Photographic accessories †¢Software †¢Sport optics Precision Equipment Modern society reaps great benefits from the electronics fabricated in industrial sectors, including areas such as home appliances, personal computers and automobiles. Nikon is continuously advancing the production of steppers and scanners that are used to manufacture ICs — the very core of electronics — as well as liquid crystal panels and organic electroluminescence panels that are indispensable to LCD TVs, computers, and smartphones. In these and many other ways, Nikon is fostering and innovating our electronics-based society. †¢IC steppers and scanners †¢LCD steppers and scanners Instruments Microscopes and measuring instruments from our Instruments Business are contributing to fields ranging from medical and bioscience research to industrial sectors such as components for electronics, automobiles and aircraft. We also offer sophisticated, highcaliber surveying instruments used in architectural design and urban planning. Nikon supports the development of society with precision technologies and eyes firmly focused on the micro level. †¢Biological microscopes †¢Industrial microscopes †¢Stereoscopic microscopes †¢Measuring instruments †¢Semiconductor inspection equipment †¢Surveying instruments Price Nikon’s Imaging Company grosses 2/3’s of its companies net sales, therefore I will focus on the Imaging Company’s products and prices. Nikon offers a wide verity of imaging instruments from amateur to professional for almost every budget. Coolpix series, for amateur everyday purpose, price list: Digital SLR series, for mid-range and professional purpose, price list: Product Name Effective Pixels Image Sensor Format Maximum ISO Sensitivity Price D3100 14. 2 million DX 3200 $549. 95 D5100 16. 2 million DX 6400 $599. 95 D3200 24. 2 million DX 6400 $699. 95 D5200 24. 1 million DX 6400 $799. 95 D90 12. 3 million DX 3200 $899. 95 D7000 16. 2 million DX 6400 $999. 95 D7100 24. 1 million DX 6400 $1,199. 95 D300S 12. 3 million DX 3200 $1,699. 95 D600 24. 3 million FX 6400 $2,099. 95 D800 36. 3 million FX 6400 $2,999. 95 D4 16. 2 million FX 12800 $5,999. 95 D3X 24. 5 million FX 1600 $7,999. 95 Place Consumers do not need to go far to pick up Nikon products. There are many authorized actual and online Nikon dealers. Nikon cameras and accessories are available at electronic stores camera video stores and online stores such as Best Buy, Micro Center, BH, Amazon, Ebay and also on Nikon’s own website. Promotion Media Mix There are different approaches to marketing. Sex sells, as do celebrity. However, the appeal and effectiveness of advertising can vary greatly as witnessed by Nikons marketing efforts. In the first campaign, Nikon acknowledged the largest demographic of buyers of consumer electronics are adult males under the age of 45. Therefore, their advertising campaign, they selected the controversial Kate Moss, swapped her clothes for a Nikon, and ran a series of ads along the lines of Im a supermodel. Im naked. Im here. Heres a Nikon. When this campaign came to an end, Nikon searched high and low for a different celebrity who could represent the values of their brand to their key demographic. They settled on Ashton Kutcher. He is charming, handsome, smart, fun so Nikon. Nikon listens to customers and the voices of societies all over the world. Nikon’s product manufacturing process begins with us listening to people all over the world — people from different walks of life, people involved in different industries — so we can understand precisely what they want from us. We gather customers’ opinions in many different ways: sales, service and support activities, trade shows, promotional and other events, and via the Internet. To us, this information is invaluable. We are endeavoring to create new products and services that exceed customer expectations by aggregating and analyzing these opinions. Nikon Professional Service (NPS) is an organization that provides assistance and services to its full-time professional photographer members, with top-quality service depots at international events. NPS responds to the exacting demands of professional photographers while applying their valuable feedback for product development. We participate in many different kinds of trade shows around the world, using them as precious opportunities to explain our products to customers. The photo at right shows Nikon Metrology NV’s booth at Control Germany. Among the products we displayed were 3D coordinate measuring machines, 3D laser scanners, and X-ray CT inspection systems. Nikon Direct plans and sells products such as camera bags, accessories and photography clothing by analyzing customer feedback gathered via phone, e-mail and original marketing surveys. By creating unique products in response to customers’ tastes, Nikon Direct increases customer satisfaction. Competitive Profile There are three main competitors for Nikon in the imaging market; Canon, Sony, Olympus. Canon as Nikon’s biggest competitor has a quiet big reputation for low light situation and high quality video capturing but their image quality difference is practically non-existent, leaving the choice to the buyer’s preference. Sony and Olympus are second best options among professional cameras and equipments due to their limited variety in camera accessories and lenses and third party equipments for those brands. In professional DSLR market Nikon is known for its durability and its complementing Nikkor lenses. For snap-shot pocket cameras, Nikon stands out for its cheaper price and sleek, modern designs.