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In digital photography, the term ISO, refers to how sensitive a camera is to light. The higher the ISO value, the more sensitive the camera is to light, and the better the ability to take shots under low light situations. However, the major challenge with increased ISO value is the associated noise and the graininess of the pictures, which is usually unappealing. To solve this problem, Canon Company, has succeeded in manufacturing digital cameras, with a new sensor that has a high ISO value (5000-70,000), with less noise, and as a result, it will be able to take shots at a lesser cost (Canon Press Release, 2009). With this breakthrough, the digital photography industry is bound to change, with no more noise, graininess, shaky pictures, as well as the need for a flash.

The target market will be households and teenagers in China. The need of quality photographs, taken under the best light, is a necessity for all enthusiasts of photography. Taking pictures is not only be restricted to daytime, but night as well, and that is why Canon, is determined to provide its customers with high quality cameras with a high ISO value that can capture images under very low light. Teenagers are at a very active stage in their lives, and most of their free time they spend hanging out with friends, in social events at night, and they would want to capture those special moments. In addition, households also need high quality camera’s to capture the various events that take place in the course of their lives such as the different developmental stages during a child’s life, weddings, family gatherings etc. With this high demand for high quality images, Canon Company is certain that its camera will penetrate the digital photography industry, with ease, because of the quality of its product. This paper presents a marketing plan of Canon Company, and how it intends to reach its target market. Its main coverage includes description of the product, the company’s mission and objectives, market analysis, competitor assessment, marketing strategy, marketing budget, and a sales forecast.

Product/or service

Canon Company’s product is a point and shot camera that has a new sensor with a high ISO value, which enables it to produce very fine pictures, under low light conditions, and the noise produced is also less. This will give it a competitive advantage over other cameras which produce grainy pictures, and noise. In addition, the price of our product compared to other cameras is relatively cheaper, considering its high quality. We are certain that our product will enable our customers to get the value for their money.

The mission of Canon Company is to provide quality cameras to their customers at a lower cost. Through the point and shot camera, Canon’s clients will be able to take quality shots of the special moments in their lives, even under very low light conditions.

Objectives

  1. To increase its profit margin
  2. To increase its market share to 60% by the end of the 2rd year.
  3. To remain the leading cameras manufacturing companies in the world.

Product Description

The point and shot camera of Canon Company has a new sensor, with an ISO value between 5,000 and 70,000.  Because of the high ISO value, the camera is able to produce very fine pictures, under very low light conditions. In addition, it also has less noise or no noise at all (Payne, 2006). While noise and blurred images remain a problem with digital cameras with high ISO value, Canon’s product is certainly bound to change the digital photography world.

Positioning Statement

Canon Company is the leading manufacture of camera in the world. The company is popular for its quality products, and it also has a strong brand name. The good reputation, coupled with its quality product offered at low price, will make it easier for Canon to penetrate and conquer the Chinese market (Canon Press Release, 2009).

Market Analysis & Segmentation

The target market for Canon will be teenagers between the age of 15 years and 19 years, as well as households in China. The product will be sold to households with new born babies, middle income families, and high- income families.

Teenagers

Teenagers between the age of 15 and 19 years are very social and active. They love going out in the evening to bars, clubs, parties etc. Canon is certain that selling its point and shot camera to them will enable them capture the various unforgettable moments they spend hanging out with friends at night. The camera will enable them capture clear, noiseless images, even under the low light condition of the night. Teenagers are still under the care of their parents, and therefore, it is not expected that they have a lot of money, but since the price of the camera is slightly lower, they should be able to afford it.

Canon targets households with newborn babies, because parents would love to capture the various stages in a child’s life, and that requires a camera that can produce quality shots both at night and during the day. The need for such families to take pictures of their children will make then want to buy Canon’s cameras, not only because of its fine pictures, but also because of its low prices.

Middle-income Households

These are households that who live an average life i.e. their income can allow them to afford the basic needs in life such as food, shelter, education, clothing and medical attention.  However, with the low cost of the point and shot camera, Canon expects that these families will be bale to afford its product.

High-Income Households

These are rich families who can afford both the basic needs and the luxuries in life; therefore, buying the product will not be a problem to them. Canon expects that a large percentage of their sales will come from this market because of the high quality and low cost of their product.

Market Needs

There is the need among majority of families to preserve memories of special moments of their lives. Sometimes, these families hire the services of photographers, who do not provide them with high quality pictures. However, with modernization and technological changes, an increasing number of families are in need of quality portraits to display in their homes, workplaces and businesses. Those who can afford the good life, including good homes, furniture, as well as decorations, they also need quality photographs to complement the good things they have. The need for quality digital cameras has been brought about due to the fact that some studios still retain negatives, requiring their customers to return for prints after several days, while others who produce digital photographs, do so at very high prices, while the quality of the images they produce is poor.

Canon is aware of the needs of its customers for quality pictures, and that is why it manufactured the point and shot camera that can capture clear pictures under very low light. They are also aware that the high price charged by many companies and electronic shops selling cameras, has locked out numerous people from owning their own cameras. Therefore, their low prices will enable more households to afford the camera, and take pictures any time at any place they want. The various moments and events households would love to capture include family reunions, business meetings, family gatherings, weddings, and the various developmental stages of a child among others.

Competitor Assessment

Industry Analysis

According to Harry Wang, a research analyst at Parks Associates, the global market for digital cameras is rapidly maturing, with the Point & Shoot digital camera, feeling the highest pressure from digital SLR camera entrants, and camera phones. However, with careful analysis and segmentation of the imaging needs of the consumers, growth opportunities cannot be missed. Even with the effects of the 2008-2009 economic downturn still being felt among people, strong growth for digital camera have been recorded due to their falling prices, rising interest among teenagers, portability, and technological advancements that enables people to connect digital cameras to computers (Andrea, Marcotte, & Morrison, 2010).

It is important to note that, while growth of digital cameras has increased in India, China, and Eastern Europe, the growth has however slowed in Japan and the United States. The growth is mainly driven by the high demand in emerging markets such as China, favoring disposable income, and the rising use of the internet. Canon Company has consistently recorded strong performances in the digital camera industry, which has enabled the company to increase it market’s share. More and more customers are continuing to realize the reliability and high quality of its whole range of digital cameras, from the highly praised PowerShot series, to its award-winning EOS Digital SLRs (Data Monitor, 2010). Canon’s new camera, the Point and Shot camera, will sure change the wider digital photography industry.

The major competitors to Canon in this industry include Sony, Nikon, and Kodak. Sony’s digital cameras are very popular among customers because they are considered to be among the most innovative products in the industry. Some of Sony digital cameras include Cybershot N2, and Cybershot T20. Kodak digital cameras are famous for their simplicity and quality. They are easy to operate compared to their competitors. Its models include Kodak EasyShare V1003, Easyshare C653 etc. Nikon, the greatest competitor to Canon, is known for its cameras which have lesser megapixels, but enhanced night capability, and more eye pleasing features (Andrea, Marcotte, & Morrison, 2010).

Marketing Strategy

Canon being the leading manufacturers in electronic and imaging products in the world, it has an upper hand to penetrate the Chinese market because of its strong brand name, and good reputation. To beat it competitors, Canon will lower its prices slightly below that of the competitors, in order to capture a bigger market share in China, and increase its profit margin.

Canon’s Marketing Mix

Product

The Canon Point & Shot Camera is excellently designed in a way that its new sensor can accommodate high ISO value, while maintaining minimal or no noise. The camera is also able to take very clear pictures at night when light is very limited. Its quality and performance has been tested, and Canon assures its customers that the product is very durable, reliable, stylish, and easy to operate (Data Monitor, 2009). It also comes in various colors for customers to choose from. The product has a 24-month warranty, and an after-sale service.

Pricing Strategy

Canon’s purpose of launching the product in China is to improve its profit margin, and to increase its market share in China. Being an emerging market with high demand for digital cameras, Canon is determined to capture over 60% of the market share in China. Its closest rival, Nikon, also has a model with the same features as Canon, so its strategy will be to sell its product at $400, a slightly lower price than it major competitor, Nikon, who sales the same model at $450 (Canon Press Release, 2009).

Distribution Strategy

Canon has a rapid distribution network to avail its product anywhere in time. The new product will be sold through Canon online stores and local distributors. Due to the large size of China, the product will be shipped in bulk, and distributed to electronic shops, supermarkets, individuals, etc, on the basis of demand.

Promotional Strategy

Canon’s promotional strategy will focus on e-business. Canon will promote its product through its website, and social media such as face book, Twitter, YouTube, and Google. In addition, the product will also be promoted through newspaper ads, TV ads, PR, as well as consumer magazines (Data Monitor, 2009).

Marketing Budget

Canon Company estimates that the Point & Shot camera will require a six-month marketing period for it to penetrate and conquer the market. The product will be launched in January 2012, and the total marketing budget will cost $240,000. This budget is forecasted to market the product through various methods.

Code: Sample20

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