Canon Marketing Strategy – Marketing Strategy of Canon: It was founded in Japan in 1937 as Precision Optical Industries Company Ltd. This company has gone a long way in becoming a major player in the imaging technology solutions industry. In 2016, 79% of the company’s sales came from outside Japan, making it the world’s largest manufacturer of multifunction office devices (MFD), Cameras, and Laser/inkjet printers. It is primarily involved in three product types Office business units, Imaging systems, and other businesses.
Canon At A Glance – Marketing Strategy of Canon
Company : Canon Inc.
CEO: Fujio Mitarai
Founder: Takeshi Mitarai | Goro Yoshida | Saburo Uchida | Takeo Maeda
Year founded: August 10, 1937, Tokyo, Japan
Headquarters: Ota City, Tokyo, Japan
Products & Services: Canon’s products include cameras (including compact digital camera, video camera, film SLR and digital SLR), camcorders, lenses, broadcasting equipment and solutions (such as free viewpoint solution), professional displays, projectors
Competitors: Sony, Fuji Film, Xerox, Nikon and Seiko Epson
Canon Fun Facts: Canon began as the Precision Optical Instruments Laboratory. In 1934, the first Japanese 35mm focal plane-shutter camera prototype was made. It was called the “Kwanon”. In the next few years, Canon became very important in creating new camera products and making them better.
Marketing Strategy of Canon
Canon’s Marketing Strategy covers various aspects of the business right from segmentation and targeting to the overall mission and vision of the company and the various parameters which the company executes to become the top brand that it has in the market. So what is the Marketing Strategy of Canon? Let us discuss.
Segmentation, Targeting, Positioning – Canon Marketing Strategy
Segmentation is a method of grouping and profiling different characteristics of the population. Canon employs a combination of demographic, geographical, and psychographic segmentation strategies for different business units. It is segmented based on factors like income and occupation, social class, etc. It uses need-based analysis to target its customers primarily corporate and individual customers.
The company uses the strategy to target different segments of customers.
Canon employs value-based and user benefit positioning strategies that are based on the products provided to customers and customer groups.
Canon Mission Statement
we stand committed to the causes of Environment, Eye Care, Education, and Empowerment. We would also support employees to contribute and share their time and skills towards the causes they feel passionate about.
Canon Vision Statement
“The World more Vibrant”
“Delighting You Always”
Competitive Advantage – Marketing Strategy of Canon
Strategically locating manufacturing sites that take into account factors like labor costs, taxes, logistics, and procurement in each country or region has helped the company to be competitive. Canon can enrich the lives of its customers by focusing on their different needs.
Mergers and Acquisitions: Buyouts, strategic alliances, and buyouts like Axis communication, Milestone Systems, Tereck Office Solutions, Inc, etc. These companies’ functional advantages allowed the company to maximize its own.
Go global Act local Strategy:
Canon is constantly striving to strengthen its home products using its integrated technologies, automation, and a cost-to-sales ratio of 45% for the FY2017-18.
BCG Matrix – Canon Marketing Strategy
BCG matrix Digital cameras SLR/DSLR are the stars of its consumer solution product.
Since Samsung is trying to grab the market, printers, scanners, and binoculars have become stars. They are also priced competitively compared to canon.
The Business Solution segment includes multifunctional printers and large format printers. Scanners, black and white, and color production printers as well as software that can be used to support them.
BCG matrix includes binoculars and fax machines.
Distribution Strategy – Marketing Strategy of Canon
Canon’s next-generation logistics platform allows it to ensure that global logistics is safe, efficient, and affordable. Canon employs a mixed channel strategy to make its products accessible on the market. The company uses three distribution channels: Distribution partners and eCommerce websites.
Canon distributes its products and services through several subsidiaries Canon Marketing Japan Inc., Canon U.S.A., Inc, Canon Canada Inc, Canon UK, Canon Singapore Inc, etc.
Brand equity – Canon Marketing Strategy
Canon has been known as a leading brand in photographic equipment. Canon was regarded as a reliable and trustworthy brand. Canon is working hard to move from a product-focused marketing model to one that is more consumer-centric. This has inspired creativity and a deep understanding of customers’ needs.
Competitive Analysis – Canon Marketing Strategy
The advent of technology and the booming smartphone market have changed the competitive landscape for Canon. This is because the digital imaging market is no longer crowded by peer companies like Nikon or Kotak, but is also becoming the target market for companies like Panasonic, Samsung, etc.
Canon has signed licensing agreements with several MNCs, such as HP Inc., Ricoh Company Ltd. Xerox Corporation, and many others to leverage its technical know-how for co-creating innovative products and services.
Market Analysis – Marketing Strategy of Canon
The digital camera is a mature market with low growth. The market for imaging and optical products is highly capital-intensive with automated machinery. This results in high exit barriers, while it is also overcrowded by other companies in Meta.
Customer Analysis – Canon Marketing Strategy
Customers are a group of individuals, corporate customers, and professionals who are involved with technologically advanced Canon products in some way.
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