Marketing strategy of Nikon – Nikon Marketing Strategy: Nikon is a Japanese multinational corporation that was founded on the 25th of July day of 2017 and has its located in Tokyo, Japan. The assortment of products comprises cameras, microscopes, binoculars, ophthalmic lenses rifle scopes, spotting scopes and is among the top manufacturers of solutions and products that are based on optoelectronic as well as precision-based technologies. Nikon is well-known for its binoculars and cameras.
They even produce devices that are used to make the semiconductors used in smartphones and PC, as well as measuring instruments to detect microstructure defects on electronic devices. They are present in over 90 different countries across Europe, Asia, and Europe and Asia, among others.
Did You Know About Nikon?
Company : Nikon
CEO: Toshikazu Umatate
Founder: Koyata Iwasaki
Year founded: July 25, 1917
Headquarters: Minato City, Tokyo, Japan
Annual Revenue : ¥519.0 billion
Profit | Net income : ¥(12.0) billion
Products & Services: cameras, camera lenses, binoculars, microscopes, ophthalmic lenses, measurement instruments, rifle scopes, spotting scopes
Nikon Fun Fact : The full form of Nikon is from Nippon Kogaku, meaning “Japanese Optical”. It’s used on Businesses, Companies & Corporations Worldwide. Nikon Corporation or Nikon is a multinational corporation specializing in optics and imaging.
STP in the Nikon Marketing Strategy
Nikon makes high-end quality lenses, cameras, and optical equipment. Nikon is an international brand primarily focused on the field of photography. In terms of the concept of demographic segmentation, it’s determined by age, income, and job, and also under psychological segmentation, it is based on the mindset of individuals as well. The three age groups that Nikon is focusing on are 18-35, 36-45, and 45 above. People who are interested in photography, and who also share images through social networking.
The primary market is camera enthusiasts that are between the ages of 20 to 40. These are those in the market who are not ready to shell out the full price for high-end equipment therefore Nikon has created cheaper models for them. Another targeted market is the amateur photographer hoping to capture high-quality images with minimal editing, and who has an interest in specific cameras. Another market that Nikon is targeting is a professional photographer who requires the best equipment for photographs as a hobby or even as a profession. Nikon will target this market by offering premium cameras.
Nikon initially was seen in markets as a company that offers well-equipped and highly functional cameras, but the company has now shifted its focus to everyday photography. Its Nikon cameras are designed to show real people with a reason and purpose.
By providing diverse products, services, and solutions, we will continue to be a brand in which everyone can feel “Trustworthiness and Creativity”. This is our mission
Unlock the future with the power of light Unleashing the limitless possibilities of light. Striving to brighten the human experience. Focused, with purpose, on a better future for all. THIS IS THE ESSENCE OF NIKON.
Unlock the future with the power of light
Competitive advantage in the Nikon Marketing Strategy
The brand heritage
Since its founding around 1917, Nikon has been focusing on light and exploring the potential of light. It is an innovator in optical technology for the entire world. Through the use of the technologies that it has developed to date, Nikon will continue to be”the “eyes” that help enrich the industry and the people who use it, while also providing an innovative value to the future. Nikon will be a part of the advancement of image culture in the future.
The ads Nikon uses are not geared at its products but more about what the consumers can do with their products. This method is all about presenting the reality and showcasing what customers do. The core of the strategy of marketing method is collaboration. The new strategy of marketing places all the emphasis on the consumer with an online platform named KeyMission which allows users to upload their videos as well as their mission.
Nikon has several Instagram accounts throughout the world and utilizes different influencer sets to manage these accounts. Nikon has built a powerful platform for displaying the camera’s top quality and diverse features. Nikon has also partnered with some of the top photographers and named them the official Brand Ambassadors.
Since its beginning, Nikon has been involved in the creation of microscopes. The knowledge and expertise that Nikon has developed through the years have helped to discover the application of Regenerative medicine. Nikon invests in retinal imaging diagnosis.
Nikon has been a major contributor to the development of medicine and life sciences, which has helped to improve the quality of life for millions of people. Nikon has created semiconductor lithography equipment for the production of semiconductors, which are utilized in many electronic devices. Nikon also has agreements with universities and businesses and has contributed to medical research. These initiatives are diverse and have helped Nikon with several revenue sources that are not traditional.
BCG matrix in the Nikon Marketing Strategy
The imaging equipment is among the most popular products of Nikon. The products for imaging include Digital SLR cameras, Mirrorless cameras Flashes (Speedlights) Accessories, Software, and Sports Optics. The products for imaging represent the largest source of revenue for Nikon. The precision equipment business has also has improved due to the change in the company’s business model. The products for sports optics like Fieldscopes Loupes, Fieldmicroscope, etc. are included in the “question mark” area within the BCG matrix. Nikon remains committed to providing the most comprehensive range of top-quality optics, however, the way it performs in the marketplace is to be established.
Distribution in the Nikon Marketing Strategy
The international market for Nikon represents more than 80% of overall sales for the company. Nikon offers a wide assortment of products that range from Nikon camera systems to equipment for the production of high-definition screens. The company has developed a vast network of shops and service centers, as well as has a large number of customers around the globe. Cameras are sold online, such as on Amazon, Alibaba, and Flipkart as well as other sites. They are also available in stores that carry multiple brands, Nikon stores, Supermarkets, and other stores. The stores are across the globe.
Nikon has set up service centers across all major cities as well as in suburban areas of India and around the world because service centers are the primary aspect that determines whether the cameras will be sold or not.
Brand equity in the Marketing strategy Nikon
The problem is “At the heart of the image” and Nikon takes on the task. The brand is known for its emotional approach when talking about its company and is more focused on the persona rather than the product. The company talks about how cameras capture distinctive senses that exist in the world, such as excitement, joy, hope sadness. It markets itself as one that captures the emotions of the world using its cameras.
It highlights the richness of the human experience by generating new value for the images taken by cameras. The experiences that the brand provides for its consumers have been instrumental in fostering the love for the brand.
Competitive analysis in the Nikon Marketing Strategy
Nikon is a leader in the market which is based on a broad range of product selections. It also has a broad geographical presence as well as diversified business revenues, which decreases the risks of running a business and is the main benefit of Nikon. In 2018, interchangeable lenses are available, Canon has 49.1 percent of the market, Nikon has 24.9% share, and Sony is just 13.3 percent share. Other competitors include Olympus, Panasonic, and Fuji as well as others. The three companies have an average of 13%. Its primary competition is Canon and Nikon should develop better strategies to create an area of distinction from the other competitors.
Customer Analysis Nikon Marketing Strategy
Nikon offers a wide variety of customers with a variety of requirements ranging from novices as well as professional photographers. Nikon also makes lenses, sunglasses, and spectacles. Nikon also has commercial and business clients via their scanners, semiconductors, and printers. The major customers of Nikon’s camera business are amateur photographers, camera enthusiasts professional photographers, and college and High School graduates. Social media and the demand for high-quality images have attracted the attention of the consumer
Promotion Strategy Marketing strategy of Nikon
The promotions are advertised on hoarding boards and magazines videos, online, on YouTube, and so on. Stars such as Priyanka Chopra, and Aston Kutcher have participated in advertisements and promotional campaigns. Numerous promotional offers are offered to customers such as discounts, and cashback lens bundles with cameras. These strategies can help attract new customers as well as keep loyal customers.
Nikon is a highly active social media brand that can be found participating in stand-in events that are taking place around the globe. There is even an organization for photographers for existing customers to give its loyal customers the feeling of belonging. Nikon organizes photography contests and events for those who love photography. One of its most effective initiatives is called the ” I am ___” campaign. The idea is to fill in the blanks with positive terms like “brave”, “strong”, “awesome’ etc.
It encouraged self-respect and creative thinking among users of cameras The campaign was so effective that people began to rush to purchase Nikon cameras. Nikon cameras, which resulted in large-scale sales.
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