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According to ISO terms, for the digital photography, the higher is the value of ISO, the higher is sensitivity of the camera to light, and the better 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 unappealing. To solve this problem, Canon Company, has succeeded in manufacturing a digital camera with a new sensor that has a high ISO value of between 5000 and 70,000, which produces less noise (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.
Canon is committed to continually providing high quality products and services to its customers. The company seeks to develop and prosper in the next 100-200 years and is dedicated to becoming a worldwide company that is respected, admired and loved by people all over the world (Canon Press Release, 2009).
Canon Company’s product is a point and shot camera that has a new sensor with a high ISO value (between 5,000 and 70,000) which enables it to produce extremely clear pictures, under low light conditions. In addition, it also has less noise or no noise at all (Data Monitor, 2009). 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. The price of the product compared to other cameras is relatively cheaper, considering its high quality, which will enable customers get the value for their money.Want an expert to write a paper for you Talk to an operator now
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 restricted to daytime, but it is possible at 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 particularly low light. Teenagers are at an extremely 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 capture the various events that take place in the course of their lives, such as the different developmental stages during a child’s life and weddings, or family gatherings etc. With this high demand for high quality images, Canon Company is certain that its camera will turn around the digital photography industry, with ease, because of the quality of its product.
Canon’s purpose of launching the product in China is to improve its profit margin and 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. However, Nikon, company’s closest rival, also has a model with the same features as Canon, so Canonc’s strategy will be to sell its product at $400, a slightly lower price than its major competitor, Nikon, who sales the same model at $450 (Canon Press Release, 2009).
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. Because of 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.
Canon’s promotional strategy will focus on e-business. Canon will promote its product through its website, and social media such as Facebook, 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).
Canon being the leading manufacturer of electronic and imaging products in the world, it has an upper hand to penetrate the Chinese market because of its strong brand name, and sound reputation. To beat its competitors, Canon has plans of lowering its prices slightly below that of the competitors in order to capture a bigger market share in China (Canon Press Release, 2009).
Personal Opinion Regarding This Marketing Plan
I think this marketing plan is well written to capture the attention of the target market. The sound reputation and strong brand name of the company, coupled with the high quality and low price of its product will certainly help Canon penetrate the Chinese market and increase its market share.