Nikon has expanded geographic presence with focus on developing markets provides expanded revenue stream with reduced business risk. PESTEL, a complementary tool to SWOT, expands on the analysis of external context by looking in detail at specific types of issues that frequently have an impact on implementation of project/ initiatives. Some of the competitors for Nikon include matrix metering and color recognition, optical VR, processing chain bandwidth amongst others. The company operates as a subsidiary of Nikon Corp. digitGaps report on Nikon Research . Thus to keep them attracted to the company they provide them with different products. Following are some of the strengths of Nikon: Weaknesses are areas where Nikon needs to improve in its business. The range of camera produced by this company since its existence is included in Appendix 1. Try to substantiate the strengths, weaknesses as objectively as possible in terms of what the Nikon Corp. does, how it does it, and where are there scope of improvements. Rather than that specializing in the macro problems with the purchasers Nikon has always been watching grass-roots issues that customers face in photography and tried to address them. Managers at Nikon Corp. in Scientific & Technical Instr. Continue with Recommended Cookies. Theyare more likely to use home-made photographs, except for rare occasions, such as a high school photo or wedding. There are 74,836 families. This article has been researched & authored by the Content & Research Team. Current Customer Profile Current Marketing Strategies Current SWOT analysis New Customer Profile New Marketing Strategies Rebecca Gray and Josh Gallant Marketing 1 period C Mrs. Scheffer 2. Instances of alleged violation of competition laws incurred penalties and hurt the brand image of Nikon a few times. Ourtarget market is families of college-educated people who are most likely to be professionals. For Nikon, the SWOT analysis is tabulated below: Table 2: SWOT Analysis Strength Opportunities High market occupancy Major advancement in R&D and new technology Healthy monetary situation High brand name Increasing market trend in LCD and DSLR cameras Healthcare products are becoming more demanding Weaknesses Threats High stock levels of products Professionals are, almost by definition, college graduates. Photography has gone digital.   Hey there! Learn how to effectively navigate the market research process to help guide your organization on the journey to success. According to Datamonitor (2008), the company also accounted for 25% of the instrument products sales and 27% in the precision equipment sector. 2. People who who pay for professional photo portraits are generally status-conscious professionals who have children, and so weve segmented the Eugene-Springfield metropolitan area according tothe social statusof families. It will provide better clues regarding where customers are going and what trends Nikon Corp. can leverage. Professionals, such as those in our target market,often have business needs for quality photos and have acquired a taste for them. Strengths might include the company's . The social needs for a camera are becoming more and more important. - High margins compare to Scientific & Technical Instr. Weaknesses. Gain understanding of Nikon Corporation and the factors that influence its strategies. With rapidly changing technology, Nikon has to keep pace with new technology in order to be competitive in the market. On the other hand, well-established political legislation enhances the standard of living in these countries. SWOT Analysis - A detailed analysis of the company's strengths, weakness, opportunities and threats. Therefore it can be deduced that the companys major advancement in R&D has allowed it to enter strategic relationship with other leading companies. Nikon has always been a robust engineering company specializing in research. In the case of Nikon, embracing in e-business strategy has already started but still the resistance to change needs to be addressed. According to ABL Research (2007), nearly 70% of all handset globally are expected to be equipped with cameras with high resolutions. Using the SMART concept as described by Westwood (2005), Nikon will be able to control its marketing plan for this new product, improve organisational capabilities and provide overall functional target for the coming years. It can happen to Nikon Corp. in the Technology at the present moment. Nikon Corp. (7731) is listed on Tokyo stock exchange. - Rapid Expansion of Economy As the US economy is improving faster than any other developed economy, it will provide Nikon Corp. an opportunity to expand into the US market. Nikon has the best cameras in the market that suit everyday use. - Saturation in urban market and stagnation in the rural markets - For Nikon Corp. this trend is an ongoing challenge in the Scientific & Technical Instr. Long term growth prospects for LCD displays and SDLR cameras. Even with such advantages, it has some flaws in the market which affect its growth. In the global context, Nikon actually possesses 3 main websites. Nikon has a strong market position built on broadproduct portfolio, 2. The disruptive technology changes within the digital imaging sector are creating tons of threats for the companies engaged during this sector primarily due to the prices to be invested in research. Expanding its presence in the global market is often an enormous opportunity for Nikon. - Opportunities in Online Space - Increasing adoption of online services by customers will also enable Nikon Corp. to provide new offerings to the customers in Scientific & Technical Instr. Strategic planning of Nikon Corp 2. Some of our partners may process your data as a part of their legitimate business interest without asking for consent. This growth is reflected in the accompanying chart and graph. 2. industry. Amsterdam Area. My name is Aditya Shastri and I have written this case study with the help of my students from the online digital marketing course at IIDE - India's #1 digital marketing institute. SWOT analysis is defined as the review of an individual, company, product, or industry by assessing strengths, weaknesses, opportunities, and threats of the object of study. SWOT Analysis of Nikon SWOT analysis is a technique for assessing four aspects of a business - strengths, weaknesses, opportunities, and threats. A starting guide to manage this situation for companyname is objectively assessing the present value propositions of the various products. Revenue SWOT ANALYSIS Strengths. However, foreign exchange risks, intense competition and regulations from RoHS and WEEE could affect its business operations. As we know most people nowadays are using online platforms, thus it is essential for every business to grow digitally. Therefore this could create a threat to Nikon, reducing the growth of its share in camera market. industry. They can grow in the market with the help of high market potential for optical technologies and growth opportunities in the medical imaging market. Reverse its weaknesses. According To Mbaskool Nikon Swot Analysis 967 Words 4 Pages on particular products and businesses Precision equipment businesses and imaging product businesses account for 90% of total net sales and there have been instances of alleged violation of competition laws incurred which hurt the brand image of Nikon a few times. A SWOT analysis is a framework that is used to analyze a company's competitive positioning in its business environment. However, as more geographic market segments are being targeted for consumers with different cultures, Nikon will have to expand its servers and security for higher volumes of consumers. Some threats for Nikon include: With this, we have reached the end of the SWOT Analysis of Nikon. Nikon established an R&D division. It is a useful technique to understand the present Strengths (S), Weakness (W), Opportunities (O) & Threats (T) Fujifilm is facing in its current business environment. It also works on future technologies. Expert Answer. SWOT analysis is one of the most widely used tools for strategic analysis. Strategists at Nikon Corp. can utilize SWOT for following objectives -. If you like to read such detailed analyses of companies, find more such insightful case studies on our IIDE Knowledge portal. In this article, we define what SWOT analysis is, discuss the SWOT analysis tool and highlight . The strengths and weaknesses address the internal factors of the company, opportunities and threats are the macro challenges that Nikon Corp. is facing in Japan and other international markets that it operates in. Moreover Nikon being already in alliance with UPS Supply Chain will continue to focus on global logistics for competitive advantage. However, it lacks in improving its marketing with time. Nikon already features a strong research team working in this domain and can use this opportunity to its advantage. Strong research and development capabilities facilitate new product development in line with changing consumer preference, 4. They have the budget and the need to use them for their families because they often entertain at home and their family photos will be on display. According to GfK (2010), market for DSLR cameras recorded steady growth of 22% in the first six months of 2010. Their employees have the required core skills and each department has the competencies. With alarming concern of climate change, Nikon is working on using recyclable materials to reduce the effect of carbon dioxide emissions. The following are the strengths of Nikon: Weaknesses are used to refer to areas where the business or the brand needs improvement. For Nikon XD, the effect of E-Place will not be critical since it targets high-end consumers in countries where internet accessibility is available. Download HubSpot's SWOT Analysis Template. However, it can implement some advance digital marketing techniques in the market to improve its market stand in the global market. Required fields are marked *. Increasing appeal of high end camera phones and their social networking integration facilitating easy sharing of photos, 3. Nikons biggest strength lies within the main target they have on their core competency which is expertise in imaging technologies. Leveraging brand recognition in new segments. The table below shows the strengths, weaknesses, Economy of sales in terms of promotional campaigns, Good quality products at affordable prices. Search this website. Secondly it is more costly for Nikon Corp. to serve the rural customers than urban customers given the vast distances and lack of infrastructure. Have you found what you were looking for? The optical technology business is predicted to grow, and new technologies are expected to require over the market especially in optical components. These include company profiles, company history, company philosophies, corporate and strategies statements and other financial data. Do you have a 2:1 degree or higher? The growth rate used in the table is based on the 1.4 percent growth rate experienced by the Eugene-Springfield area over the past year. Instead, start by downloading a free, editable template from HubSpot. This is because of the political stability of these countries. Quizzes test your expertise in business and Skill tests evaluate your management traits. Your email address will not be published. Below are a set of questions you can ask to get started: Nikon is one of the leading brands in the consumer electronics sector. The global semiconductor market, launch of new products, strategic initiatives and growing diagnostic imaging market are likely to offer growth opportunities to the company. sector specific business decision 5. These technologies help to improve image quality and reduce camera shake. Nike SWOT analysis will reveal their strengths and weaknesses that are hindering their growth. The Healthcare segment sells microscopes, measuring, and inspection equipment. Expanding presence in the global market can be a big opportunity for Nikon, 3. They are also most likely to have the means and taste to want professional photos for their families, as well. Medical imaging is a growing opportunity for businesses in the imaging industry and therell be a surge in demands for equipment in medical imaging for support, diagnosis, research, and training. These customers are often either novices or professional photographers. The world has become increasingly digital, but many professional photo studios have made it difficult for people to enter the digital age. SWOT Analysis of Nikon: Strengths of Nikon 1. Exceeding expectations. Furthermore, Nikon is improving on processes that will keep their survival in a constantly changing market. In the camera market, the quality of Nikon lenses helped the company to stand good among its competitors. Hence in the manufacture of its products, health and safety procedures are adhered to. SWOT analysis using SWOT diagrams or matrices is a key part of any business planning or analysis. The key theme in this article is that Nike is currently at a stage where it has to either diversify into other segments or risk placing all its eggs in one basket. Nikon, being leader in manufacturing of lenses, has four product segments: The figure below shows the missions of Nikon: The marketing strategy is in line with the corporate strategy of the company as it is currently making its brand image identified with high quality, reliability, and integrity. The new product will be named Nikon XD and will have the following specifications: 24.5-megapixel Resolution FX-format CMOS sensor, Nikon EXPEED image processing technologies, 138 MB1 Processed NEF (RAW) 12 or 14 bit image files, Low noise ISO sensitivity from 100 to 1600, Continuous shooting at up to10 fps at full FX-format resolution, 1,005-Pixel 3D Color Matrix Metering II with Scene Recognition System, 3-inch super-density 920,000-dot VGA LCD monitor, Rugged, durable and precise magnesium-alloy construction. Nikon Analysis 1. The Essay Writing ExpertsUK Essay Experts. Assessing feasibility of the new initiative in Japan 4. 2. We and our partners use data for Personalised ads and content, ad and content measurement, audience insights and product development. Nikon SWOT analysis evaluates the brand by its strengths, weaknesses, opportunities & threats. The company was founded in 1964 and became successful just after some years. High quality of product 2. SWOT analysis is a technique for assessing four aspects of a business strengths, weaknesses, opportunities, and threats. Even cell phones have digital cameras on them. Even with such advantages, it has some flaws in the market which affect its growth. Secondly, as a function of becoming the preferred camera, it will acquire an increase market share by 10% by 2013. Opportunities OBJECTIVES AND MARKETING PLAN By our new product D10x, we want our users to experience the most fascinating ride in the field of photography. - Isolate the strengths and weaknesses of the Nikon Corp. as much as possible. Sony produces products for its consumers (B2B) and other businesses (B2C) as well. Certain weaknesses can be defined as attributes which the company is lacking or in which the competitors are better. Referring to CIPD (2010), PESTLE analysis is an assessment of the companys environmental forces that will guide it to be placed strategically above its competitors. But before we start with its SWOT Analysis let us learn about Nikon as a Company, its products, competitors, financials, and more. 3.1. Accordingly, having hign inventories in a market where the trend of price is declining will affect Nikons operating performance. This opportunity shall be important for Nikon to remain as market leader in this product segment. The SWOT analysis for Canon is presented below in a matrix followed by a detailed analysis report: Strengths. The company who can be considered as one of the leaders and pioneers in its domain envisages to offer products and services through innovating using technologies that will surpass customer expectations. This highlights the companys distinctive capability. We and our partners use cookies to Store and/or access information on a device. It also features a relentless commitment to society and is involved in numerous social activities like scholarship programs for underprivileged kids and assistance for conflict or calamity-stricken areas. 420 Lexington Avenue, Suite 300 These external forces are: In terms of government policies and legislation, a new geographical market in digital camera will be beneficial as it will attract new investors in these locations. Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Otherwise, you might end up with a ton of basic information and no idea how to apply it to your business. Nikon will have to ensure that the product is delivered on time to the right customer. Let us start with its SWOT Analysis by first looking at the Strengths of Nikon. It is headquartered in Tokyo. industry. SWOT Analysis helps in strategic planning in following manner-. SWOT analysis (strengths, weaknesses, opportunities and threats analysis) is a framework for identifying and analyzing the internal and external factors that can have an impact on the viability of a project, product, place or person. On the study of the SWOT Analysis of Nikon, we have known that it is one of the best camera brands in the world. It will provide the managers with a better understanding of market, organization, and competitors. While the Production Technology division is focused on product engineering and production strategies, it has its own Production Technology division. Considering the asian market, Nikon is the leader in most of the markets it operates. The profile has been compiled by GlobalData to bring to you a clear and an unbiased view of the company's key strengths and weaknesses and the potential opportunities and threats. Establish Your Goal. Nikon Corporation - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. You will generally find me online at the Marketing91 Academy. However, it lacks in improving its marketing with time. SWOT Analysis is a methodological approach to analyze the - Strengths & Weaknesses that Nikon Corp. possess, and Opportunities & Threats that the firm faces because of competitive and macro-economic factors prevalent in Japan. Nikon's manufacturing facilities are located in Japan. Nikon being a dependent on semi-conductor market, can be affected by this reduced capital spending of semi conductor market. Improving business portfolio management of Nikon Corp. 3. This is primarily driven by emerging market and increase in household income levels. - Increasing customer base in lower segments - As customers have to migrate from un-organized operators in the Technology industry to licensed players. Focused, with purpose, on a better future for all. Here we will be doing an In-Depth SWOT Analysis of Nikon. If you are interested in upskilling and learning, check out, IIDEs 3 Month Advanced Online Digital Marketing Course, If you like to read such detailed analyses of companies, find more such insightful case studies on our. In the short term SWOT is an effective tool to improve business processes, part of business, or both together. The company which registered an annual turnover of 857.8billion JPY in the year 2015 is a market leader in imaging products. Within the area where Nikon operated for a corporation to achieve success, it must have high innovation speed also as iteration speed. It has an imbalance between engineering and customer feedback and its low ethics are some weaknesses in the market. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum. December, 2021 can be threats. It will provide Nikon Corp. an opportunity to penetrate entry level market with a no-frill offering. The primary. He is a Content Marketing Expert and has trained 6000+ students and working professionals on various topics of Digital Marketing. Key Highlights With the Digital Marketing Courses Across The World, Digital Marketing Courses in Mumbai | Navi Mumbai | Andheri | Mulund | Vashi | Thane | Churchgate | Delhi | Noida | Hyderabad | Gurgaon | Udaipur | Surat | Pune | Patna | Nagpur | Lucknow | Kolkata | Jaipur | Indore | Chandigarh | Ahmedabad | Nigeria | Dubai | Abu Dhabi | Egypt | Nepal | Malaysia | Sri Lanka, In our previous blog, we did a Detailed SWOT Analysis of. Strategic Planning: help senior management to develop and implement a long-term strategic plan that outlines the company's vision, mission, and goals. People nowadays are using online platforms, thus it is more costly for Nikon to remain as market leader imaging. 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