Canon Marketing Strategy & Marketing Mix (4Ps)
Marketing Strategy of Canon analyzes the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). These business strategies, based on Canon marketing mix, help the brand succeed in the market. Let us start the Canon Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
Quick Glance:
Canon Product Strategy:
The product strategy and mix in Canon marketing strategy can be explained as follows:
Canon Inc has always been known for its innovation and uniqueness in its products. It has always tasted the benefits of first mover advantage. The marketing mix product strategy of Canon can be understood as follows. Movie camera was first introduced by Canon in 1958 that used canon flex and zoom lens became an instant hit. Before 1958, it came up with an idea of X-ray indirect camera which replaced cameras that used Nikkor lens. It has also come up with digital camera which was the first of its own kind, laser printers, calculators and many more. One of the unique products Canon came up with is Green Calculator. Whole device is made up of recycled materials. Even the manual is made up of recycled material.
It is driven through solar energy having solar panels with replaceable battery. Thus, the lifetime of the battery also increases. They also came up with PGI-5KB ink cartridge for printers. This product has been highly appreciated by the customers because of its high quality images and texts that do not fade away. They also have canon cameras i.e DSLR camera that uses 18MP of sensor, high quality video as well as three-inch LCD screen. Canon products are durable as well as sustainable. And the best part is it’s re-cycled i.e. the products are environment friendly.
Image: pixabay
Canon Price/Pricing Strategy:
Below is the pricing strategy in Canon marketing strategy:
Canon has always focused on product quality and durability in order to attract customers. Canon never compromised with any of their products.
And they have also implemented their smart pricing strategy in order to retain their loyal customers. Canon have always tried to find a way to maintain a balance between cost price and selling price. They try their level best to take minimum profit out of their customer. Canon have kept their pricing in such a way that maximum number of people can afford it as a part of their marketing mix strategy. Basically, they follow a competitive pricing strategy. Since in these segments, lots of competitors are present such as Nikon in cameras, HP in printers. So it has to change its prices according to the changing market and trends. Clubbed with best quality and least price, Canon makes an eye candy for customers.
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Canon Place & Distribution Strategy:
Following is the distribution strategy in the Canon marketing mix:
Canon Inc ensures that its products are available to distributors, retailers and customers at minimum cost and with ease. They have formed transportation partnerships with various agencies and a dedicated team looks over this chain for continues and smooth flow of goods. Canon have also built up their warehouses very strategically and logically so that products are available at an ease and is present at a shorter distance. From here, the products are easily shipped to shops and showrooms. They also have their retail stores of both types i.e. exclusively and along with other products. Canon also have their own website which is very well presented. You will find all the products with their images along with description and price tags attached with it. It is presented in a professional manner. Another distribution channel through which canon profited is E-commerce such as Flipkart and Amazon. They have exclusive discounts in each of the product category.
If we observe closely, Canon has a separate distribution channel for each of its product category.
Canon Promotion & Advertising Strategy:
The promotional and advertising strategy in the Canon marketing strategy is as follows:
Canon is one of the leading brands in the world. Promotions and advertisements are the important aspects for any product based company such as Canon. Customers can get all information about the products through website, facebook, newspapers, magazines and You Tube. They also setup a promotional display in various malls which creates awareness about it. Their packaging is also interesting with detailed information upon it. They do offer gifts and discounts along with lucky coupons to attract customers. They also bring the concept of brand ambassador like Maria Sharapova, Anushka Sharma who endorses canon products. Hence, this completes the marketing mix of Canon.
About Canon:
Canon Inc headquarter in Tokyo, Japan is a multinational organization that is specialized in the manufacturing of optical products as well as imaging products such as printers, cameras, photocopiers along with medical equipment. In 2015, Canon Inc was tenth largest company in Japan in terms of market capitalisations. Founded in the year 1937, it is the market leader in the segment of imaging technology as well as optical products. Today every household are connected with Canon Inc. It has grown into a very larger brand with its regional offices in almost all parts of the world. It is always know for its innovation and determination to come up with new concepts.
With time, there came many competitors such as Nikon, Samsung, Casio and many more. Canon has around 1,90,000+ employees and is listed on Tokyo Stock Exchange along with New York Stock Exchange.
This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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