Marketing Strategy of Olympus analyzes the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). These business strategies, based on Olympus marketing mix, help the brand succeed in the market. Let us start the Olympus Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
The product strategy and mix in Olympus marketing strategy can be explained as follows:
Olympus is a leading electronics company which is a global leader in optical products including digital cameras, DSLRs etc. In the products major share is covered by the medical field where Olympus provides with the various innovative and latest technologies which help in diagnosis and treatment of the various diseases of patients. Endoscopes, Endosurgery and Endotherapy are the 3 major business lines in which Olympus is working. One of the other field in which Olympus works is the life science solutions in which it comes up with high standard quality products helping in R&D like Advanced Imagining solutions (cellTIRF 4Line, cellTIRF 1Line, cellFRAP), Laser Scanning Microscopes (FV3000, FVMPE-RS), Microscopes (Inverted Microscopes, Upright Microscopes, Stereo Microscopes, Research Macro Zoom Microscopes, Disk Confocal Microscopes, Virtual Slide Microscopes), Cameras (Color Cameras, Monochrome Cameras), Cell culture solutions (Cell Counter model R1, CKX53, CKX-CCSW), Software (cellSens), Optics & Accessories (Objectives, Optics, Light Sources).
Two more fields in which Olympus works is Imaging (Cameras, Digital Audio recorders, Binoculars) and Industrial solutions (NDT instruments, Video scopes and bore scopes, industrial microscopes, XRF and XRD analyzers). With its diverse product portfolio in its marketing mix, with its innovation covering different industries makes Olympus as the market leader in the different industrial sectors.
Olympus Price/Pricing Strategy:
Below is the pricing strategy in Olympus marketing strategy:
Olympus is known for its quality pricing i.e. maintaining the quality of the product with the price.
Olympus has a mission to make sure that every penny paid for their products by customer needs to be gained back as a value. Olympus tries to make sure that they can provide the product in the affordable range of the customer. Generally Olympus products are purchased by big organizations so they are able to charge more to them in comparison to a product purchased by an individual customer. Hence maintaining their profit margin. With the increase in number of competitors, Olympus has come up with a competitive strategy as a part of its marketing mix so as to match up with the price of their competitors and also maintain their standard quality.
Following is the distribution strategy in the Olympus marketing mix:
Olympus distribution channel follows the whole chain starting from distributors to wholesalers to retailer. It also includes the agents who further helps in increasing the sales and make the process more efficient. Olympus mainly sale it products by opening the exclusive stores, local mini stores. Olympus is one of the few companies who has made up partnership with the transportation organization which helps in reducing the travelling cost and deliver the products at the right place at right time on each and every store. It also has global and local website which provides all the information a user required before purchasing a product.
To sell its products online Olympus also showcase its products on the sites of online retailers like e-bay, Amazon etc.
Olympus Promotion & Advertising Strategy:
The promotional and advertising strategy in the Olympus marketing strategy is as follows:
Olympus has an active marketing strategy in which it promotes the product on its stores in a traditional way by outlets, banners, Advertisement, magazines etc. Olympus also increase the visibility of products by posting advertisement and videos on various social media sites. It also promotes its products by showcasing the detailed information and utility of each product on their websites. Olympus also conducts various workshops to give a live demo about their products and also attract new customers towards their products. They also come up with various discount offers and promotional schemes in order to retain their loyal customers. This covers the Olympus marketing mix.
Olympus which was founded in 1919 in Japan is a leader in the manufacturing of optical products and holds a major section of 70% in this sector. Olympus which started initially by manufacturing thermometer and microscope has now entered into manufacturing précised machineries in different in different industries like imaging, scientific solution and medical. Among these 3 again Olympus dominates in the medical field which helps it to generate around 3/4th of the total revenue.
There are totally around 109 companies associated with the Olympus Corporation including all the franchisee and subsidiaries for the execution of the whole process in the world. The major competitors of Olympus are Nikon, Canon, Kodak, Sony, Fujifilm etc.
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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