Objectives and issues
The main objective involves an examination of overall consumer responses towards Nikon products within the entire Global market.
- To examine the extent to which camera products are used within domestic settings;
- To identify consumer attitude towards various product brands compared to other competing brands from established companies;
- To identify various integrated marketing communication mix and promotional platforms used.
Nikon D800E Digital SLR Camera Company operates under the guidance of strategic business objectives (Lindgreen and Finn, 2005). There is a need for Nikon to frequently upgrade and manage their Knowledge system for the sake of surviving within the international market. High competition is experienced by those companies using modern and sophisticated equipment capable of conveying information efficiently between various stations within the market environment. This calls for the development of upgraded forms of knowledge management systems capable of managing current market demands. Having employees with low skills can at times place the company into compromising situations since data can be lost or wrongfully transmitted at any given time. Information confidentiality is an important aspect of the safety of the company’s operations within the market.
Nikon D800E Digital SLR Camera is one of the film and photography companies providing modern digital services. The main mission is to deliver quality products ranging from digital/film camera lenses such as ophthalmic lenses, binoculars, telescopes, laser rangefinders, IC/LCD steppers and scanners, optical materials and equipment, and surveying instruments. Nikon focuses on the full satisfaction of consumer needs through the provision of modern technologically oriented goods and services. The company’s objective is focused on winning customer confidence through the efficiency of their products leading to value creation for all stakeholders. Objectives of the company are concerned with the level of people’s understanding of the requirements (Lindgreen and Finn, 2005).
The strategy summary focuses on providing customers with superior services through the use of modern technology channels. The application of an integrated marketing communication mix calls for the utilization of social sites, the internet, and public relations in the process of presenting the product to consumers. Nikon makes use of its experienced management team capable of developing good relations and company reputation within the market (Kotler and Keller, 2007).
From a technological aspect, Nikon operates with high-tech facilities ensuring comprehensive digital coverage as well as providing consumers with the convenience of effective development and handling of various documents. Such cameras apply modern technology from storage to retrieval of information. In line with such approaches, Nikon has the capabilities of consolidating its relationship with potential customers within the market. Applications and services offered are considered of profound importance based on competitive advantages obtained within the market environment especially in the effect that the majority of competitors apply modern technology approach (Kotler and Keller, 2007).
The best pricing technique for Nikon products should be psychological pricing. This is because both local and international consumers attach so much importance to digital equipment. Within the current market, all digitalized products are considered quality and worthy to be highly-priced. This provides an opportunity for Nikon Company to base their prices on psychological mathematics instead of economic trends prevailing within the market. Quality products and services are usually rated higher in terms of prices. Within the film industry majority of consumers are believed to be those below 30 years of age. Such an age group usually measure product quality based on attached prices. This is usually applicable in cases where consumers are unable of judging quality based on given information (Lindgreen and Finn, 2005). The majority mostly compare prices hence calling for Nikon to become sensitive to consumer’s reference pricing.
Pricing strategy determines the level of consumer influx towards Nikon company products. This determines the level to which customers remain loyal to Nikon branded products. There is a necessity for digital companies to implement processes with the ability to match current market needs. This may provide opportunities for reinforcing a strong reputation within the global market. The use of psychological pricing technique contributes towards the company’s international performance. This enables the application of the Business Score Card technique which guarantees a clear focus on both current and future performance within every department (Kotler and Keller, 2007).
Nikon Company would utilize distributors and retailers in ensuring that products reach consumers appropriately. The company should utilize the use of multichannel distribution in order to serve an extensive customer base within the international market. Overall performance is determined based on the organization’s core values, mission, and vision statements. This is since most activities within the distribution system directly affect the organization’s overall performance (Kotler and Keller, 2007).
Marketing Communication mix
Integrated Marketing Communication (IMC) mix enables the passing of detailed product information to consumers within destined market segments (Lindgreen and Finn, 2005). The company should utilize promotional activities for purposes of reinforcing the existing customer base. Public relations and advertising agencies can be utilized in managing the organization’s publicity based on brand. The use of IMC enables the application of more strategic coordination on marketing activities (Filll, 2009). Integrated communication system enables efficiency in information sharing. Nikon products can easily be used alongside computer application programs. This ensures a reduction in operation costs since product information can easily be accessed through the internet (Grimwade, 2000).
Market research done for the company should be based on a sub-division of the market into segments depending on consumer needs. This would provide sufficient information on the nature of consumers hence making it possible for Nikon to reinforce and maintain its relationship with loyal customers. In order to counter the increasing demand for camera products, Nikon Company needs to diversify its product portfolio to cater to consumer expectations. The rise in the use of information technology services enables Nikondeliver integrated, consistent, and efficient services to customers at reduced costs. Investing in training activities enables the enhancement of available marketing strategies (Kotler and Keller, 2007).
The application of modern technology requires the use of Customer Relationship Management (CRM). Such technology would enable effective management of fluctuations in customer relationships experienced within the camera and film industry. There’s a profound need to upgrade customer care services since the majority of contacts between Nikon and consumers take place through these channels. Nikon Company would experience technical problems within customer care calling for an appropriate long-lasting solution. This can be done by incorporating modern communication technology systems, usually internet-based. Such applications demand that the management team upgrade their knowledge for the purposes of coping with increased competition within the international market (Fifield 2007).
Customer Relationship Management technology comprises of different domains addressing every technical and human aspect of such organizations as Nikon. The technological aspect which involves systematic retrieval and management of customer database would demand advanced knowledge in IT enabling coordination of operations from different departments. Implementation of such technology within the premises would assist in managing employee relationships since customer information would be fed to all departments’ enabling easier identification and improvement of customer-centric needs. Other business processes would also be adjusted as appropriate (Kotler and Keller, 2007).
Nikon’s financial budget addresses issues based on general contribution towards company objectives. Performance on expenses within the supply chain focuses solely on distribution and retailing services based on consumer preferences. Various offers attached to particular items reflect true quality based on services offered at affordable prices. Nature of services rendered by Nikon Company follows appropriate channels in ensuring that final consumer obtains full satisfaction (Larson and Lusch, 1992).
|CASH FLOW||Pre-start up||Q1||Q2||Q3||Q4|
|VAT on sales||8787||8847||8847||8847|
|VAT on sales||1328||1328||1328||1328|
|Heat & light||1,600||4800||4800||4800||4800|
|VAT on revenue purchases (estimate)||175||700||700||700||700|
|VAT on capital purchases (estimate)||5,425|
|Cash flow summary|
|Operating income cash flow||0||67916||68316||68316||68316|
|Summary of all overheads||49,600||37200||42200||37200||48200|
|VAT paid (income fewer purchases)||-5,600||9415||9475||9475||9475|
|Net operating cash flow||-54,000||11301||6641||11641||641|
|Borrowing loan injection||30,000|
|Interest on loan borrowed||750||750||750||750|
|Cumulative cash flow||-24,000||-13449||-7558||3333||3225|
Control applied by the Nikon D800E Digital SLR Camera business depends on the nature of attention given to customers. Nikon Company needs to standardize and differentiate its products for the purpose of serving all market segments. Moderate approach on the satisfaction of consumer needs interfered with the financial organization of the Company initiating low returns from overall services. There is a need to focus on delivery systems used for product follow-up, the effectiveness of such systems can be analyzed through market surveys. Other evaluation systems applicable in this case include the use of on-time delivery and quality assurance services. Such systems are incorporated during calculations on customer metrics (Kotler and Keller, 2007).
The current competition within the global market has led to upgrading within the technology since each organization strives to compete favorably compared to their counterparts. Due to high-level competition, there is a need for differentiation based on skills, knowledge as well as employee motivation. Research done by the American Society for Training and Development (ASTD), reveals that, currently, most organizations spend money on employee training and development on the annual basis. Training within this concept can be defined as a systematic approach towards learning and development and is capable of improving employee or organization performance levels. Development, on the other hand, refers to all activities capable of upgrading personal knowledge and enhancing both managerial and marketing skills. Supervisory and management roles require training which would enable understanding of the whole Nikon Company’s processes and policies and better ways of implementing solutions. Other crucial areas of management such as planning and control, human resource, communication, and performance evaluation techniques are also critical for effective performance within the film industry (Kotler and Keller, 2007).
Fifield, P. (2007).Marketing Strategy: The Difference between Marketing and Markets, (3rd Ed). London: Heinemann Publishers.
Fill, C. (2009). Marketing communications: Interactivity, Communications and Content. 5thedition, Istanbul, FT: Prentice Hall.
Grimwade, N. (2000).International trade: New patterns of trade, production & Investment. (2nd Ed.), New York, NY: Rout ledge.
Kotler, P., & Keller, K. (2007). Marketing Management. Upper Saddle River, NJ: Pearson.
Larson, P., & Lusch, R. (1992). Functional integration in marketing channels: A Determinant of product quality and total cost.Journal of MarketingChannels, 2 (1), 1-28
Lindgreen, A., & Finn, W. (2005). ‘Value in business markets: What do we know? Where are we going?’ Industrial Marketing Management, 34, 732-748.