They always check out issues and check out to unravel them but when it involves understanding the customer needs Nikon may be a failure. 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. SWOT analysis of Nikon Corp can be done for the following purposes - 1. Nikon Swot Analysis: Company: Nikon CEO: Toshikazu Umatate Year founded: July 25, 1917 Head quarter: Tokyo, Japan. SWOT analysis can still help managers at Nikon Corp. to work out the pros and cons of new project, initial viability and long term scope keeping in the competitors strategy and macro environment development. Source: EdrawMax. Key Highlights Nikons percentage of expenditure in R&D rose from 5.1% to 6.1% in 2008. Most photos are taken byconsumers with their own cameras, which are increasingly digital and are even part of their cell phones. These professionals have families, too. Nikon Research Corporation of America (NRCA) undertakes research and development activities for integrated circuit (IC) and liquid crystal display (LCD) related equipments. Thus digital marketing is important for every business. The Eugene-Springfield metropolitan areahas atotal populationof 330,527. This time, we will delve into the SWOT Analysis of Sony Corporation in full depth. Just as they appoint their homes with fine furniture and decorations, the photos on their walls need to exhibit quality. Nikon is one of the top names in its industry which caters to a large audience. In our previous blog, we did a Detailed SWOT Analysis of Kodak. An operating margin of 12% was generated in 2018 by Nikon Corporation. SWOT Analysis is a proven management framework which enables a brand like Nikon to benchmark its business & performance as compared to the competitors, and make strategic improvements. The purpose of SWOT analysis is relatively straightforward as it is primarily used as a planning tool to design the strategy needed for the business to grow. They began their sales mid-1900s and since then have made a name for themselves for . Secondly it is more costly for Nikon Corp. to serve the rural customers than urban customers given the vast distances and lack of infrastructure. Increasing appeal of high end camera phones and their social networking integration facilitating easy sharing of photos, 3. 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. Nikon offers professionalism, authenticity and innovation through its cameras and Nikkor Lenses, High end quality SLR cameras, ophthalmic lenses and optical products for consumers, Urban upper middle and upper class individuals, Nikon has been traditionally associated with professional photography; Lately focus has shifted to everyday photography. Theyare more likely to use home-made photographs, except for rare occasions, such as a high school photo or wedding. A SWOT analysis can be used at any step of a business plan to organize thoughts, improve discussions, and better understand goals, but it is highly recommended to use one during any project or policy discussion's planning stage. The strategy is historically credited to Albert Humphrey in the 1960s, but this attribution remains debatable. Within the area where Nikon operated for a corporation to achieve success, it must have high innovation speed also as iteration speed. It is a source of information for strategic planning. Hi, I am an MBA and the CEO of Marketing91. The R&D division of Nikon focuses on developing technologies for multiple business units. 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. Nikon being a dependent on semi-conductor market, can be affected by this reduced capital spending of semi conductor market. Quizzes test your expertise in business and Skill tests evaluate your management traits. SWOT analysis provides key insights into both internal and external factors that can impact the performance of an organization. This is primarily driven by emerging market and increase in household income levels. Some of the key weaknesses of Nikon are: Opportunities refer to those avenues in the environment that surrounds the business on which it can capitalize to increase its returns. However, Nikon has the disadvantage of producing professional cameras with high prices. - Track record of innovation - Even though most players in the Technology strive to innovate, Nikon Corp. has successful record at consumer driven innovation. Managers at Nikon Corp. in Scientific & Technical Instr. The study will examine SWOT Analysis in a historical, theoretical, time frame perspective, as an effective situation analysis technique which plays an important role in the fields of. - Business Model of Nikon Corp. can be easily imitated by the competitors in the Scientific & Technical Instr. Nikon Corporations gross margin for 2021 was 8%, a 484.62% increase from 2020, The gross margin generated by Nikon Corporation in 2020 was 1%, At a -86.02% decrease, Nikon Corporations gross margin of 1% was indexed in 2019, Nikon Corporation generated a gross margin of 9% in 2018, Positive Outlook for Global IT Hardware Market, Foreign Currency Exchange Rate Fluctuations. Weaknesses. Precision equipment businesses and imaging products business account for 90% of total net sales, 2. Management information systems, Brand Style Guide: Definition, Importance and Examples. The SWOT Framework is also an type of analysis that can be used on evaluating the Marketing mix: 4P's (Product, Price, Place and Promotion), an organization or even persons like team members. Nikon caters more to the professional group than the mass market, and thus they need to be more successful with cameras that professionals want primarily because of their attention to detail. In the digital camera market, it accounted for 40% of unit batched for digital single-lens reflex (DSLR) cameras. But people generally dont look forward to seeing a photographer. As a result, a lot of memories are lost and ancient portraits of professionals continue to be hung on walls and portrayed in publications. This is important for understanding how the different elements in your analysis measure up to each other and which areas require the most attention. Nikon will have to ensure that the product is delivered on time to the right customer. Even cell phones have digital cameras on them. Business is my passion and i have established myself in multiple industries with a focus on sustainable growth. As a developer of LCD steppers and scanners, the company will be in a situation where manufacturing of multi-lens projection optical system, requiring an adaptor for larger glass plates, will not be a problem. Nikon has faced severe allegations for violation of competition laws that they have even been penalized and fined. 1. With rapidly changing technology, Nikon has to keep pace with new technology in order to be competitive in the market. document.getElementById("ak_js_2").setAttribute("value",(new Date()).getTime()); This site uses Akismet to reduce spam. Key competitors - A list of key competitors to the company. The most competitors for Nikon are Canon, Casio, Kodak, Panasonic, and Olympus. If you are interested in upskilling and learning, check out IIDEs 3 Month Advanced Online Digital Marketing Course to know more. Nikon Europe. December, 2021 According to Johnson and Scholes (2002), the core competences create and sustain the ability to meet the critical success factors of particular customer groups better than the providers in ways that are difficult to imitate. industry. Setting up your SWOT analysis Otherwise, you might end up with a ton of basic information and no idea how to apply it to your business. - Extra cost of building new supply chain and logistics network - Internet and Artificial Intelligence has significantly altered the business model in the Technology industry and given the decreasing significance of the dealer network Nikon Corp. has to build a new robust supply chain network. In this article, we define what SWOT analysis is, discuss the SWOT analysis tool and highlight . 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. SWOT Analysis / Matrix of Nikon Corp. by EMBA PRO includes the four key elements - Strengths, Weaknesses, Opportunities, & Threats. An example of data being processed may be a unique identifier stored in a cookie. Good branding of Nikon through sponsorships of events and sports teams. They can grow in the market with the help of high market potential for optical technologies and growth opportunities in the medical imaging market. In order to integrate the social/cultural external forces, Nikon has started manufacturing cameras which are more affordable to the mass population. 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. Businesses might perform this analysis for a product, team, organization, leadership or other entities. industry. Have you found what you were looking for? industry. industry. However, using the core competencies approach, it can be deduced that Nikon has organisational capability for developing lenses use for cameras and other precision equipment. 2.1. They also produce lenses, sunglasses, and spectacles. We're here to answer any questions you have about our services. Wherever, the skills needed do not form part of their competencies, Nikon make acquisitions and merges with other leading companies as well as leveraging of synergy is used to strengthen its core competencies and organisational capabilities. Some 25.5 percent of the adult population in the metropolitan area is composed of college graduates, which we will here define as professionals. industry's competitors - Even though Nikon Corp. is facing downward pressure on profitability, compare to competitors it is still racking in higher profit margins. Support sales activities by understanding your customers' businesses better. Revenue SWOT ANALYSIS Strengths. Assessing feasibility of the new initiative in Japan 4. The company also caters to commercial and industrial clients through its semiconductor business and scanners and printers. Therefore, the SMART objective will be rather a tactical decision making. To conclude, it is vital to consider that e-marketing mix should be dependent on each other for an online marketing strategy. Feel free to connect with us if you need business research. These are families who are generally without the means to hire professional photographers on a regular basis. 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