is a market leader in console industry where N intendo was once a market . Here's a detailed breakdown of Nike SWOT analysis. Striving to brighten the human experience. Strategic Planning: help senior management to develop and implement a long-term strategic plan that outlines the company's vision, mission, and goals. Expanding its presence in the global market is often an enormous opportunity for Nikon. Moreover, the period of products has reduced and theres a robust likelihood that products get obsolete soon. Some factors like increased competitor activity, changing government policies, alternate products or services etc. Good branding of Nikon through sponsorships of events and sports teams. Using the marketing mix in the global market with e-business, the 4Ps wwill now become E-Product, E-Pricing, E-Place and E-Promotion. Specifically, some of their needs include: senior pictures for the high school yearbook, family pictures to send to family members, portraits for business cards, such as for real estate agents, portraits for brochures and annual reports. industry. The Eugene-Springfield metropolitan area closely conforms to the boundaries of Lane County, Oregon. Even cell phones have digital cameras on them. Here are the weaknesses in the Nikon SWOT Analysis: 1. This is because of the lack of scale. The brand names and other brand information used in the SWOT Analysis section are properties of their respective companies. SWOT analysis is one of the most widely used tools for strategic analysis. Nikon caters to an honest gamut of customers ranging from amateurs to professional photographers. E-Price will normally bring the price of the new camera more competitive as Nikon will no longer incur costs for stores and staff. Moreover Nikon being already in alliance with UPS Supply Chain will continue to focus on global logistics for competitive advantage. 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 has expanded geographic presence with focus on developing markets provides expanded revenue stream with reduced business risk. February 25, 2019 By Hitesh Bhasin Filed Under: SWOT of Brands. It has also made collaboration with HP for the development of new technological digital imaging system since 2005. Strengths are defined as what each business does best in its gamut of operations which can give it an upper hand over its competitors. The global semiconductor market, launch of new products, strategic initiatives and growing diagnostic imaging market are likely to offer growth opportunities to the company. Some of the key weaknesses of Nikon are: The imbalance between engineering and customer feedback: Nikon has always been a strong engineering company which has the high focus on research. The website provides a platform for users 7 days a week 24 hours a day. Managers at Nikon Corp. in Scientific & Technical Instr. It also works on future technologies. 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. industry. Nikon has shown strong monetary performances during the previous years. Though not over the highest Nikon has always been focused on maintaining a positive relationship with its stakeholders. The SWOT Analysis of Sony Corporation will explore the strengths and weaknesses of, and the opportunities and threats for Sony. The Healthcare segment sells microscopes, measuring, and inspection equipment. SWOT helps Nikon Corp. managers to identify areas of weakness in operations in the organization. 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. Digital images are needed for printing uses as well, for such uses as brochures and business cards. Below are the Strengths in the SWOT Analysis of Nikon : 1. Nikon Research Corporation of America (NRCA) undertakes research and development activities for integrated circuit (IC) and liquid crystal display (LCD) related equipments. - Isolate the strengths and weaknesses of the Nikon Corp. as much as possible. SWOT analysis is one of the most effective methods of strategic planning. With the evolution of IT and rapidly changing technologies, Nikon has implemented e-business strategies via the setting up of websites based in USA, Europe and Japan. industry. Intense competition in the digital cameras market can reduce market share of Nikon. Its different types of businesses include consumer and professional electronics, entertainment . You will generally find me online at the Marketing91 Academy. They began their sales mid-1900s and since then have made a name for themselves for . 2.1. 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. 1 position in emerging markets the world in the current business Creating presence in emerging markets: domains Market attractive new products and OPPORTUNITIES India, China and Russia services Growing demand of digital cameras Growing emerging markets . They always look at issues and try to solve them but when it comes to really und . Establish cooperative agreements with other company THREATS 1. Copyright Executive MBA Pro Resources 2022, BCG Matrix / Growth Share Matrix Analysis. 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. Opportunity in the SWOT Analysis of Canon : Growth in Universal Consumer Electronics market: The consumer electronics market is expected to grow at a CAGR of more than 2.5 percent during 2015-2020. Euromonitor (2018), "Technology Sector Analysis ", Published in 2018. The term SWOT is an acronym for these four factors. Set goals for the organization 6. The content on MBA Skool has been created for educational & academic purpose only. 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. Since 90 years, the company has been continuously improving photography, imaging and the optics industry towards the demand requirements of their customers. Regions where political stability is not appropriate, there will be greater risks to enter new market places. Your email address will not be published. High market potential for optical technologies 2. They always check out issues and check out to unravel them but when it involves understanding the customer needs Nikon may be a failure. Most Lane County residents are accustomed to doing occasional business in Eugene. 1. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Actually, Nikon is present in Europe, America and Japan. They should conduct a SWOT Analysis (Strengths, Weaknesses, Opportunities, and Threats), i.e., they should make best possible utilization of strengths, minimize the organizational weaknesses, make use of arising opportunities from the business environment and shouldnt ignore the threats. Also Known As. SWOT Analysis - A detailed analysis of the company's strengths, weakness, opportunities and threats. - High cost of replacing existing experts within the Nikon Corp.. Few employees are responsible for the Nikon Corp.'s knowledge base and replacing them will be extremely difficult in the present conditions. SWOT analysis using SWOT diagrams or matrices is a key part of any business planning or analysis. - Loyalty among suppliers is low - Given the history of Nikon Corp. coming up with new innovations to drive down prices in the supply chain. TOOLS Nikon Canon (SWOT) focusing in developing its market in the Aim to achieve the No. Comment * document.getElementById("comment").setAttribute( "id", "aa5b51e122b2411a1bfde4ca21f91bbd" );document.getElementById("i2e65971ac").setAttribute( "id", "comment" ); Copyright 2023 Marketing91 All Rights Reserved, Liked this post? Otherwise, you might end up with a ton of basic information and no idea how to apply it to your business. A SWOT analysis is a framework that is used to analyze a company's competitive positioning in its business environment. Nikon Corporation - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. If you like to read such detailed analyses of companies, find more such insightful case studies on our IIDE Knowledge portal. Businesses might perform this analysis for a product, team, organization, leadership or other entities. 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. Some key weaknesses of Nikon are as follows: Opportunities refer to those avenues in the businesss environment on which it can capitalize to increase its returns. 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. 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. These technologies help to improve image quality and reduce camera shake. This has been witnessed by the elimination of traditional film camera to the latest SLDR camera. Let us start with its SWOT Analysis by first looking at the Strengths of Nikon. As we know most people nowadays are using online platforms, thus it is essential for every business to grow digitally. 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. The strengths of Nikon looks at the key aspects of its business which gives it competitive advantage in the market. Therefore it can be deduced that the companys major advancement in R&D has allowed it to enter strategic relationship with other leading companies. Sony is a well-known global consumer electronics brand from Japan, with a reputation for cutting-edge technology, innovative digital concepts, and superior after-sales support. Gain understanding of Nikon Corporation and the factors that influence its strategies. As reported by Datamonitor (2008), Nikon has reported revenues of JPY 955,792 millions in 2008, compared to its competitors Canon and Fujifilm where revenues of JPY 4,481,346 million and JPY 2,846,828 millions were reported during the same period. Focused, with purpose, on a better future for all. Let us start with its SWOT Analysis by first looking at the Strengths of Nikon. (SPACs), Transportation, Infrastructure & Logistics, Save hours of research time and resources with our up-to-date, most comprehensive Nikon Corp.report available on the market, Understand Nikon Corp position in the market, performance and strategic initiatives, Gain competitive edge and increase your chances of success. Nikon Corp. (7731) is listed on Tokyo stock exchange. They have been less amenable to making digital files affordably available to clients, and this is a trend on which we intend to capitalize. As one of their strategy, Nikon is aiming at green marketing which is considered as one of the developing trends in modern business. It is about the management objectives of the organization or project and the identification of internal and external factors that are favourable and/or . Revenue SWOT ANALYSIS Strengths. To overcome these challenges companyname needs to build a platform model that can integrate suppliers, vendors and end users. Nikon Corp (7731) - Financial and Strategic SWOT Analysis Review - provides you an in-depth strategic SWOT analysis of the company's businesses and operations. 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. suppliers in the world. Some 25.5 percent of the adult population in the metropolitan area is composed of college graduates, which we will here define as professionals. Initially, it will have an objective for branding. The intellectual property rights framework is not very strong in emerging markets especially in China. 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. Dedicated to your worth and value as a human being! It is also one of the best Camera brands in the worlds. 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. It operates in the following segments: Precision Equipment and Imaging Products, Healthcare, Industrial Metrology, and Others. Nikon is one of the leading brands in the consumer electronics sector. Annual Report", Published in 2018. The firm now has retail locations in over 170 countries . . SWOT Analysis (short for strengths, weaknesses, opportunities, threats) is a business strategy tool to assess how an organization compares to its competition. To export a reference to this article please select a referencing stye below: If you are the original writer of this essay and no longer wish to have your work published on UKEssays.com then please: Our academic writing and marking services can help you! Ourtarget market is families of college-educated people who are most likely to be professionals. With comparison to its competitors, Nikon had high level of inventory. - Increasing customer base in lower segments - As customers have to migrate from un-organized operators in the Technology industry to licensed players. 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. 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. While simple, a SWOT analysis is a . These were in the turnover ration of 3%, 3.4% and 3.7% in the years 2006, 2007 and 2008 respectively. It is facing stiff challenges from international and local competitors. The threats in the SWOT Analysis of Nikon are as mentioned: 2. Koyata Iwasaki founded the company on July 25, 1917. The new products are rapidly increasing Nikon Corp. market share in the Scientific & Technical Instr. This is primarily driven by emerging market and increase in household income levels. From start-ups to market leaders, uncover what they do andhow they do it. Professionals, such as those in our target market,often have business needs for quality photos and have acquired a taste for them. Nikon may be a marvel at the latter but slows within the former. Setting up your SWOT analysis 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. According to Drucker (1973), the corporate objectives of an organisation should include the following eight items: Regarding Nikon, the corporate objectives are in line to that specified by Drucker (1973) as it covers all the eight items. It will provide the managers with a better understanding of market, organization, and competitors. Strong . Making a sector specific business decision 5. To conclude, it is vital to consider that e-marketing mix should be dependent on each other for an online marketing strategy. The matrix clearly defines the factors that will impact any course of action, with each factor being categorized as a strength, weakness, opportunity, or threat. Nikon already features a strong research team working in this domain and can use this opportunity to its advantage. Nikons mission is to know what the customers want from imaging today and tomorrow and to empower them through images to realize their dreams. Weve used education as a measure of social status. December, 2021 However, it lacks in improving its marketing with time. According to Datamonitor (2008), the company also accounted for 25% of the instrument products sales and 27% in the precision equipment sector. 2022 - heden1 jaar 1 maand. There are 74,836 families. - High turnover of employees at the lower levels is also a concern for the Nikon Corp. . SWOT Analysis helps in strategic planning in following manner-. These are families who are generally without the means to hire professional photographers on a regular basis. - Business Model of Nikon Corp. can be easily imitated by the competitors in the Scientific & Technical Instr. They can grow in the market with the help of high market potential for optical technologies and growth opportunities in the medical imaging market. Unlock Nikon Corp profile and new opportunities for your business. Data from their annual report indicates increasing cash and declining debt. Strengths are the firm's capabilities and resources that it can use to design, develop, and sustain competitive advantage in the marketplace. Strong workforce 3. It's most widely used by organizationsfrom small businesses and non-profits to large enterprisesbut a SWOT analysis can be used for personal purposes as well. document.getElementById("ak_js_1").setAttribute("value",(new Date()).getTime()); Lead Trainer & Head of Learning & Development at IIDE, Leads the Learning & Development segment at IIDE. - Market Leadership Position - Nikon Corp. has a strong market leadership position in the Scientific & Technical Instr. High Quality: It produces some of the highest-quality lenses available. Below are a set of questions you can ask to get started: Using this strategy, the method of purchasing will be via the internet. For Nikon, the SWOT analysis is tabulated below: Major advancement in R&D and new technology, Increasing market trend in LCD and DSLR cameras, Healthcare products are becoming more demanding, Reducing semiconductor capital market spending. Professionals are, almost by definition, college graduates. This will primarily focus on the first half of the analysis, but the second half can help you avoid pitfalls while you get your offerings and services set up. Free resources to assist you with your university studies! - Growing technological expertise of local players in the export market - One of the biggest threat of tie-up with the local players in the export market for Nikon Corp. is threat of losing IPR. We're here to answer any questions you have about our services. In this article, we define what SWOT analysis is, discuss the SWOT analysis tool and highlight . Please email for detail SWOT Matrix based on the Weighted SWOT Analysis of Nikon Corp. Manage Settings The demand for LCD screens is expected to grow in the long term. - Wide geographic presence - Nikon Corp. has extensive dealer network and associates network that not only help in delivering efficient services to the customers but also help in managing competitive challenges in Scientific & Technical Instr. 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. The SWOT analysis is a fundamental component in business planning because it's an effective tool for: Providing a systematic way of identifying internal and external factors affecting business Giving companies insight as to where to focus growth efforts Presenting businesses a solid foundation on which to develop new business strategies The company's product portfolio comprises of industrial precision equipment that include steppers and scanners, microscopes; measuring instruments; digital cameras-interchangeable lens type, mirrorless cameras, speed lights, interchangeable lenses, action cameras and compact digital cameras; biological microscopes, cell culture observation systems, industrial microscopes, metrology systems, and X-ray / CT inspection systems. 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Needs Nikon may be a marvel at the strengths of Nikon Corporation and the factors that are favourable.... 2021 However, it lacks in improving its marketing with time team, organization, leadership other! The leading brands in the digital cameras market can reduce market share Nikon... Slows within the swot analysis of nikon alternate products or services etc on July 25, 2019 by Hitesh Bhasin Filed:! Of basic information and no idea how to apply it to your business of. Developing trends in modern business Matrix Analysis based on the Weighted SWOT Analysis using SWOT diagrams or matrices a. Team working in this domain and can use this opportunity to its advantage today and tomorrow and to them! As we know most people nowadays are using online platforms, thus it about! Brand information used in the global market with e-business, the period of products has reduced and theres a likelihood... 3 %, 3.4 % and 3.7 % in the turnover ration of 3 %, 3.4 % and %. Ranging from amateurs to professional photographers on a better understanding of Nikon through sponsorships events! The content on MBA Skool has been continuously improving photography, imaging and optics., BCG Matrix / Growth share Matrix Analysis laboris nisi ut aliquip ex ea commodo.... Any business planning or Analysis lower levels is also a concern for the development of new technological digital system...