Marketing Audit Report - Nikon-D600 DSRL Camera - Case Study Example

Student ID Number: Student Name: Tutor: Assignment Name: Due Date: Student Declaration: Table of Contents Table of Contents 2 1. Introduction I conducted a research on the Nikon –D600 DSRL Camera available on the Australian market. Nikon D600, a very magnificent SLR, has made a great entry to the Australian photography arena. This new entry is set to diversify full-frame photography. This is because of its unique and impressive features that would leave anyone awed. Nikon D600 is relatively light in weight. This definitely increases its portability. The first cameras to be discovered in the early 1800s were humongous and overly cumbersome (Sylvan, 2012). The fact that Nikon D600 is relatively lighter makes it easier for street shooting, travel and everyday photography. Nikon D600 also boasts of a locking mode dial. This is a new exterior feature that is unique to Nikon D600. Manipulation of the camera for different shooting positions is also eased due to the proximity of the buttons to the user. Under the dial buttons is a secondary shooting dial (Sawides, 2012). This provides for single, continuous and timer shooting with the mirror facing up. At the top of the camera is an LCD screen. This forms an exquisite display for shooting parameters and flashes. Other features that palace D600 over the hook are the double SD card slots. There is also an excellent Wi-Fi connectivity which calls for an optional adapter though (Henry, 2013). Nikon D600 also has a number of important ports. There is a 2.0 USB port that is instrumental for interfacing with other devices. Other ports on the D600 include the headphone jack with a diameter of about 3.5 mm (Sawides, 2012). this is excellent for monitoring audio during payback and recording. There is also a stereo microphone input. The side panel also has micro HDMI and GPS ports. At the back of the camera is a 3.2- inch LCD screen for excellent viewing. The viewing on this screen is perfect in a majority of situations. It is a duplicate of the D800 looking at the same 921, 000 dot version. It has an awesome viewfinder whose field of view covers the entire area of focus fully. An additional feature of the D600 is the virtual horizon. This is especially hand for architectural and landscape lovers. Beautiful captions of such scenes could be taken. These are the exceptional features that characterize Nikon D600. Below, I have described the target market for this device, its marketing mix in the Australian market, competitive advantages and the effectiveness with which Nikon D600 has met the needs of the target market. 2. The Target Market Nikon D600 is a camera that takes outstanding low and high ISO performance in both JPEG and Raw files. It has the high quality JPEG images at default stetting and a wide dynamic range of Raw files. D600 has consistent pleasant metering and white balance results. The camera is also of very solid build quality and ergonomics (Busch, 2013). The target markets for Nikon D600, therefore, are the full-frame photographers and those who want to enter the world of full-frame photography. They are saved the agony of a hefty purchasing price. Nikon D600 also targets other photograph enthusiasts like the skydiving photographers, the total D600 market in Australia could be segmented by the following aspects: The Market Segment Profile Demographic characteristics Nikon D600 tends to be marketed more among the youths than the older population of Australia. The flashy features of the D600 are more appealing to the younger generation individuals who want to explore a variety of tastes in photography. D600 cameras are fast-focusing and allow one to take multiple photos quickly. They also compose sharp images in nearly all light. The precision viewfinder and image sensors allow one to take pictures that are more detailed and stay sharp when resized (Xavier, 2012). These are the features of D600 that set it aside from other cameras. This uniqueness makes it a must-have among the youths as compared to the older population. Geographic Characteristics Most D600 cameras are marketed and sold more within Australia than the outside. The photography culture in Australia has grown and been enhanced over the period more than any other country. It is a country whose photographers endeavor to remain timeless, influential and communicate to people through pictures. It is therefore the first target market for the Nikon D600 DSLRs geographically. Psychographic Characteristics Nikon D600 has been made perfect fit for both enthusiasts and pros in photography and the amateurs who are first-time photographers. The excellent image quality and full feature sets make D600 a desire for both photographers who are just entering the scene and those who have been there for a long time. D600 perfectly targets and serves new-to-intermediate DSLR users who want a full-frame (FX) sensor camera but do not need all the features and functions of a pro-level DSLR (Aguilar, 2012). Behavioral Characteristics Nikon D600 targets both still photographers and those who want to experiment with videos. It has awesome image quality that entails excellent low-light capabilities, color rendition on the default settings, and natural, true-to-life colors. Video enthusiasts on the other hand can delight in clean images even when shooting at extremes like ISO 2000 and above during filming (Hall, 2012). It also has built-in-time-lapse features. This is a feature that really comes in handy for photographers wanting to shoot creative videos. All one has to do is set the time interval. The D600 tells you how long the sequence will be, then automatically snaps away and creates a finished video with all the frames stitched together once this is finished. These diverse features place Nikon D600 at a vantage position for both still and video photographers. 3. The Marketing Mix 3.1. The product The product I have studied is the Nikon D600 SLR camera. This is a digital camera produced in a line product from the Nikon Group of Companies. Nikon is a multinational corporation involved chiefly in sales and servicing of cameras. Cameras are the main products of Nikon Corporation alongside lenses, flashes, accessories and sport optics. Basically, Nikon Corporation specializes in optical technology. Nikon D600 meets the needs of consumers in the target market because of its unique and all-inclusive attractive features. The target market of Nikon D600, normally new-to-intermediate photographers need a full-frame (FX) sensor camera but do not need all the features and functions of a pro-level DSLR. Nikon D600 meets this need by having a full-frame sensor and excellent image and video quality. The other target of Nikon D600 is the amateurs, enthusiasts and pros of photography who want a smaller, lighter second or third camera body. The D600 satisfies this need by its full feature set. These include the dual SD card slots, good performance being a 24 megapixel sensor, and advanced video option. The D600 is a specialty product in optical technology (McGlaum, 2014). I chose this product because of its relevance in the current society where technology is advancing at a very fast pace. Majority of people are transiting from the traditional analogue dispensation to the present digital era. The D600 is an embodiment of advanced technology given its features like the Wi-Fi connectivity. Customers who buy cameras mostly consider their sizes in relation to image size and auto shooting. Nikon D600 lives up to this attribute by being a powerful and pro-level DSLR with a smaller body. Its price tag is appealing to a wide range of photographers. Nikon D600 brings professional quality at a more affordable price. The Nikon D600 cameras are packaged in an original box from Nikon Corporation to provide protection from the unscrupulous. The Nikon D600 is at the growth stage of the Product Life Cycle. This is because the company is approaching marketing differently owing to the increasing competition. The camera’s costs are also reduced and there is increased consumer awareness. These are the typical of the growth stage of a Product Life Cycle. 3.2. Promotion Nikon Corporation promotes the Nikon D600 primarily through events and promotions. Before the D600 entered the Australian market, Nikon announced the long-rumored and much leaked D600 a week before the show where it was officially launched (Britton, 2012). This was already a stepping stone in terms of promotion of the product. Immediately after its release, Nikon also offered coupons and discounts on their products. This was a really awesome promotion strategy. Buying guidelines were also offered on the company’s website for customers and prospective buyers to access early enough. Configuration guides and user manuals were also provided on the website. Nikon Corporation mainly uses the internet for communication. The Nikon D600 website http://www.nikond600deals.net is used to market the product. Customers can even make direct orders and purchases here. This means that it is the online communication method that is used both for selling the product and providing information. Nikon Corporation is not limited in terms of promotion of its product. There is a Facebook page http://www.facebook.com/Nikon D600 that is specifically used for marketing of the product. Nikon also has a twitter handle http://www.twitter.com/@Nikon D600. These are platforms where customers can give their opinion about the product and also forward complaints if any. This ensures quality customer service and product improvement overtime. It is through these channels of communication that Nikon Corporation launches any new product information. Facebook updates and tweets are put up from time to time by their ICT Department about new products and sales information. The prices and places to find the products are also put up here for customer convenience. This sort of promotion for the D600 is typical of the growth stage of the Product Life Cycle. The competition here is at the peak (Sylvan, 2012). The organization therefore has to step up its promotion efforts. 3.3. Price It is apparent that Nikon Corporation used the price lowering strategy to introduce the D600 into the Australian market. As at 2012, October 3 Nikon D600 was going for AU$2599 for body only. This price is slightly lower compared to the Nikon DF that was going for AU$2746.98 around the same time. Ironically, the D600 is much better than the DF given that it shoots slightly faster (Xavier, 2012). It also has extremely good image quality, good color depth, and large sensors, is weather sealed and has many focus points. It would therefore be expected that it goes at a higher price than the DF. However, Nikon Corporation lowered its price instead, Additional parts to the Nikon D600 are priced in relation to the price of the body. The firm however utilized the discount strategy by allowing discounts for an additional part bought together with the body of the camera. For instance, purchasing the body of the camera plus the Nikon EN-EL 15 rechargeable battery adds up to $AU1709.00. This amount is quite slashed compared to the total amount of adding up the prices of the two products (Xavier, 2012). Other additional parts that are sold by Nikon include the wireless mobile adapter that goes for AU$46.95, Nikon zoom lens at AU$18886.95 and Nikon multi battery power pack for AU$232.99. The price tactic used here was that of giving discounts to any purchases of more than two products. This motivates customers to purchase more than a single product. The company as a result realizes more sales and profits. The price strategy of lowering the price is consistent with the growth stage of at which the D600 is on the Product Life Cycle. Such lowering of prices increases sales of the product giving the company an edge over its competitors. 3.4. Place Nikon Corporation used the dealers and distributors distribution strategy worldwide. On the company’s website is an online search field where the customer’s location is entered. The customer is then directed to the nearest dealer or distributor. This could be done from anywhere across the world. This is a very effective distribution strategy as it is global. Nikon Corporation chose this strategy in order to convenience customers while maximizing sales at the same time. The online distribution strategy helps in satisfying customer needs because the customers identify what they need prior to the purchase. They therefore purchase only what will give the utility. In this case prospective buyers evaluate whether the D600 will satisfy their photography needs without going ahead to make purchases. Customers are also given a wide range of options online to choose from. Before making the decision to do the actual purchase, a consumer will have exhausted all the options available and taken their preference. This strategy is very customer oriented. The online dealer and distributor distribution strategy is appropriate for product at the growth stage of the Product Life Cycle like the D600. It is at the growth stage that the sales of a product really need to be maximized (Sylvan, 2012). The online distribution is very handy in maximizing sales. This is because of the large number of people accessing the site across the world. 4. Competitive Advantage Nikon Corporation has had a competitive advantage both in the Australian market and away. It adopted a unique marketing mix that served to maximize its sales and earn more profits. The product, Nikon D600 was one of its kinds. Nikon Corporation used exceptional finesse to develop this digital SLR. The result was a complete turnaround in the sales capacity of the business. The features of the D600 met the exactly what each and every photographer, the target market, had wanted. The D600 is the first ever full-frame camera that comes at such a mid-price. Combined with its exquisite performance, the 24 megapixel sensor down to the exceptional features, Nikon definitely had an edge over many other firms in the in the digital SLR industry. Nikon Corporation also promoted the D600 in a spectacular manner. Knowing it had been long-rumored about, an announcement about its launch was made a while prior to the actual launch. This created excitement among its ardent customers and admirers. Competitors on the other hand became anxious. This atmosphere was very conducive for the ultimate launch of the D600. Moreover, discounts and coupons were offered at around the time of its entry into the market. The result was a large number of sales and hefty profits being realized. The pricing and place of Nikon D600 also stood out as very effective elements of the marketing mix. Lowering the price of a product at its time of entry into a market is quite risky but Nikon took the challenge head on. In addition to that, discounts were offered to additional purchases alongside the body of the camera. Distribution was then made online to dealers and distributors as interface with the ultimate buyers. This led to global knowledge about the D600 (Busch, 2013). Customers on the other hand bought the product with such enthusiasm. As a result, Nikon D600 was a ‘better’ SLR camera than the other alternatives on the market. 5. Success of a Firm As photographers head towards the full-frame sensor cameras, Nikon D600 set a good trend and was a perfect example for this. Nikon, apart from making a lot of profits, has survived in the camera production industry for quite some time now. It has morphed and developed to become a classic camera production firm that stands out across the region and over. The entry of the D600 gave Nikon even a greater boost in terms of profits and customer reliability (Nikon, 2012). The marketing mix adopted by Nikon was also one of its kind. These factors contributed to the ultimate success of Nikon Corporation. The product, Nikon D600 had executive features, amazing quality and nice performance. It was promoted strategically and effectively to increase the customer’s possession utility. The D600 was priced at a relatively lower level which resulted in it being put up for grabs. Finally, the dealers and distributors online distribution strategy was well thought-out and executed. This is enough proof that Nikon has turned out to be a very successful firm. It may continue improving overtime to become the world’s largest optical technology firm. Conclusion In conclusion, the research conducted on Nikon D600 revealed a very successful marketing mix for the product. The target market’s needs were also satisfied to the latter. All the profiles in which the market is segmented were taken care of. The demographic characteristics were taken care of by well marketing the D600 to the young generation. The SLR’s feature also appealed well to this generation. The geographic characteristics of the market were also put into consideration. Nikon D600 was well marketed in Australia where it definitely has the largest market worldwide. The product also targeted both the pros and amateurs in photography. This was a brilliant strategy that characterized the psychographic market. Nikon D600 can also take quality images and shoot nice videos. These are the behavioral wants of most photographers. The 4 Ps of the marketing mix were well executed by Nikon. The product, Nikon D600 was amazing, it was promoted effectively and priced and placed strategically. With this, Nikon definitely had a competitive advantage and in the end comes out as a very successful firm. Bibliographies Admin, N. R. (2014, March 31). Grey Market Nikon D600. Retrieved 2014, April 24 from http://www.nikonrumors.com/grey-market-nikon-d600. Aguilar, M. (2012, September 13). Nikon D600: A Professional Camera. Retrieved 2014, April 24 from http://www.gizmodo.com.au/nikon-d600 Britton, B. (2012, September 13). Nikon D600 Preview. Digital Photography Preview. Retrieved 2014, April 24 Busch, D. (2014). Nikon D600. Guide to Digital SLR Photography. Cengage Learning. New York “Concentrate on Clarity: The New Nikon D600 SLR Places Emphasis on the Image Making Experience” (Press Release). Nikon Inc. (2013, October 8). Retrieved 2014, October 12 Hall, P. (2012, September 14). Is the Nikon D600 Price too high for its Features? Retrieved 2014, April 24 from http://www.fstoppers.com/is-the-nikon-d600-price-too-high-for-its-features Henry, A. (2013, February 11). Five Best DSLR Cameras. Retrieved 2014, April 24 from http://www.lifehacker.com.au/2013/02/five-best-dslr-cameras McGlaum, S. (2014, March 28). DSLR Cameras. Retrieved 2014, April 24 from http://www.slashgear.com/tags/dslr Nikon, (2012). Nikon D600 Review. Retrieved 2014, April 24 from http://www.alatest.com>photography>Digital Sawides, L. 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