Consumer Behaviour of Purchasing Digital Camera
Consumer Behaviour of Purchasing Digital Camera
1.0 Introduction
In order to market the product into the market successfully, marketers need to have some marketing strategy to enter the desired market and make profit. Market segmentation is the process of dividing a market into subsets of consumers with common needs or characteristics (Schiffman et al., 2011). Understanding the market size and segmentation is valuable, but the keys to effective targeting is to know just how valuable specific consumer groups are, and being able to quantify the impact of consumer trends ( Berry, 1999).
The purpose if this paper is to define the market segmentation for digital camera. Especially focus on Nikon digital camera which is the chosen product in this paper.Digital camera is defined as digitally records images via electronic image sensor. Difference from film camera that digital camera has the display function on a screen after the image recorded. In addition, digital camera store and delete images on a single small memory device (SD card). According to Global Industry Analysts, the digital camera industry is projected to surpass 138 million units by the year 2015 (Jose, 2011). As the Global Industry Analysts report point out that the digital camera market had been divided by three main companies namely as Nikon, Canon, and Sony. Nikonhadthe sales of 2.15 million units in the first half of 2005. Next up is Canon, with sales of 2 million units and the third is Sony with 1.78 million digital cameras sold. Today, the digital camera marketers had put their effort on expanding China and India market with the large population and urgent demand for 3C product (Global Industry Analysts, 2011). As the economy stable, people are more likely to purchase 3C products such as digital camera.
The paper will used the concept of means-end chain to analysis the potential links between products attributes, product benefits and the personal value of consumers. Then it goes to the next stage
1.0 Introduction
In order to market the product into the market successfully, marketers need to have some marketing strategy to enter the desired market and make profit. Market segmentation is the process of dividing a market into subsets of consumers with common needs or characteristics (Schiffman et al., 2011). Understanding the market size and segmentation is valuable, but the keys to effective targeting is to know just how valuable specific consumer groups are, and being able to quantify the impact of consumer trends ( Berry, 1999).
The purpose if this paper is to define the market segmentation for digital camera. Especially focus on Nikon digital camera which is the chosen product in this paper.Digital camera is defined as digitally records images via electronic image sensor. Difference from film camera that digital camera has the display function on a screen after the image recorded. In addition, digital camera store and delete images on a single small memory device (SD card). According to Global Industry Analysts, the digital camera industry is projected to surpass 138 million units by the year 2015 (Jose, 2011). As the Global Industry Analysts report point out that the digital camera market had been divided by three main companies namely as Nikon, Canon, and Sony. Nikonhadthe sales of 2.15 million units in the first half of 2005. Next up is Canon, with sales of 2 million units and the third is Sony with 1.78 million digital cameras sold. Today, the digital camera marketers had put their effort on expanding China and India market with the large population and urgent demand for 3C product (Global Industry Analysts, 2011). As the economy stable, people are more likely to purchase 3C products such as digital camera.
The paper will used the concept of means-end chain to analysis the potential links between products attributes, product benefits and the personal value of consumers. Then it goes to the next stage
References: Berry, T (1999). ‘Segment the Target Market in Your Business Plan’, Inc. website Retrieved from http://www.inc.com/articles/ Global Industry Analysts, Inc. (2011) ‘Digital Cameras – A Global Strategic Business Report’, Retrieved fromhttp://www.strategyr.com/ Hoyer, W &Maclnnis, D (2004) ‘Consumer Behavior’ (3rd edn), Boston: Houghthon Mifflin, USA. Retrieved from http://www.learnmarketing.net/glossary.htm Nikon, 2011, ‘Medium Term Management Plan’, Nikon website. Retrieved from http://www.nikon.com/ Peter, J & Olson, J (1999) ‘Consumer Behavior and Marketing Strategy’ (5th edn.) USA: McGraw-Hill. Schiffman, L &O’Cass, A &Paladino, A & D’Alessandro, S &Bednell, D (2011) ’Consumer Behaviour (5th edn.), Australia: Pearson. Widing , R &Sheth, J &Pulendran, S & Mittal , B & Newman, B (2003). ‘Customer Behaviour’, Victoria: Thomson, Australia.