The Life Cycle of Products
In Their Many Various Stages
September 9, 2013
In today’s market place, segmentation is a crucial strategy for nearly all successful companies around the world. A good example is Canon Corporation who makes a line of compact digital cameras. Now Canon sales for digital cameras have rapidly increased every year since they first introduce this line of camera. Canon’s whose continued growth must be attributed to larger profits margins and continued funding of research and development. Research and development is one of many keys to continued growth in a market place. As more people continue trying and purchasing these updated products, chances increase for repeat customers to continue coming back to Cannon for their photography needs. Canon's photography segmentation market is divided into two major groups: demographic segmentation and psychographic segmentation. Today’s families and individuals, who are using photography to capture memories and important moments in their lives, are grouped under demographic segmentation. As for the psychographic segmentations it will include all professionals as well as skilled amateur photographers who enjoy the art of taking pictures.
As Canon’s product reaches the growth stage, they tend to have increased competition, and higher sales volume than opposed to the introductory stage. If I was to advise Canon it would be to focus on customer satisfaction and continued product improvement rather than profit margins. As Canon enters the growth stage, its competition with Sony and Samsung digital camera continues to divide the marketplace into the more features for your buck segment. Today, Canon has continued to enhance its current product line with advanced focus and wireless transfer capability. (DP Review, 2013) These developments of advanced technologies will allow them to venture into new areas of the marketplace...
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