PA1.doc

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Camera Market

Yuanqing Wang

Westcliff University

Geraldine Goodstone

May 15 2021

Abstract

Marketing management involves a series of activities. A marketer is expected to plan effectively on the best strategy to price, promote and distribute his product or service to reach the target market. He is also supposed to pay keen attention on ways of achieving customer satisfaction. This paper seeks to establish how to effectively market my product of choice. It seeks to describe the target market, segmentation and positioning strategy for my product. It also seeks to describe how to conduct a SWOT and PESTEL analysis for this particular product.

Identification of product of my choice

The product of my choice is a camera. The reason why I chose this product is because I love photography as one major component of art. I love taking images of myself, people, nature and other items. My passion for photography is rooted back to my childhood and thus justifying my love for camera and camera works. Therefore, I decided to take a course in photography and filming so as to satisfy my childhood desire. I always carry my camera everywhere that I go and thus the reason for choosing a camera as the product of my choice.

Description of the product and the market

A camera is a device that is used to capture images in abstract forms such as films, videos or photographs. It comprises of a sealed box with an aperture that allows light that is used to capture the visual images.an aperture refers the small hole found on the body of the camera. It also has a lens that regulates the amount of light that is required. A camera user is expected to regulate the intensity of light needed by either widening of narrowing the size of the aperture. It also a shutter that determines the amount of time required for exact shoot (Dou et al, 2019).

Cameras are widely used by photographers, videographers, advertising agencies and clinicians (Tatsuno, 2006). Photographers and videographers use cameras to capture images that are used for personal and customer use. Advertising agencies use camera to capture the products and services to be advertised in graphic form. Clinicians use cameras to capture images that are essential in lab communication and diagnosis. Therefore, the market for this product covers all camera users such as content creators and other users.

Segment, target market and positioning strategy

The target market for my product comprises the advertising agencies, content creators and clinicians. They are the most potential customers because their works and interests revolves much around photography which is relies fully on the use of camera. For example, there are so many people who are venturing into content creation by the help of the social media platforms such as Youtube, Facebook etc. therefore; this product will be useful to most of these audiences.

Segmentation involves the process of subdividing a larger target market into smaller units according to geographical, demographical, behavioral or psychographic factors (Ellson, 2004). My product targets camera users that are subjective and influenced by factors such as lifestyle, personality, interests and motivation. Most young adults are influenced by the current lifestyle where people are so much concentrated into the use of social media platforms. Most they are interested into content creation items to earn income and gain attention of other social media users. Therefore I would implement psychographic segmentation to partition my target market.

Positioning strategy refers to the mechanism of creating awareness to the customers about a person’s particular product (Kostelijk,& Alsem, 2020).Products or services are positioned based on price, quality, simplicity and customer’s benefit. According to the market analysis in the camera industry, completion is very much intense. Therefore, the positioning strategy for my product would be built on quality. Most camera users are prone to complaining about quality of images produced by their cameras. Hence, this camera would be positioned as high quality brand with a distinctive logo ‘the best quality ever’

SWOT Analysis

This is an analysis used to assess the internal strengths and weaknesses of a particular brand as well as the external threats and opportunities available for that specific venture (Gurel & Tat, 2017). In to conduct an exemplary SWOT analysis for my product, the initial step is to set the main objective for conducting this study. Therefore, the main objective for this analysis is to be able to gather enough information to help in introducing this new product. The next step is to explore and research on the state of the market and the industry. This will help in getting to know more about the competitors in the same industry.

From the analysis, the quality of the camera stands out as the greatest strength for marketing the product. In to maximize on the strengths, here is need to invest in the best technology to enhance to maintain the best quality of the camera. Financial instability is the major weakness and thus to minimize it, there is need to source for more financial support. Numerous partnership proposals have been raised, thus, I would choose on the most potential one to help me boost my brand awareness. Competition is the biggest threat available in the industry and in to minimize this, it is prudent to provide best customer service so as to achieve the competitive edge.

PESTEL Analysis

This analysis involves of understanding the PESTEL framework which comprises of six factors: political, ecological/environmental, social-cultural, technological, economic and legal factors (Matovic, 2020). It is important to understand the political and legal factors that surround a particular business. They include regulation of the land and taxation policies. Every business is expected to adhere to the rules and regulation of the land. The social-cultural factors entail the cultural beliefs and values of the target market. It is important to understand these factors so that I would be able to meet the needs of every clients despite cultural different. The economic factors comprise the inflation rates, exchange rates and gross domestic product which directly affect my business. Technology is vital for my business venture; therefore, it is important to understand technology development factors. Environment actors include climatic change and pollution issues which do not affect my business directly.

References

Dou, R., Zhou, H., Liu, L., Liu, J., & Wu, N. (2019, May). Development of high-speed camera with image quality evaluation. In 2019 IEEE 8th Joint International Information Technology and Artificial Intelligence Conference (ITAIC) (pp. 1404-1408). IEEE.
Ellson, T. (2004). Segmentation, targeting, and positioning. Culture and Positioning as Determinants of Strategy, 21-34. 
https://doi.org/10.1057/9780230509818_2

Gürel, E., & Tat, M. (2017). SWOT analysis: a theoretical review. Journal of International Social Research, 10(51).

Kostelijk, E., & Alsem, K. J. (2020). Brand positioning and employees. Brand Positioning, 226-232. 
https://doi.org/10.4324/9780429285820-15

Matovic, I. M. (2020). PESTEL Analysis of External Environment as a Success Factor of Startup Business. ConScienS, 96.

Tatsuno, K. (2006). Current trends in digital cameras and camera-phones. NISTEP Science & Technology Foresight Center.