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The purpose of this report is to develop an understanding of how the digital camera industry operates in today’s society as well as several factors, which influence consumer behaviour in the buying process. This report uses Canon Inc as an illustration along with the discussion of each topic.
Firstly, this report will discuss the background and size of the digital camera industry. The digital camera industry is getting bigger with the technological advancements in society today. Marketers thus need to be aware of the needs of consumers in order to cater to specific target groups as also gain a competitive advantage. The company’s competitors and external environment are discussed for a deeper understanding of the factors influencing the company’s operations.
This report also describes the industry’s segmentation in general and will look at the two types of segmentation with digital camera market, which are demographic variables. However, main market segment is psychographic which focuses on customers’ lifestyle, interest, opinion, etc. Each variable highlights the most important where possible to demonstrate which has a more significant influence over industry results as a whole.
The report also presents both internal and external influences on buyer behaviour such as social class, opinion leadership, group influence as well as perception and personality. These are important variables that help marketers understand how customers are motivated to make purchase decisions and must be considered in order to better tailor products to suit their needs, increasing the satisfaction of products. Lastly, the report also states some recommendations of how Canon could improve its marketing activities.
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