Research analysis for Canon Camera
The product name under analysis and research is Canon camera. It lies under the photography product category. Relevant information about Canon cameras can be found on various sources including www.canon.co.uk and www.theverge.com websites. I am studying this brand with an aim of identifying its equity. This study entails various consequences on brand equity, for example, consumer preference biasness. The purpose of the study is to find out the styles used by consumers to make decisions using consumer inventory, investigate the comparison between styles of decision making, and consumer purchasing effort of the digital cameras. This study will also entail the product life cycle with regard to the consumer behavior. This will entail promotional methods for the product that will enhance the marketing plan.
In 1933, Canon established an optical instrument laboratory. Later on in 1962, it built a five year plan preparation to enter into the business market fully. In 1967, the management opened a new headquarter in Kosugi office, which acted as a business solution and provided activities on information technology. Opening the branch had a great impact as it boosted the camera production to one hundred million units. Production of the digital camera reaches two hundred and fifty million units in 2014, after Canon signed its global partnership with Volkswagen with a task of managing print services. Later on, Canon entered industrial markets for cameras by launching M15P-CL camera for devices inspection. In 2016, Canon appointed a new corporate structure(“Canon CR6–45NMf Retinal Camera Adds Digital and Fluorescein Capabilities”, 1999). It then launchees the EOS-1D X Mark II camera.
The demand and demand trends of a product entail availability of a product, that is, where consumers can buy it from, the mode of payment to be used, either cash or by cards, and seasonality of the product’s life period. One will ask themselves what is the current demand for the product and how it is changing. If there is a possibility of future enhancements of the product that can enhance profitability then action is taken to use the advantage. Segmentation, positioning, and targeting are the ways of improving a products demand in regard to consumer behavior. Segmentation is a process whereby markets are divided into smaller portions of consumers with same needs. Market segmentation involves four major steps: identifying sets of product related needs, grouping consumers with the same needs together, defining each group and choosing a correct segment to serve (Scott et al., 1981). This is a formula which all organizations need to embrace in improving the marketing of their products. They have to note all the needs that could be served by their product, and more importantly, identify the consumers that could be highlighted to be having the same needs that can be addressed at the same level.
Targeting is the process of selecting one or more portions of the segmented consumers and pursuing it (Lin, 2002). By choosing a particular segment, research is carried out to determine the demands of the consumers, but thereafter, production process takes place to provide goods and services for the consumers. Positioning, on the other hand, is a way through which producers develop an accurate image of their product in consumer’s mind. Successful positioning entails communication of a unique proposition for the selling of the product and communicating the advantages of the product rather than its characteristics. When these three ways: segmentation, positioning, and targeting are put in practice, they provide some insights which will later motivate customers to buy the canon camera (Scott et al., 1981). The canon camera is a great product, the developer took time for its innovation and development, thus, it would be a huge blow if inappropriate marketing strategies will be employed that yields no fruits.
Potential users of the Canon camera had various views of this product with regard to its utility. Many people think that there is no difference between Canon and Nikon cameras, which is untrue since there are a number of differences between these two products. My research covered two different groups, which had different opinions. The first group thought there is no difference between Canon and Nikon camera, while the second group highlighted various differences. They clearly stated that Canon had a clear video performance than Nikon. Moreover, Canon lenses and cameras are cheaper as compared to Nikon. Canon’s ability to outperform Nikon in terms of pixel count and Canon’s camera availability in the market was also noted.
A primary market segment for a particular product is the part of the market place where an enterprise believes that it will get the bestselling chance (Doyle & Stern, 2006).This entails the group of consumers a company wants to convince to buy its product alone. This is determined by analysis to determine whether customers have something in common and analyzing competitors in the market to find out if their customers have something in common. The primary market segments for Canon camera will rely mostly on film industries and social media such as television channels and online websites and blogs. Due to this fact, social media is the main primary target for Canon cameras, while other primary targets are for personal use at home or by photographers (Pandey, n.d.). In most instances, the cameras are utilized by celebrities for social media purposes and the media houses for recording and collection of data. These two are the main influencers of the market ability of the cameras.
Demand for cameras has been decreasing abundantly due to threat from the photo function installed in various smartphones. Canon looks forward to develop a new market segment for IXUS, which will extend into the kids segment. Canon is doing this by targeting parents with kids between five and nine years. The managers noticed that parents can easily buy DC for their kids rather than smartphones. The first phase to enhance this will be through raising awareness on photography for kids, while the second phase is the implantation of photographical ideas deeply into the children’s minds. This will mainly target the families with a middle income. Canon always has the objective of finding out new markets so as to remain competitive. For example, in female photo shooting Canon explored the realm with a number of television commercials. They are also opening new markets targeting the youths who are about to be parents, because of saturation in the youth segment (Roberts, 1986). The youths have embraced the digital world more explicitly than the ageing. From this fact, canon is thus on the right track to target and introduce them to the new canon experience.
Targeting and positioning chooses the segment for a business then later on develops a marketing mix and position strategy for the product in each segment. In market targeting, one will consider the size of the market. The market is supposed to be large enough to enhance the segmentation process. If the market is too small it will lead to smaller segments, thereby not enhancing profitability. There should be differences between various market segments. The anticipated profits should be more than the costs of marketing planning. Accessibility must be enhanced to ensure that each segment can be reached by members of your team for purposes of receiving marketing messages. Different benefits are the core point to focus on the various segments need different benefits. Under market positioning, opportunities in the market for cheap cameras to be bought by low families are identified.
The first concept of the estimation of the market size is an understanding of the problems hindering customers and solving them, and the amount of utility driven from the product by consumers (Li & Calantone, 1998). The first step in determining the size of the market is determining the target customer. An estimation of the targeted consumers can then be done. Bwide public research revealed that the target group in the United States is 1300 for companies that are making cameras. The third step is the determination of the penetration rate into the market. This is done by creating a way of penetrating the product category. The nature of the product is the function of the penetrating rate. It is required to take a low penetration rate when dealing with specialized products. There is a seventy percent penetration rate into new technology. The forth step is calculating the market size, that is its volume and value. Market volume is calculated by multiplying the number of targeted consumers by the rate of penetration of the product. Our target customers are one thousand three hundred and rate of penetration is assumed to be seventy percent. The potential volume of the market is nine hundred and ten companies. Market value of the market is calculated by multiplying the average value by the market volume. We assume that each company sells an average value of USD two million five hundred thousand. So we take the nine hundred and ten companies multiply by USD two million five hundred thousand. We get USD two billion two hundred and seventy five million. The final step is to apply the data of the market size. This exercise has an assumption of obtaining the market potential for a particular product (Scott et al., 1981). An organization has to have relative information of the market climate and magnitude to determine how it will set its product or rather how the product will be released to the market.
Consumers purchase Canon camera online through need recognition. Most producers stimulate their customers to realize they have a need for a particular product. Companies can help customers access their products through search of information. This is done by the consumers searching the product in various websites. Internet shopping sites for example Amazon has become a helpful tool of information about various products. It is also important since it provides product reviews, which are written by consumers. Here, a consumer can find all brands of Canon cameras he or she desires. Another way is by searching using Epinions.com. This is a site that offers products and their ratings, tips of buying, and information on the prices of various products (Scott et al., 1981). It is renowned and more importantly, credible,which is key especially in the emergence of many scum websites on the internet.
The major challenge hindering products is how to connect with the potential customers through social media (Shankar et al., 2010). Understanding consumers’ needs is a key point to marketing, abd managers are trying to create online campaigns with the aim of encouraging consumers to buy from them alone. The main marketing areas which have been turned around by digital migration are products relevance, campaigns and speed. This is enhanced whereby text messages are sent to specific groups offering them relevant content. With so many ways through which potential customers access media either through WhatsApp, Facebook, YouTube or other social networks via a mobile phone, computer or tablet companies reach a large number of people (Scott et al., 1981). Many sales and marketing services have been taken online, because most buyers spend more time online on social media platforms than they spend on actual shops.
The competitive brand for Canon is Nikon cameras. In the beginning, Canon used Nikon lenses, but later on it developed x-ray indirect camera. Canon enhances this by using the product mix. It believes that the only way to success is through the provision of quality products. To attract more buyers, the company has maintained a balance between the cost and selling prices. Its pricing policy has encouraged customers to buy from it, since it is selling its product at the minimum amount possible. However, due to external forces such as competition, Canon is facing a competitive pricing mentality. It is seen that competition is high and to avoid this, Canon is using competitive pricing to keep its customers (Scott et al., 1981). Reduction of the cost is an attraction for all customers; customers will always go for the cheaper product regardless of the quality.
The company has enabled increased purchase from its customers through its affordable pricing policy. It concludes by quoting that if a certain price of a product seems convenient to a product then they will have no option rather than buying it. The company looks at the trends in demand of its product and comes up with pricing policies. By doing this, it has tried to keep its prices lower than that of the competitors, so as to satisfy consumer needs. In place distribution, Canon has partnered with transportation agencies to enhance full distribution of their goods to retailers and consumers at a minimum cost. Warehouses are evenly distributed so that the products are safe and at an available distance. From here, all the products are supplied to the various shops with ease. There are also many other retail shops where Canon products can be bought from.
Canon has a well and planned and designed website where purchases can be made. Every detail is handled efficiency. Information about camera specification, latest models, and updates are provided in this website in a professional way. Consumers have an ease of looking at the products and making proper decisions without interference from other people. This helps greatly in making satisfying choices. E commerce retailers have greatly influenced the distribution of Canon products. On Amazon, for instance, cameras and accessories are available at fair prices. The rate of turnover has increased further as a result. On the other hand, Canon has several plans for the distribution of its products. Promotion in the marketing mix is another aspect of marketing. Canon, in order to sell its products, uses trade shows, advertising and public relations. Canon maximally employs advertising as it is a significant tool. All the detailed description about a particular product is available through websites, Facebook, television, radio, and other social media platforms (Scott et al., 1981). It is the responsibility of the marketing team to identify the websites with the most products, and try to in incorporate their product in the site for advertisement, and canon has done remarkably well in this way.
The knowledge helps in building awareness about the brand and its ability to satisfy human wants. In other cases, Canon conducts promotional displays on malls exhibiting its product and advantages. Promotion is evidently the most successful tool for selling a brand (Scott et al., 1981).Canon also provides workshops for interested individuals. Information, and lessons about photography are provided thereby proving benefits to the individuals in the long run. Most of the people who attend these workshops are armatures, they are taught concepts of photography and later on they become the potential buyers. They have promoted their sales by offering gifts upon buying canon products; also provided discounts for their services and lucky coupons for those who win.
Canons’ target market can be categorized into two major groups. These groups will take into consideration the age, gender, income level, and education of its customers. The two segments are those who buy camera for personal and family use, while the other segment is for professional and armature use in art. A secondary consumer is a student in college of any race and gender. An average student has a social media account, which largely involves sharing of pictures in their daily livelihood. Since Canon has a wide range of camera prices, there is one that fits a college student. As Canon develops cheap cameras, its target market will be the middle class, which entails individuals between thirty and forty years of age. Nevertheless, the target markets for Canon have been noted to be Similar to those for Nikon (“Canon CR6–45NMf Retinal Camera Adds Digital and Fluorescein Capabilities”, 1999). These are the parents who want to keep records of their children’s lives. Evidently, this has become a trend for most parents, to keep record of their children’s childhood life for later references.
The marketing strategies for Canon include the establishment of a new production system to achieve a cost of sales ratio of forty five percent and expansion of new business (“Canon CR6–45NMf Retinal Camera Adds Digital and Fluorescein Capabilities”, 1999. Additional marketing strategies include creating future businesses, restructuring network in global sales, and enhancing proper R&D capabilities by opening new innovations worldwide (“Canon CR6–45NMf Retinal Camera Adds Digital and Fluorescein Capabilities”, 1999).This is meant to make sure that the three regional headquarters management system is competed, thus capturing the worlds dynamism and re-instillation of the Canon spirit.
Nikon, on the hand, has contrasting strategies for its products. It has set an e-business strategy via the website based in USA, Europe, and Japan. This website will provide a platform for users, which will take place seven days a week. Nikon will also provide a wide range of information about its products on this website. Using the marketing mix, the 4Ps will be the product, pricing, place, and promotion. Consumers will access information about the specifications of the camera online, unlike previously when they obtained it from shops. Each product will be categorized with the aim of satisfying the market segment demands. Nikon will make prices more competitive for new cameras, as it will not incur costs of storage. Under the place, the main area of making purchases will be through the internet. Nikon will make sure that once a product has been bought, it will reach the customer in the least time possible. The promotion strategy will include banner and web promotions. All these are provided in detail on the Nikon website.
Canon CR6–45NMf Retinal Camera Adds Digital and Fluorescein Capabilities. (1999). Retina, 19(6), 582
Doyle, P., & Stern, P. (2006). Marketing management and strategy. Pearson Education.
Lin, C. F. (2002). Segmenting customer brand preference: demographic or psychographic. Journal of Product & Brand Management, 11(4), 249-268.
Li, T., & Calantone, R. J. (1998). The impact of market knowledge competence on new product advantage: conceptualization and empirical examination. The Journal of Marketing, 13-29.
Pandey, A. Kellogg’s K Strategy: Tapping New Market Segment. SSRN Electronic Journal. Retrieved from http://dx.doi.org/10.2139/ssrn.1444672
Roberts, K. (1986). How to define your market segment. Long Range Planning, 19(4), 53-58. Retrieved from http://dx.doi.org/10.1016/0024-6301(86)90270-0
Scott, C., Engel, J., Blackwell, R., Kollat, D., Hawkins, D., & Coney, K. et al. (1981). Consumer Behavior. Journal Of Marketing, 45(1), 160
Shankar, V., Venkatesh, A., Hofacker, C., & Naik, P. (2010). Mobile marketing in the retailing environment: current insights and future research avenues. Journal of interactive marketing, 24(2), 111-120.
Introducing Accounting Business in Oman
Description of the Potential Opportunity Identified
The favorable Oman business environment is the main factor for the continued growth is businesses performances and increasing business innovations (Kechichian 2010). With the increasing product innovation and significant inventions within the Oman service industry, individuals, small businesses, middle-sized firms, and large companies consider opportunities to outsource their accounting and bookkeeping services to a group of accountants with relevant skills in auditing (Bailey 2005). The Accounting and Bookkeeping Industry possess viable opportunities that can be explored for possible investment decisions. It is true that the Oman labor market keeps regular supply of experienced accountants and qualified tax editors who at times fail to get permanent employment in relevant organizations (Bailey 2005). By establishing a bookkeeping and tax audit business, the bulk of underemployed or unemployed accountants will be reduced and their unexplored skills or expertise converted into resourceful human capital.
Other than the favorable business environment, the corporate law in Oman is also a driving force for more business inventions in the sense that the law allows businesses to be run on unlimited corporate regulations (Bragg 2011). Currently, the cost of starting and running a business in Oman has reduced significantly following the government’s decisions to eliminate the bulk of formal registration requirements that for a long time has impeded growth in businesses (Gonzalez, Rand Corporation., Rand-Qatar Policy Institute, Rand Education & Labor and Population Programn2008). The more flexible corporate laws and other factors discussed in this paper may make it possible for a group of individuals to start and operate a bookkeeping and tax audit business.
Market analysis (Industry, Competitors and customers)
- In what industry does this idea come from?
The idea comes from the Oman bookkeeping and auditing industry, which provided services like recording commercial transactions on behalf of other firms and business organizations (Kelly, Barrow & Epstein 2011). In this service category, the business idea is more concentrated on the small and medium sized firms, which will account for over 50 percent of the company’s businesses. With the introduction of technology and internet services, the industry bookkeepers and consultants are expected to explore online services in order to improve their communication and interaction with customers (Marshall 2003). The available industry statistics and trends allow business planners to identify unexplored products, services and markets, and use every available opportunity to increase profitability. In other words, business positioning in the industry provides the basic plans that can be used to analyze the key factors influencing market operations, and how best the business management can counteract such factors and improve on the most needed bookkeeping services (Price, Waterhouse & Co 2006).
- Who would be the target market?
The business idea targets from small to medium-sized firms who require bookkeeping and tax auditing services. It is very true that target market is highly segmented into small, medium, and large firms each targeting the same services provided by the few available bookkeeping and auditing firms. Among the many firms, the company’s target firms are defined based on annual revenues, distance from the business location and expected expenses (Saba and Co 2009). On the side of revenues, the business targets those firms with revenues exceeding 300, 000 dollars. In addition, annual revenue of 300,000 dollars at the minimum count qualifies a business organization to be recognized for the services the accounting firm will be offering. As a start, the business will concentrate on organizations at close distances in order to reduce the cost of travelling, which may add to the initial costs of operation (Saba and Co 2009). The targeted business organizations should also be ready to part with close to 250 dollars for the basic accounting services; an amount that will be increasing based on the type of bookkeeping or auditing services required.
- Who are your competitors?
Even though the Oman market has few bookkeeping and auditing companies, the industry is known to attract the interest of many accountants and tax auditors. The fact that the industry is at its initial stages of growth is an indication that there are still opportunities to be explored, and since there are no restrictions to market entry, it is predictable that the market will continue to experience new entries (Taylor 2008). As at current, most business organizations and individuals concentrate on hiring professional accountants and auditors. Since exiting firms highly require bookkeepers, accountants and auditors, it is not by chance that nearly all graduates find their ways into the service industry each year and filling the job market (Taylor 2008). The increasing undergraduate and graduate employment in newly established firms is a challenge to the bookkeeping and auditing industry. At the same time, the high demand for the undergraduate and graduate students in various organizations make the increases labor costs making its hard for bookkeeping companies to maintain lower prices for the services they provided.
In general, the demands for business accounting services are known to be dependent on new business formations, the increasing complexities to existing businesses and the revenues earned over the periods of accounting (Taylor 2008). It is common to see clients scrambling to secure the services of the fewer accounting firms since these firms provide wide range of services that best serve the interest of clients. In most cases, large accounting firms are the main targets of these clients since they operate from many locations and can serve customers within the shortest time. The fact that large accounting firms have the advantage of providing many services at the same time make small firms to specialize and always struggle to provide superior services in order to compete effectively (Taylor 2008). Even after taking such a prolific step and investing specific accounting activities, large firms still gain competitive advantage because most business aiming at outsourcing their accounting services have more trust in large firms.
The business financial plan will be entirely financed by the positive cash flows from the projected operations. The business will also rely on outside investments and additional owners’ investment as other sources of finance. The fact that business is capital intensive does not limit owner’s intentions to increase the fixed costs, which must be recovered from sales of the services. The projected financial plan as presented by the one year cash flow below shows that the business idea is feasible and worth investing.
|Cash from Operations|
|Cash from Receivables||$105,612|
|Subtotal Cash from Operations||$214,662|
|Additional Cash Received|
|Sales Tax, VAT, HST/GST Received||$0|
|New Current Borrowing||$0|
|New Other Liabilities (interest-free)||$0|
|New Long-term Liabilities||$0|
|Sales of Other Current Assets||$0|
|Sales of Long-term Assets||$0|
|New Investment Received||$0|
|Subtotal Cash Received||$214,662|
|Expenditures from Operations|
|Subtotal Spent on Operations||$205,243|
|Additional Cash Spent|
|Sales Tax, VAT, HST/GST Paid Out||$0|
|Principal Repayment of Current Borrowing||$0|
|Other Liabilities Principal Repayment||$0|
|Long-term Liabilities Principal Repayment||$0|
|Purchase Other Current Assets||$0|
|Purchase Long-term Assets||$0|
|Subtotal Cash Spent||$205,243|
|Net Cash Flow||$9,418|
It is possible that the business can be established and expanded using the current balance reserves. It is also possible that with an increased marketing and set-up expenses, the business will register positive cash flow within the first quarter of its operations (International, 2013). Since the business will still be considered a new venture, the cash reserves can still be generated from subsequent operations to be used in acquiring additional service expansion so that the owners can get their dividends once the business has established.
The business will however start to break-even once there is an increase in marketing activities, business capacity to accommodate all the service requirements, improvement in employees and other stakeholders’ payroll and general benefits (International, 2013). At the break-even point, the business’s fixed costs and current costs will be in a position to finance all the activities, new expenses and also allow for maintenance of old business equipment like computers and software updates. The mentioned increased activities will move the break-even point higher meaning that the business will have to expand its services to meet the increasing fixed costs and other expenses as shown in the graph below.
Group evaluation of the business concept
The strength of the business venture lies on the availability of skilled and experienced employees with the relevant CPA knowledge. The extensive knowledge on issues of accounting, bookkeeping, and tax auditing is expected to allow the business to perform its activities and provide the most relevant accounting services (International Business Publications, USA 2012). The first requirement for any accounting business is compliance with the internationally recognized accounting standards, which according to the analysis conducted, are provided by various training institutions across the country.
The idea also recognizes the fact that the tax and bookkeeping business require relatively low start-up expenses, operating and overhead costs and this could result into higher profit margins (International Finance Corporation & World Bank 2014). From the analysis conducted, starting a bookkeeping and tax audit business is highly advantageous because the owners can still decide to make the businesses home-based. This means that the business does not necessarily require an office establishment or space to meet its operational needs (International Business Publications, USA 2012). On the same note, the business does not require expensive manufacturing operations or high maintenance costs. As a home-based service business, there is a reduction in the initial cost of establishment and subsequent rental costs. The owners are also assured of continuous operations even if the business fails to meet its expected monthly rental fees.
The third strength lies on the technological changes and the introduction of new accounting software that can be used to simplify the bulk of accounting and auditing work (International Finance Corporation & World Bank 2012). The software becomes an area of competitive advantage, especially if it is a proprietary and has features relevant to the basic accounting principles. The accounting software is an advantage to the business because most existing companies have not incorporate such software in their accounting systems.
Even though the business idea has numerous supportive strengths, it is also important to consider some of the weaknesses that may prevent the owners from meeting their profits objectives (Foster 2002). One of such weaknesses is that the business is highly seasonal and if affected by economic fluctuations. The business, especially on the part if tax preparation depends on the fix tax rates, which at some point may not correspond to market conditions. The tax adjustment methods will keep on shifting from time to time and this may affect the tax validity principles (International Business Publications, USA 2012). Such changes in tax evaluations systems may not be well understood by customers, and this may portray a bad image on the side of the accounting firm (Foster 2002). It is also important to understand that the tax auditing process require along tax time hour, and the available annual round-work may be limiting. The business may also find it hard to acquire and retain highly qualified staff within the short duration of tax season. This is because most of the accounting services tend to increase during year-end requiring higher number of personnel, and reduces during other periods of the year.
- Is the business concept feasible?
The success of a new business venture relies on certain factors like the market size (demographic description of a country), strategic location, and infrastructural development, the country’s economy, political and social systems. By accessing the most prolific factors like the market size, the competitive advantage, management ability, initial endorsement and the initial capital requirement of the business, we were able to determine that the business is feasible and worth investing.
On the side of market size, Oman has been slowly diversifying its economic operations into other sectors like banking, gas production, industrial processing, and tourism, which has been equally successful (Clark 2011). The numerous businesses cropping up within Oman constantly require related services like bookkeeping, financial accounting and tax auditing services, which they can outsource to another company or groups of professionals to meet their performance expectations. The fact that the country’s industrial sector is rapidly growing means that in the near future, the bookkeeping service industry will be among the highly performing industries in Oman (Clark 2011). In other words, Oman currently enjoys stable economic, political, and social systems, which offer a strong base for market expansion and improved service delivery.
On the side of competitive advantage, the Oman bookkeeping and accounting service industry holds unexplored opportunities and the few firms in the industry enjoy huge profits from extended operations and higher pricing (Business International Corporation 2005). Most clients find it hard to outsource their bookkeeping services to other firms or businesses because of the high costs involved. It is therefore important to note that an opportunity exists for the bookkeeping company to provide even better services to clients at relatively lower costs while maintaining regular contacts. With more efficient and effective services at relatively lower costs, the company is expected to gain a higher competitive advantage over existing firms.
The management roles and abilities are also important in determining the success of the business. Based on the service description of the business, the organizational management plan will consist of the position a senior manager, business administrative staff, customer service manager and an overall administrative staff (Al-Kharusi & Loughborough University 2003). The roles and responsibilities of the senior manager for the bookkeeping firm will include staff recruitment, controlling regular business operations and company finances as well as ensuring growth though remuneration. Apart from the senior manager, the customer service managers will play a crucial role in ensuring proper customer relations. This is because the business successful operations will retail around customer’s willingness to seek and pay for the bookkeeping and accounting services.
It is also important to note that bookkeeping business does not require high initial capital investment. The initial costs are those costs associated with the purchase of computers and related accounting software, the cost of establishing an online retail site where customers can bid for the services of the company as well as the cost of acquiring professional accountants and business managers (Al-Kharusi & Loughborough University 2003). On the part of professional accountants, the company can employ undergraduate interns and graduate students and still do better in its operations. Compared to the cost of employing a professional accountant, the cost of employing an undergraduate intern or a graduate student is lower. This means that even with the lower costs of operation, the company can still improve its bookkeeping services and meet the expectations of customers.
Apart from the above mentioned factors, the rapidly growing Oman population could also be an indication that the business idea is feasible (Jaumann 2010). Out of the 3.1 million people, about 570,000 people are experts in various fields. The huge proportion of the elite population provide endless workforce services to the labor market (Bizmanualz 2008). The country’s demographic information indicate that 54.7 percent of the population are between the age of 15-64 years indicating a lager section of the population in its most active years.
Al-Kharusi, A., & Loughborough University. (2003). Financing small business in Oman. Loughborough: Loughborough University.
Bailey, M. (2005). Radical accounting: A way out of the dark and into the profit : with QuickBooks accounting software tips. Charleston, S.C.: BookSurge.
Bizmanualz, . (2008). Accounting and Bookkeeping Procedures for Internal Control. Bizmanualz, Inc.
Bragg, S. M. (2011). Bookkeeping essentials: How to succeed as a bookkeeper. Hoboken, N.J: Wiley.
Business International Corporation. (Eds.). (2005). 101 checklists for successful business in the Gulf: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, UAE. Geneva, Switzerland: Business International.
Clark, L. E. (2011). How to open & operate a financially successful bookkeeping business. Ocala, Fla: Atlantic Pub. Group.
Foster, D. (2002). The Global Etiquette Guide to Africa and the Middle East: Everything You Need to Know for Business and Travel Success. New York: John Wiley & Sons.
Gonzalez, G., Rand Corporation., Rand-Qatar Policy Institute., Rand Education (Institute), & Labor and Population Program. (2008). Facing human capital challenges of the 21st century: Education and labor market initiatives in Lebanon, Oman, Qatar, and the United Arab Emirates : executive summary. Santa Monica, CA: RAND Corp.
International Business Publications, USA. (2012). Oman Business Law Handbook: Strategic Information and Laws. Intl Business Pubns USA.
International Business Publications, USA. (2012). Oman Investment and Business Guide: Strategic and Practical Information. Intl Business Pubns USA.
International Finance Corporation., & World Bank. (2012). Doing business in a more transparent world: Comparing regulation for domestic firms in 183 countries. Washington: World Bank.
International Finance Corporation., & World Bank. (Eds.). (2014). Doing business in a more transparent world: Comparing regulation for domestic firms in 183 countries. Washington: World Bank.
International, B. P. I. (2013). How to invest, start and run profitable business in Oman guide. S.l.: Intl Business Pubns Use.
Jaumann, S. (2010). Secrets to starting & running your own bookkeeping business: Freelance bookkeeping at home. Kamloops, BC: 1stratebooks.com.
Kechichian, J. A. (Eds.). (2010). Oman and the world: The emergence of an independent foreign policy. Santa Monica, CA: Rand.
Kelly, J., Barrow, P., & Epstein, L. (2011). Bookkeeping for dummies. Chichester, England: Wiley.
Marshall, P. (2003). Mastering book-keeping: A step-by-step guide to the principles and practice of business accounting. Oxford: How To Books.
Price, Waterhouse & Co. (Eds.). (2006). Doing business in Oman. New York, N.Y.: Price, Waterhouse.
PricewaterhouseCoopers. (2002). Doing business and investing in Oman. New York (N.Y.: PricewaterhouseCoopers.
Saba and Co. (Eds.). (2009). Tax & investment profile, Oman. New York, N.Y: Touche Ross International.
Taylor, P. (2008). Book-keeping & accounting for the small business: How to keep the books and maintain financial control over your business. Oxford: How To Books.
This report is a profile of the top one hundred brands of 2013. It is not just a brand position list of the first to the hundredth but it also discusses how the companies built their brands and as such, improved their positions within the market. Apple is the brand that is best ranked. Following this discussion, the report has highlighted 6 basic principles successful brands have been using: anticipate, experience, share, good, truth and living. In anticipation, the report cites successful leaders are never afraid of defining markets, they never simply follow trends by explore what is required then they deliver it.
Leaders who are experienced should always be ready to develop experiences that are meaningful which readily cross all platforms and touch on points such that they are interwoven daily in the daily lives of people. Sharing entails creation of experiences where a company find approaches it can share with users. The next element, good, the report asserts audiences react in a positive manner to companies that craft citizenship which drives core identity not mere add-on. On the same breadth, they also love organizations that live and say the truth. Lastly, brands are also advised to move nimbly through technological and cultural developments.
Section I: Big Picture Trends
Strategies of successful brands in top positions
Brands that are highly successful and regarded have always released and developed products that are innovative which capture the fascination and imagination of users. These products are of creative and brilliant thinking with unparalleled execution. Leading brands also have the reputation of invoking behavior change by periodically remaking services and products as well as reinventing categories that eclipse competition. Such companies hold creativity in high regard above everything else and also employ designers who devise unique products. The company that presently epitomizes innovation is Apple and was named the biggest 2013 brand. To attain this position, the company puts customers at the nexus of everything it undertakes. This means it continually responds to their emerging needs, finds new ways to improve its products while at the same time breaking new ground in product performance and design.
Another element applied by successful brands is known as market research. These companies define possibility in every kind of research and also understand data that can be quantified by degree of impact it has on the lives of people. As a matter of fact, these brands are on the lookout for new needs and ensuring they meet them before their competitors. This makes it possible to enjoy the advantages of the first mover. It is dedication to continuous research that makes it possible for companies such as Coca Cola, IBM, Google and Apple to take leading positions within their industries despite the fact they face immense competition from different companies.
Another strategy these brands use in attempting to make their own rules is staying ahead of competitors. It is not possible for a company to stand out from competitors if it simply follows market rules that are laid down. By doing so, they simply end up being similar to other companies. In the contemporary business atmosphere that is characterized by digital dynamism, mobile and social, these organizations have changed conventional ways of conducting business for purposes of maximizing the potential of new technology. Potential customers in the past lacked much access to product information. As such, they ended up buying products that reached them first. Information technology however, has ensured customers are choosy ad wiser. In order to win them over, brands that are successful come up with products unequaled in a couple of aspects.
Missteps of Failing Brands
Among the biggest mistakes failing brands make is engaging in business practices that are unethical. Nowadays, people have the power to follow everything a company does. As such, if they perceive it engages in practices that are illegal, contribute to degradation of the environment or take advantage of populations that are at risk, they turn against it. Essentially, this is what happened when BP attempted to hide and deny its pipes were spilling oil.
Another common misstep is not recognizing and meeting customer needs. For any individual to buy a product, they should value its usefulness and functionality. Coming up with new products without analyzing the market comprehensively is a wrong move. For example, Microsoft’s Windows 8 flopped since it failed to meet customer needs.
Section II: Comparing Google and Amazon
Google established its position as one of the most dominant search engines on the web a decade ago. From that time, it has ventured into other service and product areas. For instance, it has ventured into computer, mobile, car and phone business. The reputation of Google is that of adapting its operations relentlessly. This has made sure it introduces new services and products while phasing out those operations that are not profitable. Its devotion to innovation has proven to be the major driving force.
Apart from excellence in business, Google also has extensive corporate social responsibility program. It has played a crucial role in addressing social needs of majority around the globe. Currently, the company is working on implementing Project Loon which aims to deliver 3G internet to rural regions using balloons that are solar powered in the atmosphere.
Another aspect setting Google apart is the company’s HR practices. For some time, the company has been identified as the best places to work. The employees enjoy a couple of perks that cannot be found in any other company across the globe. Additionally, the company has programs encouraging employees to share and explore innovative ideas. It is these ideas that are used as the driving force for the development of new products.
The best known e-commerce website that boasts of having millions of users as well as overseeing transactions amounting to billions of dollars is Amazon. In the past, it has consolidated its position through acquisition of Goodreads, a social book recommendation to the site, expanded its online book retail business. This has also helped in fostering community bibliographies.
Just like Google, Amazon has ventured into other areas of business to augment its e-retailing operations. In recent past, the company has produced original programs, TV set top boxes as well as 3D smartphones. Additionally, it has launched an online advertising program.
Contrasting Communication and Marketing Strategies of Google and Amazon
Google has managed to attain a dominant presence online thanks to its unparalleled email service and search engine. In recent past, it has created a social network platform that rivals Twitter and Facebook. These services make it possible for it to be in control of a third of its Internet activities. Therefore, it has used its position for purposes of marketing its products online. The company has also customized searches in accordance to a user’s location. What is more, it also has Google Translate service which translates information from one language to another. This means it appeals to all users regardless of their background. In recent past, the company has also ventured into the field of mobile advertising. Its product, AdMob is among popular mobile advertising platforms (Pearce 14). Its Android mobile applications as well provide a profitable platform for marketing. These marketing and communication strategies have made it possible for the company to outperform Amazon by a large margin.
Unlike Google, Amazon has mostly tried to consolidate its online retail business. While it begun as an online bookstore, it has diversified to electronics, furniture, clothing, music and software. The company also mostly advertises on the web (Bali et al.32). In recent past, it introduced Kindle e-book reader and Kindle Fiber tablet computer to expand its territory. Since then, it has followed the lead of Google by developing its own Appstore targeting users of smartphones. The company however needs to increase its mobile presence. The percentage of people with smartphones has significantly risen in the last couple of years. Majority of the leading companies have also taken their marketing campaigns to mobile devise. Amazon Appstore currently targets customers (from UK, Germany and UK) who have used its services already (Mathew 1). To increase revenues, the company needs to market to new customers. Additionally, it should target clients from other countries.
Bali, Rajeev, Nilmini Wickramasinghe, & Brian Lehaney. Knowledge Management Primer. London: Routledge, 2010. Print.
Mathew, Jerin. “Amazon Expands its Own Digital Currency to Android Devices Taking Cues from Bitcoin”. International Business Times, 2o February 2014. Web. 19 Mar. 2014. <http://www.ibtimes.co.uk/amazon-expands-its-own-digital-currency-android-devices-taking-cues-bitcoin-1437246>
Pearce, James. Professional Mobile Web Development with WordPress, Joomla!, and Drupal. New York: John Wiley & Sons, 2011. Print.
You too can write a good marketing paper like the one above. However if you are not in a position to do it we can assist. Follow this link to see how and also what else we have for you on our website. You can also find many more academic research papers on this blog. There are many samples of essays, dissertations, case studies, term papers, book reviews and much more.