Canon Targets China in its Strategy for Asia

Canon Inc, market leader of Japanese electronics industry has envisaged to augment its revenue from Asia countries to $20 billion by year 2015. The company is expecting to achieve half of its target revenue from robust China market.

Japanese copier maker and camera products lead the Asia market and Chairman and CEO, Canon Inc, Fujio Mitarai, specifically expressed his optimism on the growth of Canon in Asian market during his speech at Canon Expo 2011.

Conventionally, Canon targets United States, Europe and Japan, however in recent years China and India have emerged as the focus market for Canon. Canon Expo 2011 held in Shanghai was the largest exhibition hosted by canon Inc. hosted till date featuring its imaging products, services and futuristic technology. Shanghai was the last destination for Canon Expo after the events being hosted at New York, Paris and Tokyo, the global tour of Canon Expo went on till November starting in September last year.

Event at Shanghai was the first of Canon Expo to be held at Asia and it specified the significance of Asia and particularly China for canon group, as stated by the President of Canon Asia Marketing Group, Hideki Ozawa. Mr. Ozawa added that china represents the Asia market and is synonymous to a cruiser forwarding at full speed and Canon plans to drive this ship to introduce solid stability in future.

Canon maintains that GDP of Asian countries are projected to make almost 20 per cent of global GDP by 2015 and is anticipated to grow at 9 per cent year on year till 2015 as per the statistics provided by IMF World Economic Outlook Database.

Mr. Mitarai mentioned that China, due to its large population has become the driving force for world economy. Canon is gearing to benefit from the high growth potential of Asia and is planning to increase performance of its eight companies across Asia. In 2010, Canon recorded 22 per cent of the total sale across the globe from the Asia and Oceania region.

Mr. ozawa also stated that presently Canon has low brand recognition in India, China and Indonesia and the time has arrived when the time has to reinvent its marketing strategy to open new marketing avenues.

Turkey’s Inability to Produce High-tech Products Leads to Economic Loss

As reported by Hurriyet, due to high-technology products, Turkey is undergoing huge economic loss as the country has to import the technological products every year amounting to billions of dollars from foreign countries. The country pays an approximate of $7.8 billion annually to import high-tech products which are not manufactured in Turkey, the report from ISMMMO (Istanbul Chamber of Certified Public Accountants) specifies that such products are 18 in number. Over five years, the total amount paid to foreign countries amounts to almost $30 billion as per the report. The report also specified that the high-tech products which are imported from foreign countries includes medical imaging devices, optical instruments, printer and copier machines and consumer electronics like digital cameras and mobile phones. These products are imported from Eastern Asian countries. Laptops occupies the third place in the import list with the total amount of import being $4.4 million, components of informatics product lies at fourth place with total import cost of $2.6 million. Scanners, printers and copiers total to $1.4 million in import list. Watches sector also has a dominant share in import market with the cost being 1 million of the total amount. Arikan stated, commenting on the debate regarding domestic automobile production “Before discussing the automobile production at domestic level, we should have discussion regarding our economy wherein we are unable to produce motorboats, cameras, camera lenses, watches and blood pressure gauges”. Arikan maintained that Turkey is also able to produce technology, only the planning, investment, cooperation and specialization is required. By harnessing the technological revolution only, our country can be prosperous and socially stable”.