A Brand Audit: Canon Compact, Single Lens Reflex (SLR) & Mirrorless Digital Cameras 1

A Brand Audit:

Canon Compact, Single Lens Reflex (SLR) & Mirrorless Digital Cameras

Philip M. Eggman

COMSTRAT 564

Edward R. Murrow College of Communication,

Washington State University

Sept. 27, 2015

A Brand Audit: Canon Compact, Single Lens Reflex (SLR) & Mirrorless Digital Cameras 2

Executive Summary

Canon is known throughout the world for its camera systems and lenses. In fact, according to Forbes (2015), Canon is the world’s 73rd most valuable brand in 2015. This assessment is for Canon compact, single lens reflex (SLR) & mirrorless digital cameras in comparison to other brands and the challenge posed in the future by the impact of smartphones and mirrorless camera on future market share Despite a shrinking market in compact cameras, Canon has maintained its #1 global market share in interchangeable lenses and Digital SLR cameras.

The "R" in single-lens reflex stands for the reflex mirror that reflects light traveling through the lens into an optical viewfinder. The reflex mirror pops out of the way when a photographer shoots the photo, letting the light travel instead onto the image sensor. However, new technology offers a different mirrorless approach that is growing in popularity. With the mirrorless cameras, the light travels directly to an image sensor all the time. Instead of composing shots with an optical viewfinder, photographers look either at the camera's screen or at a smaller electronic viewfinder. With no mirror between the lens and the image sensor, the camera lenses and bodies can be made more compactly.

Demand continues to decline for compact digital cameras; however, at the same time, sales are up for DSLR cameras and interchangeable-lenses during the same period of the previous year in Japan thanks to demand for new models; however, demand for compact point and shoot cameras has declined due to the rising popularity of smartphone cameras. For the DSLR market, Canon’s nearest competitor is Nikon Corporation. Sony Corporation leads in the mirrorless cameras market. The shift of using smartphones over compact cameras has dragged Canon's compact sales down nearly 70 percent since the market's peak in 2008 - the year the Apple iPhone was released.

. To counter the slump in sales, Canon has released new camera and CMOS sensor products and has improved customer service across the country. In October 2014, Canon launched its new “See Impossible” ad campaign that focuses on the customer and not the product. The campaign uses a series of videos that highlight how customers use the products. One video focuses on a young filmmaker’s rise to fame. Another focuses on how an author self-published her own book after constantly being rejected. The videos are made with Canon cameras. Ultimately future videos will be made by actual Canon customers.

Canon is in Phase IV of its Excellent Global Corporation Plan utilizing six key strategies through 2015 to strengthen existing businesses and create new product that will help expand on opportunities. Additionally Canon needs to continue to expand its product line for mirrorless cameras and continue to serve the needs of professional photographer in the DSLR market.

A Brand Audit: Canon Compact, Single Lens Reflex (SLR) & Mirrorless Digital Cameras 3

Introduction

For nearly 70 years, Canon has produced cameras and lenses, and provided product and support for all optical, electrical and electronic technology products. Canon Inc. is a global imaging and optical company based out of Tokyo, Japan, that has approximately $31 billion in revenue and ranks third in U.S. patents registered in 2014. Canon was listed as the 10th largest public company in Japan at the beginning of 2015. Canon U.S.A. is headquartered out of Melville, New York, and covers the United States, Latin America (excluding Mexico) and the Caribbean. Canon is Fortune Magazine’s World’s Most Admired Companies in 2015 (Canon, 2015).

History

Germany introduced the "Leica Model II," in 1932 and the "Contax Model I" in 1933. At the time, both models were considered the best 35 mm rangefinder cameras in the world. , a humble motion picture camera repairman from Hiroshima, Japan, wanted to make a similar type camera for his homeland and disassembled a Leica II to study how its parts and design. Yoshida was surprised to discover that the one of the most “expensive” cameras of its day was made with common parts and materials, which made him angry (Canon Story, history). With his brother-in-law, Saburo Uchida and Takeo Maeda), a former subordinate of Uchida, Yoshida established the Precision Optical Instruments Laboratory in 1933 in an apartment in Tokyo to conduct

research into the creation of quality cameras. By 1934, the fledging company had created the prototype of the "Kwanon", Japan's first 35 mm focal-plane-shutter camera (above left). In August 1937, and with a clear idea of direction and a strong desire to become a world known brand like Leica, Precision Optical Industry, Co., Ltd. was founded.

A Brand Audit: Canon Compact, Single Lens Reflex (SLR) & Mirrorless Digital Cameras 4

First Single Lens Reflex Camera

Following World War II, the company changed their name in 1947 to Canon Camera Co., Inc. By the early 1950s, the 35mm rangefinder cameras developed by Canon were considered to be equal to the German made Leica, which was the world's best camera at the time; however, Canon, decided to concentrate on the single lens reflex (SLR) camera with system capabilities, which could be developed using Japan's own technology. The company hoped the SLR camera would ultimately be accepted as the standard for portable photographic equipment, eliminating the need of a range finder and solves the problem of flexibility by utilizing interchangeable lenses. Finally, in 1959, the company created its first SLR camera, the Canon Flex.

In 1971, Canon lunched its “F-1” manual exposure system (photo right) to meet the needs of professional photographers and Canon had started research and development of the Auto-Exposure (AE) SLR camera, followed by an automatic exposure (AE) version in 1973. The Canon AE-1 was introduced in April 1976 (followed by the fully automatic A-1 in 1978) as the world's first camera with an embedded microcomputer, accelerated the incorporation of automatic and electronic technologies with the 35mm SLR camera with the idea that “anyone could take pictures with high cost-performance”. Canon began developing its next generation of camera, the Electro Optical System (EOS) and launched in March, 1987. EOS (Electro Optical System) and continued to develop new technologies that meet the needs of customers throughout the 1990s.

Intruding the DSLR

Canon launched its first DSLR in September 2000 with the EOS D30. Consumer digital cameras had been around since the late 1990s.The new camera sported a 3.25 megapixel CMOS sensor and a RGB color filter, and featured digital signal processing (DSP) technology. The EOS-1, designed primarily

for professional photographers, was released in 2001. In 2008, Canon produced its 50 millionth SLR camera unit and introduced the EOS 5D Mark II (photo left), which was the first SLR digital camera that included full-HD video recording capability. This innovation won three major awards in 2009: TIPA Best Digital SLR Expert Camera Award; Camera of the Year at the Camera Grand Prix; and the EISA European Advanced Camera Award.

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Canon Today

Canon has established itself over the years as one of the best known brands for photography in the world. Canon is the world’s 73rd most valuable brand in 2015 (Forbes). As a corporation, Canon practices the Japanese philosophy of “Kyosei”, which means “"All people, regardless of race, religion or culture, harmoniously living and working together into the future. Working together for the common good is a principle that is embraced by all Canon employees”(Canon Story, 2014). Fujio Mitarai is the current Chairman and CEO of Canon, Inc. with Corporate headquarters in Japan, Europe, and America and employees 198,307 people around the world.

Canon’s business spans three general categories: Imaging systems; Office equipment; and Industry Imaging (and other). Canon’s Imaging Systems includes digital cameras and interchangeable lenses According to Canon's 2014 Annual Report, the market for interchangeable lenses continues to see a decline in sales caused by "weak economic trends, particularly in Europe and China". To counter this trend, Canon released six new interchangeable lenses and launched the EOS 7D Mark II. IN April 2014, Canon became the first in th eworld to reach the 100 million mark for production of interchangeable EF lenses. Canon was able to maintain the number one share of the world market in this category.

Consumer Recognitions

Market research and analysis firm, BCN, announced its annual marketing awards for 2015 based on sales data gathered from thousands of sellers. Canon and Nikon led with 93.8 percent of the Japanese DSLR market. Additionally, Canon earned several distinguished awards for its consumer products in 2014, including:

• Reviewed.com's o Best of Year & Editor's Choice: EOS 7D Mark II Digital SLR o Editor’s Choice: PowerShot G7 X & SX60 HS digital cameras.

• PCMag.com o Editor’s Choice: CanoScan LiDE 120, EOS 7D Mark II Digital SLR, & PowerShot

SX60 HS • Tom’s Guide

o Editor's Choice: Canon EOS 70D Digital SLR camera. • Digital Trends

o Editor’s Choice: PowerShot G7 X. • Popular Photography

o 2014 Pop Award for Outstanding Photo Products: Canon 16-35mm f/4L lens o EF IS USM Canon, 2015)

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Customer Preference

One of the biggest reasons why Canon and Nikon are more popular than the other brands is their compatibility with much older equipment. Canon’s EOS range goes back to 1987 and Nikon’s F mount range of lenses to 1959, that according to Expert Photography, a blog site run by brothers Joshua and Michael Dunlop from the south of England. “This means that you can take any EOS or F lens and stick it on your camera – it’ll work just fine,” Josh said. “Which brand is right is up to you.”

Jon Arnold, is a camera enthusiast created the CameraSim blog site to help “ equip photography instructors everywhere with a meaningful tool that helps them teach photography to their students.” In January Arnold started a discussion about which camera was better; Canon vs. Nikon. The field was divided but the discussion of how mirrorless cameras are the thing of the future. While demand for point-and-shoot digital cameras is plummeting, the DSLR market is still doing well, relatively speaking (CNBC, 2014).

Sam Byford from the Verge reported on Canon’s 50-megapixel EOS 5DS, which is the highest-resolution full-frame DSLR in the world. “While the camera industry is going through a period of transition, Canon remains a dominant force; it sells more high-end cameras than anyone,” he said.

Sites like Phone Arena.Com do comparisons, pitting the cameras on a smart phone against a DSLR. The results from DSLR cameras depend on the abilities of the photographer. In contrast, a smartphone like the Apple IPhone 6 may not nail the exact color, but it is close enough and good enough to share on social media with friends and family. This is the trend. Many people just one something that will fit in their

pocket yet take good enough pictures to share, which is why the smartphone has become the camera of choice. (Phone Arena, 2015)

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Brand Inventory

Brand Promise

Canon’s Brand Promise is to help people realize the Power of Image. Canon opens up a fascinating world of stories and experiences to discover and share.

Brand Personality (Dynamic, Human, Inviting)

• Inviting: We're intriguing, inviting people to discover the boundless world of stories and experiences. We are open and accessible, encouraging anyone to join in and take part.

• Human (sincerity, sophistication): Our technology may be highly advanced but we want it to feel utterly simple and intuitive to use. Being human means we’re genuine and natural, not contrived, intimidating or cold. And because we’re young at heart, we focus o the stories and experiences that bring out the inner child in all of us.

• Dynamic (excitement, ruggedness, sophistication): Like the everyday explorer, we have a curious, active spirit. We want our customers to be free and playful, discovering and sharing experiences in whichever way they want. The opportunities we create for people to capture through photography, share through technology and reproduce through printing are boundless. Brand Platform: Come and Sea

• Ambition (competence): Canon should play a part in every single image in the future • Vision: (Point of Differentiation) Enriching lives and businesses through imaging

experiences. Canon imaging systems are known for their reliability, innovation and quality. The company designs and manufactures their own image processors, lenses, and CMOS image sensors.

Brand Elements

The current Canon logo has been in place since 1956 and used around the world. The logo is one of the most easily recognized brands, whose visual identity that supports dynamic photography and video using state of the art products and technology. Canon’s corporate philosophy ‘Kyosei’ lies at the heart of its brand, business and all activities. ‘Kyosei’ means ‘living and working together for the common good’ – a principle that has shaped its values and outlined its our moral responsibility to be a good corporate citizen, assuring that it remains flexible in response to the changing times. Over the years Canon’s visual identity has grown stronger and more

A Brand Audit: Canon Compact, Single Lens Reflex (SLR) & Mirrorless Digital Cameras 8

Brand Elements

Black logo is an acceptable alternative in and monochrome application. The Canon Red logo should be used wherever possible on lighter backgrounds. A white logo on darker backgrounds is recommended. Canon Red in a white field is the primary color for the brand. Colors are as follows:

• Spot Color - Pantone 485C ; • Process: CMYK 0/100/100/5; • On-screen - RGB - 188/0/36

Additional guidelines:

• A black logo on a red background or a red logo on a black background are not allowed.

• Never try to replicate or distort the Canon logo, always use the files provided.

• The Canon logo must remain 100% legible/visible and not covered or blending into the images behind.

• The “C” from Canon cannot be used on its own at any time.

• Do not use the Canon logo within a sentence of text.

Canon Fonts

There are two fonts used within Canon:

• Gotham – Our corporate typeface for all our ‘professional’ publications and printed literature.

• Century Gothic – A standard operating system typeface for all our Microsoft Applications

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Brand Portfolio (Cameras) - Canon’s business spans three general categories: Imaging systems; Office equipment; and Industry Imaging (and other). Canon’s Imaging Systems includes digital cameras and interchangeable lenses. The following is a breakdown of Canon camera products.

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Current Brand Communication Strategies

Canon is in Phase IV of its Excellent Global Corporation Plan utilizing six key strategies through 2015 to strengthen existing businesses and create new product that will help expand on opportunities, include the launch of new product; globalizing medical imaging and intelligent; seek to be the world’s best manufacturing (quality, cost, efficiency, distribution); provide the best value in emerging markets; be socially responsibly (environment, conservation); and train the leaders of tomorrow.

“See Impossible”

• Lauren Johnson for Adweek back in October 2014, highlighted Canon's new “See Impossible” ad campaign that focuses on the customer and not the product. The campaign uses a series of videos that highlight how customers use the products. One video focuses on a young filmmaker’s rise to fame. Another focuses on how an author self-published her own book after constantly being rejected. Canon launched the multi-year "See Impossible" campaign, shifting the marketing focus away from products and onto customers' stories.

Creative Partnerships

• Megan Haynes asks from Strategy Online, “How does a DSLR maker compete with the smartphone? - Teaming up with Free, a content studio focused on creating content for millennials, Canon is taking a back seat by sponsoring content by creators, for creators.

• Canon and the National Geographic Channel have got together to produce a TV series as the pair seek to “amplify each other's efforts”. The show will tell the tale of world-leading photographers on their quest to get the perfect shot (McGrath, 2015)

Online Presence

• Surprisingly, while Canon is a strong brand, its social presence is near non-existent outside of an unofficial fan account on Twitter with 100k followers, and a few country-specific accounts with some following. Each primary region has a dedicated website, but no official Facebook or Twitter presence.

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Competitor Analysis

Nikon: From photography to semiconductor manufacturing to bio-medical research, Nikon contributes to a wide spectrum of fields. Nikon has maintained an unwavering commitment to the study of light with the corporate philosophy, “Trustworthiness and Creativity”. Brand promise is to meet the needs of customers and provide customers with a new value that exceeds their expectations. The company seeks to sustain growth through a break with the past and a passionate commitment to the future by maximizing its understanding of light to lead the way toward transformation “Meeting needs. Exceeding expectations.” is the Nikon vision for the

Product:

• Cameras and lenses. Canon and Nikon’s recent published numbers and the CIPA shipment numbers for 2014 DSLR sales (Thom , 2014)

o Canon — 38 to 40%; o Nikon — 33 to 35%; o Sony — 12 to 14%

• Canon and Nikon have 83 to 89 percent of the interchangeable lens camera market.

Canon and Nikon are dominating DSLRs, but they’re doing so with 16 models, way more than all the competitors combined.

• BCN announced its annual BCN Awards

2015 that Canon and Nikon led with 93.8 percent of the Japanese DSLR market, with Pentax in third with 4.5 percent.

Best DSLR 2015

• The best professional digital SLR cameras of 2015 is the Nikon D4 (body only) according to CNET.com Price is $4,749.95 - $5,999; followed by the Canon EOS 5D Mark III (Grunen, 2015)

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Sony Corporation

The company’s brand promise as either they state it or you interpret it based on your research.

• Digital Imaging: Interchangeable Single-Lens Camera, compact digital cameras, video cameras.

• Internally, Sony Mobile has a new, long-term brand promise and positioning: "We enable you to make your everyday more extraordinary."- Their market position relative to your company/organization

• Externally, the company is launching a major campaign that runs across TV; billboards, and digital, which plays around the wording "I can" to show how its smartphones enable consumers to achieve something in their lives. "I can see in the dark," "I can survive underwater," "I can see through walls," "I can shape tomorrow," "I can silence crowds," and "I can stay awake for days," are some of the sentences used by the "real-life Sony fans" that star in the outdoor and TV ads.

Mirrorless vs DSLR

BCNranking published the full 2014 camera sales date in Japan (charts right). Sony dethroned Olympus and is now number one in the mirrorless system camera market in Japan (top chart right). The mirrorless is very strong and on par with DSLR in Japan in terms of cameras sales; however, Sony really has no meaningful stake in the DSLR market (above)

DP Review reported how Sony made 40.2 percent of all image sensors, leaving its rivals in the sector far behind. Those sensors earn approximately $20 for the company for each iPhone sold. Underscoring just how important the Apple contract is (Rehm, 2015).

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Apple

Apple Inc. is an American multinational technology company headquartered in Cupertino, Calif., that designs, develops, and sells consumer electronics, computer software, and online services. Its best-known hardware products are the Mac personal computers, the iPod portable media player, the iPhone smartphone, the iPad tablet computer, and the Apple Watch smartwatch. -

Apple brand personality is about innovation, hope. It is about simplicity and the removal of complexity from people's lives.

The Apple brand is now worth $145.3 billion by our count, up 17% over 2014. The brand ranks on top of Forbes’ list of the World’s Most Valuable Brands for a fifth straight time. Apple sold 74.8 million smartphones worldwide in the fourth quarter of 2014 with phone sales up 49%. It was the first quarter Apple sold more phones than Samsung since 2011 (Samsung regained its No. 1 position in the first quarter of 2015). Apple had $18 billion in profit in the fourth quarter, up 33% from the prior year.

According to Flickr, Canon and Apple were the top digital cameras of 2014 according to Flickr. Canon, Apple and Nikon took the first, second and third spots as camera brands used on Flickr in 2014. Apple’s iPhone 5 was the top mobile camera and the top individual camera last year as well.

Apple’s new outdoor campaign called “Shot On iPhone 6.” By focusing on actual films and images created by actual people, Apple avoids making any gratuitous and tired claims about the number of pixels the camera delivers, how cool the slow motion feature is, or how epic a landscape can be. The campaign doesn’t try to convince us of anything, yet convinces us of everything at the same time. It shows us what others have done with the iPhone 6, credits each creator, and gets out.

Apple overtook Nikon as the #2 camera brand with Flickr users across all platforms in 2014 (9.6% vs 9.3%, compared to Canon’s 13.4% share).

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Insights and Recommendations

Growth or decline?

According to Canon’s consolidated results for the second quarter and the first half ending June 20, 2015, demand continued to decline for digital compact cameras; however unit sales of interchangeable-lens digital cameras increased from the same period of the previous year in Japan thanks to demand for new models. Decline in the sale of digital compact cameras are due to due the growing popularity of smartphones. (Canon, 2015)

Canon SWOT Analysis

• Strengths: o Canon is the market leader in point-and-shoots, with an extensive line of models,

which are known as PowerShots. Its compact camera line includes several different series. The A series comprises budget point-and-shoots while the ELPH series adds more creative features and advanced functions. The N series provides an even larger number of features including Wi-Fi and photo-sharing. Canon’s D series cameras claim to be waterproof and shockproof. The SX series are mostly superzooms and come in various sizes and include smaller or larger feature sets. The S and G lines, include special modes and manual features, such as the ability to shoot RAW files and to focus manually. The EOS Rebel series helped to define budget SLRs. Other SLRs include a host of pro and more-advanced consumer models, including models that have large, full-frame sensors. Canon also offers a wider selection of lenses than most brands.

• Weaknesses: o In a Reuters article written by Thomas Wilson, Canon continues to see a lump in

camera sales due to a “shift in consumer preference toward increasingly capable

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smartphone cameras”. That shift has dragged Canon's compact sales down nearly 70 percent since the market's peak in 2008 - the year the Apple iPhone was released. The market for DSLRs is shrinking. Andrew Reid post on Sept. 4, 2014 in his filmmaker Blog, EOSHD, sales were down for DSLRS last year compared to the same time in 2013 and 2012. For example, Reid noted that 800,000 DSLRs had been sold by June 2014 compared to 1.2 million in 2013 and 1.6 million in 2012. Meanwhile sales for mirrorless system camera manufacturer Olympus were up 22 percent year on year.

• Opportunities o Digital Photography Review in January noted how Canon revealed plans in

November 2014, to increase its production at home in Japan, The company plans to shifting production of cameras, copiers, and printers toward production in Japan over the next three years, a move spurred by the faltering yen value and dwindling cost-savings from overseas production. (Hillen, 2015)

o Jon Arnold, is a camera enthusiast created the CameraSim blog site to help “ equip photography instructors everywhere with a meaningful tool that helps them teach photography to their students.” In January Arnold started a discussion about which camera was better; Canon vs. Nikon. The field was divided but the discussion of how mirrorless cameras are the thing of the future.

• Threats o Brand Quarterly writer Nina Aggarwal, Canon recently reported profits dropped

20.5 percent due to a drop in demand for digital cameras, attributed to the rise in the use of smartphones featuring powerful cameras, such as the Apple’s iPhone and Samsung’s Galaxy series. Subsequently, consumers had less reason to buy a digital camera especially when the price for a 22.3 mega pixel digital camera is almost triple that of a smartphone. As a result, Canon is in a position where its relevancy in the camera market is under the spotlight.

o CNET Senior Writer Stephen Shankland pointed out how smartphones are replacing point-and-shoots, resulting in a drop in market share for cameras. For example, in 2010, the industry shipped 121 million digital cameras (according to the Camera and Imaging Products Association). That number dropped to 63 million in 2013, with a loss of $5 billion. The market continued to drop in 2014 and into 2015.

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FIVE Key Insights

• Still King - Canon still holds first place in market share for the SLR camera systems. While demand for point-and-shoot digital cameras is plummeting, the DSLR market is still doing well, relatively speaking (CNBC, 2014).

• Why Canon or Nikon? One of the biggest reasons why Canon and Nikon are more popular than the other brands is their compatibility with much older equipment. Canon’s EOS range goes back to 1987 and Nikon’s F mount range of lenses to 1959 that according to Expert Photography, a blog site run by brothers Joshua and Michael Dunlop from the south of England. “This means that you can take any EOS or F lens and stick it on your camera – it’ll work just fine,” Josh said. “Which brand is right is up to you.”

• Canon Future Cameras: Sam Byford from the Verge reported on Canon’s 50-megapixel EOS 5DS, which is the highest-resolution full-frame DSLR in the world. “While the camera industry is going through a period of transition, Canon remains a dominant force; it sells more high-end cameras than anyone,” he said.

• Smart phones vs DSLRs: Sites like Phone Arena.Com do comparisons, pitting the cameras on a smart phone against a DSLR. The results from DSLR cameras depend on the abilities of the photographer. In contrast, a smartphone like the Apple IPhone 6 may not nail the exact color, but it is close enough and good enough to share on social media with friends and family. This is the trend. Many people just one something that will fit in their pocket yet take good enough pictures to share, which is why the smartphone has become the camera of choice. (Phone Arena, 2015

• Mirrorless Camera Market: Sony has remained the market leader with its mirrorless camera models; however, according to PetaPixel, Sony’s share decreased from over 40% in 2014 to under 30% at the start of 2015. “A good portion of that decrease is to Olympus trending upward. Panasonic and Canon are both slightly trending upward in 3rd and 4th place, while Nikon and Fuji have yet to make a significant splash in the mirrorless industry (at least in terms of market share),” wrote PetaPixel Writer Michael Zhang.

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