For each company that wants to be success in the
business they must follow all those key factors which are Marketing,
Efficiency, Innovation and Customer Services. But Canon added his own strategies.
The
first part of this investigation involves an evaluation of the strategies used
by Canon and the key factors for success. In order to being this review, it is
first necessary to consider how the company has performed in recent years.
Table 1 provided below provides an overall review of the organization’s
performance in recent years. The data clearly suggests that Canon has made
notable progress toward developing market share, revenues and profitability. In
addition to reducing its debt to asset ratio in 2008, the organization also
increased its stockholder equity to assert ratio.
With
the realization that Canon has performed so well in recent years, it is
pertinent to consider the specific areas which have promulgated success for the
organization. A crucial review of the case information provided on the
organization suggests that there are a number of pertinent strategy elements
which have been pertinent to the success of the organization. In particular the
organization has worked to develop a mission and vision which it has
incorporated on all levels of its operations. The development of a guiding
mission for the organization is essential for success (Henry 2007). Missions
provide the foundation for the development of actionable processes which can be
used for moving the organization toward specific goals (Johnson, Scholes &
Whittington, 2008).
