CANON Marketing (Malaysia) Sdn Bhd, a unit of Canon Inc, the world's biggest digital camera maker, will launch up to 100 new models in all product categories this year, in line with its 20th anniversary celebrations in the country and Visit Malaysia Year 2007 (VMY 2007).
Canon Malaysia president and chief executive officer Liew Sip Chon said the plan is also to keep up with high demands and expectations of customers who have differing tastes in products.
"This year is a good opportunity for us to build bigger brand awareness. We will also continue to spend 7 per cent of our Malaysian annual sales on marketing," Liew told Business Times.
More than 65 per cent of Canon Malaysia's total revenue is derived from new products.
Liew said Canon Malaysia is aiming for a double-digit growth in revenue and net profit this year, as well as higher market share in a few product categories.
"Year-on-year, we record between 12 per cent and 15 per cent growth in revenue. This year, we expect our revenue to exceed RM650 million," said Liew.
Canon Malaysia is expected to register close to RM620 million in revenue last year, from RM580 million in 2005.
The company is also targeting a market share of 33 per cent market share for digital cameras this year from the current 25 per cent, and 59 per cent for single function printers.
Liew said Canon Malaysia's 2006 revenue for its production graphic art (PGA) has increased fivefold over 2005, with a 15 per cent market share, while revenue has doubled for its image runner colour (IRC) printers with 1,000 units sold last year.
"For the IRC product category, we are projecting a 50 per cent growth this year," he said.
He added that Canon Malaysia expects a growth of 30 per cent for its digital camera business, 12 per cent for printers, 100 per cent for IRC, and 10 per cent for black and white image runner.
Canon Singapore Pte Ltd president and chief executive officer of regional headquarters for South and South-East Asia, Kazuto Ogawa, said worldwide, more than 100 models will also be launched this year, in line with the group's 70th anniversary celebrations.
He added that Canon Inc will continue to invest 10 per cent of its consolidated global revenue, which is in the region of US$3 billion (RM10.5 billion), on research and development per year.