Free Sony Marketing Strategies Essay Sample
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The application of marketing strategies by companies in the real industry or in real life is indispensable. Marketing strategies accounts for the effective and efficient scanning of both internal and external environmental factors with respect to the SWOT Analysis results, or to an external. However, to be specific, analysis of the marketing mix shall provide evaluated and enough details about the market and subsequent determination of the type of marketing strategy to go for, having closely put into consideration the performance analysis and strategic constraints. Further, the external environmental factors of any market shall be the extensive and intensive analysis of the consumer behaviour, competitor's strengths and weakness, the market segmentation and target analysis.
The information technology trends, global economic condition, sociocultural and political factors that shall greatly affect the market penetration are analysed in the external environment categorisation. According to Baker, with all these weighed and scaled according to their importance and criticality, a market strategy is developed that is key to the businesses market penetration and increase in the market share. Thus, to have an always updated market strategy, it is essential that it should always bear the overarching company's mission statement.
The benefits accruing from marketing strategies immense, it accounts for the concentration of the limited economic resources that utilise great opportunities to boost the sales revenue, increase the market share and maintain a sustainable competitive edge. Sony Corporation is not an exception.
The most reputed New York based American Corporation; Sony, headquartered in Tokyo Japan, has gained its popularity from the diverse products it offers the market across the globe ranging from Sony Electronics, Sony Entertainment, Sony Pictures Entertainment, Sony Music Entertainment, Sony/ATV Music Publishing (50% ownership), Sony Computer Entertainment LLC, and Sony DADC Americas just to mention a few.
Actually, the Corporation has been in business for years, and today, it reserves the pride of being the leading producer of audio, video, communication and information technology goods globally for both consumers based used and professional markets, as well. This notwithstanding, the company has evolved to have 3D motion pictures, the Bravia Television, PC entertainment, musical enhancement devices, and actively engages in eMarketing. In essence, the company has embraced currency with market trends and consumer tastes and preferences as an identity.
Today Sony marks years of great business accruing from their consistent upgrading of their products to compliment the comprehensive entertainment and information technology musical and entertainment devices. This has significantly contributed to its increased sales in the 2010 financial year to over $ 78 billion. Its size can only be compared with the massive number of employees that it contains in the globally, over 170,000 workforce. It is, therefore, evident that Sony Corporation uses the best marketing strategies using the marketing tools like the marketing mix, SWOT Analysis etc.
In actuality, marketing strategy as a technique rotates around the adoption of a high deal of strategic planning, market analysis, business analysis, uncertainty and tight timescales. Further, according to Wedel and Pieters, the marketing strategies bring significant sustainability of marketing plans geared towards meeting he consumer tastes and preferences and reaching the set marketing objectives. Any company's goals, objectives and plans are in the overall designed for a measurable result. In most cases, the marketing strategies are designed to enhance a long term plan, with tactical plan releasing enough particular actions and tasks to be achieved in a particular financial year, and the remains part of the action plan to be pursued in the outstanding years of the long term plan.
Marketing plan are so sensitive to time since most opportunities that may crop up may be unexpected, but when approached and utilised with generate immense profits in the within the short time span. Time horizons are supposed to figure in the marketing plan which may influence other businesses within the market, and in the same physical region because of sharing the same market. Hence, a marketing strategy efficiently comes in to tackle the competitive niche by developing effective plans that will see it sway to a higher competitive advantage over its customers. Marketing strategies are diverse and interactive because they are partly planned by different input methods and levels.
Sony's Marketing Strategy
Sony is widely spread around the world, and the type of strategy used in a particular market segmentation is different from the other. Due to the diversity in the government regulation and different economic conditions the company has adopted different marketing strategies that fit effectiveness for each market. True to say, Sony Corporation has worked effectively in their marketing strategy as reflected in their years of market share and customer loyalty.
This is because, the company is well endowed with enough capacity to effectively use the right strategy irrespective of the market, but with a goal of increasing sales and winning customer loyalty. For instance, Sony is endowed with U.S. R & D and Engineering Facilities all the way from San Jose, San Diego, Boulder, Co to Park Ridge, NJ. Further the Major Manufacturing Sites in North America numerous, widely spread through Pitman, San Diego, Terre Haute, IN and Tijuana, Mexicali. According to the Sony Corporation of America Marketing strategies vary depending on the kind of situation at hand for each company.
Because of this, Sony Corporation has adopted various types of marketing strategies, which are Strategies based on industry dominance, Porter general approaches, Invention strategies, and the Growth strategies;
a) Market dominating strategies
Sony has used the dominance in the industry over the years to set up its marketing strategy. Sony has the highest market share in worldwide and in particular Japan and the United States. As the market leader, the company has advanced in advertising its products, which portray their superiority, thus, posing a higher challenge for its followers in the large niche.
b) Porter generic strategies
Theoretically Sony uses the porters generic marketing strategy, as reflected practically by the strategy on the extensiveness of the strategic opportunity usage and strategic advantage it accrues from large scale production of its products as well as the large market it covers. Strategic scope, as implemented by the Sony Company is reflected in the global market penetration envisaged by the business, which has attracted demand from Africa, Europe, Australia and America. As a result, the strategic market approach has made the company have a higher competitive advantage and achieve sustainable growth.
Today, Sony is proud of succeeding in the market penetration to all corners of the world through product differentiation, cost minimization through large scale production, and mastery of the market segmentation within Japan and North America as indicated above.
c) Innovation strategies
The company has portrayed its competency in having an innovative marketing strategy. A brief flashback, during the 2010 FIFA world cup the company officially launched the Sony Bravia, as a satisfactory watch of the event during the period. Thus, the development model put in place by the company has led to the sales escalating especially in Africa. Sony having been the pioneer and popular close vendor of the product got this advantage.
d) Growth Strategies
Today a close analysis of the company publications advertise of their intensive growth in the market with the surging employees over 170 000 worldwide and the always increasing sales, as compared to 2009 and 2010, the company had an increase in sales of roughly 9%, indicated in their websites and links. In essence, the vertical integration and diversification reveal of a growth market strategy to popularise the company, as a leader in the market, hence winning customer confidence.
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What Makes It Unique?
The company recorded among the highest sales in the industry in the year 2010 amounting to $78 Million and supports the largest number of employees in its market. The uniqueness of the company is routed in its ability to effectively penetrate the market and popularise itself among a large number of competitors. This is due to the reputation the company has gained as the best audio-visual electronics and information technology corporation in the united states and internationally, having the best 3D picture television in the market with a co-developer of compact discs, super audio compact discs and the Blu-ray discs.
The company has been the first producer of the market play station audio-visual products and LCD, PCs and computer entertainment systems, which are current with the market trend and customer preferences and demands. Further it is the only company which wholly deepen into the quality production of the 3D products and its distribution.
What Special Advertisement and Promotions
Sony Corporation has developed its promotion styles and approaches in informing its esteemed consumers of their wide range of products. Today Sony website is more interactive displaying all products in the site with the choice left to the consumer, on the products and its features attractively set. Further, the company appreciates receiving and responding to customer request and complains in an effort to adequately satisfy the customers. The company uses a product advertisement where the product is used to advertise its own product, for instance the only way they advertised the Sony Bravia TV was through the Televisions.
Further the company uses the visual media, the television to advertise their products and features'. Each of Sony's shop is also well labelled with their logo 'SONY' that is well displayed to inform customers of their presence. The company has also advanced in using Billboards and audio advertisements.