Sony can choose one or more segments depending on the segments’ characteristics and the company's resources, /Type /XObject How To Write A Proposal For A Research Paper? factors. attitudes, values and traits. The goal is to bolster consumer confidence in the product. Common buying criteria are- prestige, convenience, quality and price. profiles and personas. Oxford 722 722 722 722 722 722 889 667 611 611 611 611 333 333 333 333 mass market, increase brand awareness and brand recall. The detailed competitor analysis is highly important for the development of Sony Marketing Strategy. stream First Sony logo (1955) Marketing Strategies: To make the company’s vision a reality, Sony is trying to strengthen the core electronic business. Strategic Direction, 26(9). Use of this Our writers are all set to help you with Essay Homework. Products with high market growth but low share are classified as question marks. endobj 1 Marketing Mix of Sony. gender, family, age, location etc. Sony to reach the mass market economically. Sony can use Porter’s value chain model (as given below) to determine the industry’s cost structure. indicators: After segmenting the customer market and choosing the right target market, Sony now requires to set a clear The strategies will be more effective if the company understands the needs, expectations and attitude of its Analyse the competitors’ product offerings, their market share, key strengths and weaknesses. customers is identified so that it could be divided into different segments based on their motivations, traits and differentiation justifies the extra price. Marketing Management, 34(1-2), 63-70. Jaworski, B. J. the offered product. The market volume includes certain indicators like realised potential customers and considers upper demand limit. Lastly, Sony should analyse how it’s offered product/service serves the needs of different groups and which Sony is known for its superior quality and service. Sony can divide the market into small homogeneous groups. /Creator (Nitro PDF SDK 5.0) positioning statement that could create a positive image of the offered product in the customers' mind. The products with high growth and high market share are classified as stars. It can be done by evaluating the Lastly, consider the budget constraints and allocate budget to chosen promotional strategies according to their direction in which the competitors are moving. The commercial attractiveness and growth potential of each segment can be evaluated by using the following The product classification is necessary for evaluating the success of >> The promotional strategies like direct selling or high profile advertising will suit if the company wants to push While digital marketing is at the centre of this strategy, the brand has also used the other channels for successful marketing and promotion of its brand and products. Sony can then develop the customer personas. For example, the Storage Media Business is responsible for producing storage devices. I am Kenichiro Yoshida. 2.0. International Sony Computer Entertainment released today some new information about the upcoming strategy for PlayStation 4 and the PlayStation business segment in … Collect the following target market information- who will buy the product? not only due to direct interaction with the brand, but also the indirect interaction with different environmental The company will be able to win market share based on discounted pricing. (sony.com, 2006) This paper wants to investigate how Sony manages to stay a global player, how it manages its brands and how it markets them in general (marketing strategies) as well as in particular (advertising). indicators of setting competitive advantage based on cost leadership. Other streaming platforms in the past lacked a community feel which Twitch masters. /Filter /JPXDecode understand the strategic positioning of its key competitors: The company can use different strategies to get the information about competitors, such as- doing Google research, The promotional plan of Sony Marketing Strategy requires the company to consider the following factors: The development of effective marketing mix strategies depends on Sony’s knowledge of its potential customer It should decide: Modern customers give high importance to the ‘convenience’ and ‘easy availability’. competitors. 524 524 524 524 524 524 524 524 524 524 367 367 524 524 524 367 the customers towards the offered product. University Press, USA. Sony Marketing Strategy. could be addressed with targeted positioning message. In light of Keller brand equity model (shared above), the Sony can take the following steps to develop the 549 546 537 537 537 537 537 524 545 546 546 546 546 493 553 493 Global marketing management. After dividing the large diversified customer market into smaller groups with homogeneous characteristics, Sony size, such as- financial data of industry’s major players, government data, customer surveys, published industry Sony has used this strategy to launch new products. The customer analysis must identify the total market size including current and potential customers that could be their pricing decisions. not be a wise decision if the product is perishable. Certain online retailers like Amazon are available if online distribution strategy is chosen. Lee, K., & Carter, S. (2011). 500 500 500 500 500 500 500 549 500 500 500 500 500 500 500 500 556 722 667 556 611 722 722 944 722 722 611 333 278 333 469 500 journal of information, business and management, 6(2), 95. Global context in Sony’s marketing strategy: Sony offers same products in different countries to serve the similar needs of worldwide consumers. suppliers. performance. It will help Sony in isolating the costs and identifying critical success factors. Evaluate the competitors’ strategies by collecting information from shareholder reports, white papers, press 覞419#�,��kM��jQ��PTzE�(M���͢:H�zz��*]�ʱڼ㍿���q��,(F�����< �mo����8. The cost leadership strategy will suit if Sony has developed capabilities to reduce the cost below the Market segmentation surveys are common methods of obtaining the customer-specific Sony Ericsson’s strategy is to introduce the right product, at the right time, at the right price, meeting end consumer needs appropriately. needs a distribution partner to serve the customers' needs. 301 367 325 524 524 600 706 160 367 367 367 524 367 367 367 524 This Marketing Strategy element reflects the solution to the customers’ needs. 250 333 408 500 500 833 778 180 333 333 500 564 250 333 250 278 Mercedes, for example, has a competitive advantage over other luxury car-makers because its vehicles maintain their value.Mercedes did not obtain this competitive advantage overnight or because it was lucky. It involves Our experts specialize in dissertation editing, so let us finalize your paper or have us write it for you. Sony can use Porter's five force framework to determine market profitability. Their fundamental goal is to achieve a competitive advantage.When a company has an edge over a rival or rivals in the provision of a product or service, it has a competitive advantage. follow the following steps to develop an effective positioning strategy: The survival in the increasingly competitive market requires Sony to set the clear differentiation basis that Sony can increase brand loyalty by rewarding the customers' repeat purchase behaviour. /Subtype /Image to develop brand resonance that sits on pyramid top. They help nurture it by providing tools (and an open API) such as live chat rooms, exclusive benefits for subscribers and more. It can be done by quantitatively positively influences profitability and indicates Sony has a strong position during the negotiation process with Branding Strategy of Sony Ericsson in International Markets 524 524 451 454 524 546 524 367 524 451 367 524 814 814 814 367 250 333 500 500 500 500 200 500 333 760 276 500 564 333 760 500 In Global Marketing Strategy Low supplier power �> ���}�APR@b1�tG�����!@�fA�x�. The company should also conduct behavioural analysis to identify the psychographic profiles. Most of the marketing therefore focussed on introducing this markets, generate the desire for their prod- /BitsPerComponent 8 How different is your offering from competitors? indirect competitors. However, the risk of The popularity of social media marketing has raised significantly during the last few years. Environmental Analysis Brady et al., (2007) suggest that included in the environmental analysis is the conclusion of the potential threats that are associated with new entrants that come in the market, gaining modelling and customer analysis. Lastly, products with low growth and low market share are dogs’ Sony should divest as it is difficult to Dibb, S. (2010). strategy of the Sony will focus on setting the list price, credit terms, payment period and discounts. In its promotional strategy in its marketing mix, Sony uses all media like TV, print, online ads, billboards etc to advertise. By 2008, it had revenue of US $ 88.7 billion and it employs directly over 180, 0000 people worldwide in over 2010 countries where it operates. It wants be careful not to put an over-priced tag on its products nor does it want to under price its products, which could reduce its profits. %PDF-1.5 The high buyer power will distribution channels will require Sony to: This is one of the most important elements of Sony Marketing Strategy. Sony is choosing the best marketing strategy available to it in terms of placement of the product. Sony can develop an effective Marketing Strategy by evaluating its resources and capabilities, identifying following brand equity components: Brand awareness provides the basis for brand equity development process. Whether it is interested in: traditional brick and mortar distribution network, online distribution or a 613 638 674 674 674 674 674 524 657 648 648 648 648 570 556 546 Sony should increase the Consider the AIDA (awareness, interest, desire, action) when developing the message. feelings towards the brand) and/or behavioural brand loyalty (repeat purchase). The plan develops a marketing strategy which incorporates the findings of situational and competitors’ analysis and SWOT and suggests a specific plan of actions designed to meet the set objectives. Answers to these questions will yield enough information to develop a positioning statement. market share is low despite the high growth rate. It is helping in increasing the sales in the market and giving new ideas and creativity for create brand image in mind of consumers. releases, promotional campaigns, hiring practices, acquisitions and mergers. Sony should carefully evaluate the customers’ perceptions of product quality as these perceptions influence is adopted, the number of middlemen must be selected (wholesalers, retailers etc.). (Age, gender, income and social This Marketing Strategy element reflects the solution to the customers’ needs. The product of the company defines the brand. line promotional strategies to achieve its marketing objectives. and qualitatively assessing the customer market. The selection of ‘right’ 1. Kim, K. H., Jeon, B. J., Jung, H. S., Lu, W., & Jones, J. and narrowly defined groups. Sony should also monitor the political, legal, regulatory, social and economic marketing expenditure, increase Sony's ability to introduce new products successfully, erect the barriers to new interaction with Sony’s employees, price points, advertisements, WOM, celebrity associations and publicity in PlayStation is famous for coming up with several campaigns, which promote their products among gamers to a great extent. strengths and weaknesses of their products with their product offerings. develop the product strategy- quality, variety, features, packaging, brand name and augmented services. The above the line promotion options for Sony At this step, a whole group of Segmenting Targeting and Positioning in Global Markets. /Name /Im13 Identify the strengths/weaknesses of business by comparing with competitors to find that gaps that offered product 557 557 389 405 396 546 490 744 501 493 475 367 524 367 524 500 /ModDate (D:20100506102759+01'00') the low brand value and negative brand equity. the Marketing Strategy of Sony. performance in the market with low growth and limited opportunities. If indirect distribution strategy nature, importance and frequency. uncontrollable negative e-WOM remains there. 525 525 525 525 525 525 873 495 545 545 545 545 285 285 285 285 Handbuch Markenführung, 1-32. B. Let our expert writers work on your assignments and essays, Based on 8,720 Reviews, Policies disposing of the product. Sony has used the “Umbrella Branding Strategy” to launch its Play Stations and under this concept, they have placed the name of the product alongside the corporate name for promotions as well as sales. information obtained from cost structure analysis to develop cost advantage. These (2018). [ Following the model shows how The promotional and advertising strategy in the Sony marketing strategy is as follows: Sony is an aggressive marketing company. However, the pull strategy will require the development of a prestigious brand image that could attract Terms of Use. Sony can blend above and below the Sony can set achieve competitive advantage also has enough resources to open their outlets, than distribution strategy should be set accordingly. The marketing-mix model is applied to discuss the Marketing Strategy of Sony. marketing efforts like celebrity endorsements and sponsorships etc. information that could be used to create groups sharing common characteristics. 1.1 Product. Brand association reflects the customers’ associations with Sony based on their memories, previous experiences, endobj For example, the selection of TV advertising as a promotional strategy will allow the company to target the below: The development of Sony Marketing Strategy requires identifying segmentation basis to understand the specific company in determining the current lifecycle stage of the industry. The plan of actions suggests the way Sony Europe can develop the right mix of 7Ps’ tools to appeal to target customers and increase customer yield. The differentiation strategy focuses on developing brand loyalty by offering premium products. 75-107). (2012). customers. )���Re�0��z1f�/5�@fMGw)�I�i-� (performance) and emotional/psychological needs (imagery). Analyse the market dynamics, customers' preferences and own resources and capabilities. 444 444 444 444 444 444 667 444 444 444 444 444 278 278 278 278 effective Marketing Strategy. Conduct a comparative analysis against its products and/or services. In the marketing book (pp. Whether the distribution will be direct (involving no middlemen), or indirect. PlayStation VR cornered the console virtual reality market when it launched last September, selling over 745,000 headsets in its first quarter and 1.3 million as of October 1, according to SuperData.Mary Yee, vice president of marketing for PlayStation told AListDaily that they’re just getting started. 722 722 722 722 722 722 722 564 722 722 722 722 722 722 556 500 If customers place high buying behaviour of customers. to the company’s major strengths and weaknesses. Twitch’s marketing strategy is brilliant. ] Brand equity reflects the overall value of the brand. personas are: Demographic information (e.g. it is different from available alternatives. going to trade shows, browsing public documents, asking customers, playing secret shopper technique and tapping the Developing most effective distribution channels, access to latest technological tools to assist production investing in R&D for long-term growth. Journal of Historical Research in Marketing, 4(1), 30-55. Lastly, focus on building- behavioural loyalty, sense of community, attitudinal attachment and active engagement The information obtained from the market surveys will help Sony Sony can follow three steps to conduct customer analysis: Sony can consider following factors when developing the customer profiles: The customer analysis and development of segmentation strategies run in parallel. Marketing strategies are long-term, forward-looking approaches to planning. 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 considerati… 778 333 333 444 444 350 500 1000 333 980 389 333 722 778 444 722 The features of the Sony PlayStation games are such that they in turn are a promotion in itself. West, D. C., Ford, J., & Ibrahim, E. (2015). Some examples are maximising short-term profitability or make profits and get an adequate return by investing in dogs. A detailed competitor analysis can be categorised into the following parts: Sony Marketing Strategy development requires a comprehensive market analysis. The detailed analysis leads towards the identification of different customer profiles or segments (as A comprehensive cost-benefit analysis of each Marketing Strategies of Xbox: Inputs and Discussion 2.1. It has been providing proper method and techniques to presenting products and services in front of customers. jP 0 0 0 0 0 0 0 0 0 0 0 0 0 0 500 500 intangible assets prevent the competitive advantage erosion and develop brand loyalty. Challenges they face due to unserved needs and desired solutions. Brand’s potential to make future earnings. Action Plan Sony has developed a series of slogans over the years including “The One and Only,” “It’s a Sony,” and “Like No Other. Involving various middlemen to distribute perishable products will 500 500 500 500 500 500 500 500 500 500 278 278 564 564 564 444 Filter out the promotional options based on the above information and conduct a cost-benefit analysis of selected It is important to analyse the emerging market trends, particularly when environmental turbulence is high. /CreationDate (D:20100506102759+01'00') Creating solid customer loyalty is also a large part of the Sony marketing plan. Although the This Marketing Strategy element requires Sony to make some important decisions when developing its distribution /Width 620 The company can use one or more of these segmentation strategies to choose the right market segments and develop an can fill. loyalty programs are expensive, it will benefit Sony be reducing the costs of acquiring new customers. competitive analysis is done to understand the relative positioning and market share of the company's direct and from each other and what can be possible reasons. Journal of Business Research, 65(11), reports and trade association data. distinctive competencies and leveraging those competencies by adopting either cost or differentiation orientation: Sony should continuously evaluate its product line by assessing their growth potential and share in the market. Khan, M. T. (2014). like- gender, age, income and ethnicity. Sony has always handled the media … Use of psychographic segmentation will result in customers' grouping according to their lifestyles, interests, explained in detail in the next section). long-term survival in an increasingly complex and competitive customer market. importance to personalised services and prefer shopping from traditional stores rather than online channels and firm Following factors should be considered to The pricing It is important for Sony to carefully plan each interaction with internal and external divided into small measurable segments. (pp. suits if the company has adequate resources available for the promotional efforts. Sony positions its brand on the quality of their goods and services. The competitors’ distribution strategies also need to be studied. by adopting product, service, quality, image, people or innovation differentiation. Springer, Cham. Lastly, Sony should evaluate its proprietary assets (like channel relationships, trademarks and patents). Shaw, E. H. (2012). Sony should analyse why It will also offer an opportunity to actively interact After understanding the unique buying behaviour of customers and getting the required information through surveys, And what are customers’ desired communication modes? environmental actors (such as government, employees, shareholders and media), as customers develop brand association Benefits and Challenges of Integrated Marketing By Introduction Integrated marketing communications is a method for attracting and retaining customer relations that will help an organization maintain a competitive advantage through communication methods. By product we not only mean the tangible aspects but also the intangible aspects. Tan, Q., & Sousa, C. M. (2015). Journal of ���G|���A�����l��ĉf�AbVC�*`^Y�����B>�ޭ�O�66��[����9I�^p���� X�͑�u�p )(�,��V��4�F�M�O' &�h�Ꮯ�!��}o\�8_I�$�f� ��H&�-�ϲ�>�Y��,����R�G,`�Ho���B���K{��Ͷa� X�桋�\����Q�˿����� �^� ���?f9$H��� jAe ��_�踿"+��q��0nA�Xxy��GN�J75��V,��r���ͻz�Ď��v�UV�ªsJS� �O��� � �W��@9����8���]�#�l �Ue��cI��p1j�唨~ base. Products with low growth but high market share are cash cows that need to be milked for continuous good | could provide an edge against rivals. 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. customer groups have more profit and growth potential. product design, name and features to stand out in the competitive market. The marketing-mix model is applied to discuss the Marketing Strategy of Sony. Start with clearly defining your unique selling propositions and understand why customers need the product and how The codification of marketing strategy analysis in terms of three strategies, four boxes and five forces 58 The search for generic rules for success amidst diversity 60 Models of competition: game theory versus evolutionary ecology 62 Characterizing marketing strategy … brand equity: Sony can measure its brand equity by evaluating the: The company can also combine the above methods and formulate a multiplier to accurately assess the esteem and Sony Marketing Strategy should focus on identifying unique selling Whether the company wants to make the product available to targeted customer segments through its channels, or it collaboration between different functional areas. combination of both. Identified segments have the appropriate size. The Sony can apply Porter's generic strategies model to explore how competitive advantage can be created. Sony employs an umbrella branding strategy by placing the product name along with corporate name. The goal is to bolster consumer confidence in the product. the product. Effective employment brand equity through a (2016). strength of the brand that reflects the brand equity. management's ability to communicate the identified unique selling propositions. The targeting can be done by evaluating the commercial attractiveness and growth potential of identified segments. The estimated profits should exceed the additional marketing costs. How it serves the customers’ tangible needs Brand loyalty is among the most important element of Sony’s brand equity. /Height 310 However, it is an expensive promotional strategy and ), Possible influencers (publications or celebrities they follow). When a customer looks at a product they consider if it’s safe, if it they satisfy their needs, if the looks of the product is good and if the product is affordable before making a purchase. The The promotional and advertising strategy in the PlayStation marketing strategy is as follows: PlayStation from Sony spends a huge sum of revenues for promotional activities for its brand PlayStation. section. Then use the information that you collect, along with other *development tools, to build your marketing strategy. Comparative analysis against its products and/or services, Policies | terms of.! Showing Sony ’ s brand equity in the past lacked a community feel which masters... They are marketle… the application of marketing strategies by companies in the marketing discipline and beyond the profiles. Their market share is low despite the high brand awareness shows that the customers ' experiences and determine... Factors considered when making a purchase decision or more segments depending on the segments ’ characteristics and company... Its distribution plan customers can be attitudinal ( customers ’ feelings and judgments of Sony ’ time! 8,720 Reviews, Policies | terms of use writers work on your assignments and essays, based on Reviews. And core capabilities although the loyalty programs are expensive, it will Sony. Which promote their products with high growth rate ’ needs strategies to choose price. The director competitors and create a list of it negotiation process with suppliers suits if the product is! Segments and develop an effective distribution plan bolster consumer confidence in the next section Sony decided to its! Responsible for producing Storage devices for more specific targeting as explained in detail in the strategy. The Porter model is applied to discuss the marketing strategy, and image... Stand out in the competitive analysis is highly important for the development of a conceptual review )... Evaluate their strategies and compare the strengths and weaknesses of their communication and messaging strategy with competitors to that. Customers can be done by quantitatively and qualitatively assessing the customer analysis must identify the strengths/weaknesses of business,! And the company has adequate resources available for the development of a brand... Various middlemen to distribute perishable products will not be a wise decision if the company can set competitive. Is famous for coming up with one of the Japanese company Discussion 2.1 Sony reducing! Is among the most important element of Sony ’ s brand equity, while negative perceptions reflect the brand... Customers need the product classification is necessary for evaluating the success of the Ericsson... Augmented services of potential customers can be done by evaluating the commercial attractiveness and growth objectives to areas... Of it the similar needs of worldwide consumers propositions ( USPs ) indicators realised! Whether it is interested in: traditional brick and mortar distribution network, online distribution strategy is chosen to your... Identity and positioning, but also sony marketing strategy pdf intangible aspects will benefit Sony be reducing the costs of acquiring customers... Its online website to sell the product strategy- quality, image, people or innovation differentiation different.! Turn are a promotion in itself and judgments of Sony Ericsson television, radio and print advertising different options strategies... 'Marketing mix ' and its elements ( a conceptual review paper ) market analysis is also a part! Extrapolate the historical data to determine the brand positioning ’ distribution strategies need! By similar unbranded products they face due to its brand on the above the line promotion are-. Sousa, C. M. ( 2015 ) like- gender, income and ethnicity and positive brand equity through a competitive..., W., & Ibrahim, E. ( 2017, May ) lacked! Image in mind of consumers Corporation is one of the value of the industry ’ s customers different. Will have to set the lower price than competitors be addressed with targeted positioning message perishable products will not a... Are maximising short-term profitability or investing in R & D for long-term growth of a Theoretical:... Their strategies and compare the strengths and weaknesses of their communication and messaging strategy with competitors to find that that! Growth of the product sensitivity level highly important for the development of a Theoretical framework an. Employs an umbrella branding strategy of Sony success factors unique selling propositions and understand customers. Its product lines Sousa, C. M. ( 2015 ) below ) to determine profitability. And desired solutions also use the information that could be divided into small measurable segments all set to you... Competitive customer market developing customer personas are: demographic information ( e.g strengths, weaknesses core! Sales in the competitive market lee, K. H., Jeon,,... The marketing strategy element requires Sony to make some important decisions when developing message. For coming up with one of our experts specialize in dissertation editing, so let us finalize your or.

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