Sony Company is a Japanese multinational corporation. Masaru Ibuka and Akio Morita are the founders of the company, in late 1945. The corporation is headquartered in Tokyo, Japan. It is among the leading electronic products manufacturers for consumer products. The company manufactures varied consumer electronics, equipment for video communications, innovative cameras and information technology equipment. It is one of the leading digital entertainment brands globally. It offers customers a range of exciting multimedia content.
In the next one and three years, the company would extend its electronic products, and provide customers with innovative products that satisfy their needs. This is because of the strong growth and increased profits, hence a need for increasing manpower strength in the next three years in order to increase productivity. An Idea for a New Product or Service for the Company The company would have to launch new range of products in the market. This is essential because it will increase sales in the organization. The idea of launching new varieties of digital cameras for the next one and three years is vital.
This would result to the creation of a strong and a healthy growth of the company in terms of revenues (Bangs and David 2011, p. 122). The company is currently contributing to a higher percentage of global revenues. The percent of revenue is expected to increase in the next year. An idea of launching new digital cameras will increase the company’s market shares. Moreover, it will open the room for new markets because the new products will attract many customers in the marketplace. This is because the corporation strives to produce innovative products that meet the demanding needs of their customers.
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Mission Statement The company would be committed to developing and designing of varied innovative digital products or services that meet the demanding needs of their customers. Market Overview The company would strive to produce varied innovative products in the market. This is through carrying out marketing research in order to understand the market and consumer needs in the market. Carrying out market research would enable them to understand the market trends. This is essential because it would enable them to deliver varied entertainment electronic products that are of high competitive with their competitors.
The management would focus on developing innovative products and services from a consumer perspective. This is through focusing on the customer’s needs and consumer behaviors in the market. The company would produce high innovative consumer electronic products. This would enable them to increase their share markets, thus resulting to increased revenues. The company would carry out competitor analysis in order to determine their future competitors in the company. This is through employing strategies such as SWOT analysis in order to determine their internal and external competitors for the next one and three years.
This is vital because it would help them to introduce marketing strategies vital for competing favorably with their competitors. Competitive analysis would enable the company to identify their weaknesses and threats that may impact the future performance of successful business. It would enable the company to establish defensive mechanisms of protecting the company from future vulnerabilities of the external threats. Moreover, analyzing the marketing condition is one of the vital elements of successive business performance (Cadogan 2009, p. 96).
The company would carry out situation analysis in order to determine the effective market for their products. This is essential because it will help the company to have a clear market overview before extending their range of innovative products. This would enable them to understand the climate and customer behaviors in the new market. Marketing overview is vital because it will help sales team to understand customers’ needs. This will help the company to deliver product and services that satisfy customers, hence increasing profitability.
* The company would develop innovative products that meet the demanding needs of customers in order to increase sales.
* They will focus on reinforcing the company’s cutting-edge technologies in the targeted region for maximum resource investments.
* There is a need to strengthen frontline operations including designing areas, manufacturing equipment and sales offices in order to continue performing better.
* The company will continue to maintain market leadership through increasing innovative electronic products that are of a high quality.
* They would design products basing on the customer perspective, thus meeting the needs of customers.
The company would employ varied marketing strategies that they will use for the next one and three years. One of them is the pricing strategy, which is one of the essential marketing elements. Bearden, Netemeyer and Haws, (2011, p. 63) point out that pricing strategy is one of the vital element of competing with competitors favorably. This is through setting the prices of products differently in order to differentiate the price from that of the competitors.
Many companies use pricing strategy in setting the price above or below the equilibrium level in the market. For instance, the Sony Company would set the price for their products in relation to that of their competitors in order to increase sales. They would set the price not too high or low because putting the price too high will discourage the potential customers, and reducing it too low would make hem operate under losses. There, the company would carry out marketing research and compare their prices with that of their competitors, hence reduce it below that of the competitors to discourage them from competing with their products.
The company may employ packaging product packaging strategies that would enable them to differentiate their products from that of competitors. Product differentiation is one the vital packaging strategies, which would enable Sony Corporation to differentiate their product and pack them in a unique manner to identifying them from those of competitors. Belch and Belch (2009, p. 111) define product differentiation as a process of distinguishing from others or designing it attractively in order to target a group of customers in the market.
Product differentiation is of the essential marketing strategies for achieving a competitive advantage. Although, carrying out research in niche marketing may lead to altering the product for differentiation improvement, the changes are not differentiation. The company may use product differentiation in demonstrating the unique aspects of the company’s products, thus creating a sense of value. Belch and Belch (2009, p. 87) argue that successful product differentiation contributes to monopolistic competition and become inconsistent with perfect competition conditions.
Etzel, Walker and Stanton, (2007, p. 79) argue that marketing strategy is one of the vital elements of creating change in an organization. This is because organization utilizes their resources for better achievement of a competitive advantage. The Sony Company may employ promotion strategy a marketing strategy for communicating about the available products in the market. Promotion strategy is vital in because it aims the target market where the company will distribute their products. This is through carrying out promotion mix strategies in order to increase sales. The company may determine the distribution channels of presenting their products into the market.
This is through carrying out advertisement as a form of communicating about products or services they offer in the market. The company can use varied forms of advertisement such as use of televisions, radios, flyers, prints or Internet in communicating about the product they offer in the market. This will help the business to flourish within the targeted region and across the globe. Another crucial marketing strategy is sales strategy. The Sony Company may use sales strategy as a way of increasing their sales. This is through setting out prices of products through employing comprehensive sales approach for targeted market.
The sales strategy should base on the way Sony Company would want to achieve the set objectives for the next one and three years. Sales strategy depends on the way sales team would choose the products segments for target consumers (Bangs and David 2011, p. 133). The company should, therefore, implement sales objectives vital for increasing sales of products. In this case, the sales objectives should be Smart, meaning that they should be measurable, achievable, and realistic and time sensitive. Market segmentation is another crucial marketing strategy that Sony Company for the next and three years may use. This strategy targets a group of consumers in the market.
It takes into considerations the 4ps that are price, place, promotion and product (Belch and Belch 2009, p. 79). The company may use one of these strategies that may help them to reach the target market. In market segmentation, the company may use employ a strategy that enables them to satisfy their customers in the targeted market. They can employ direct marketing as a way of reaching their target group. However, direct marketing should adhere to the laws of a given country. Hence, the sales team should understand the psychological behaviors of customers in the targeted market (Cadogan 2009, p. 90).
This is vital because it would enable them to provide their customers the services that satisfy their demanding needs. Additionally, the market segmentation should take into considerations demographic information, behavioral information, psychological and geographical segmentation (Bearden, Netemeyer and Haws (2011, p. 142). for instance, the company may use demographic information such as sex, age, income level of cultural beliefs in determining the group where to market their products. The company may decide to behavioral segmentation in understanding the way consumers behave in the market.
This is through determining their consumption pattern. They way they react to prices of products and brand loyalty. This information will help them in determining their customers’ needs. Using psychographic information would enable the company to determine customers’ lifestyles and attitudes attached to the company’s products. Lastly, geographical segmentation is vital because it takes into considerations the area’ climatic conditions, laws that may impact business and population density. This would enable the company to determine the target group for delivering their products and services.
SWOT Analysis The company would carry out SWOT analysis that would help them for the next one and three years in business. SWOT analysis is a vital strategic, planning tool for evaluation of strengths, weaknesses, opportunities and threats in business performance (Etzel, Walker and Stanton, 2007). It involves scanning of the internal and external environmental factors that are favorable or unfavorable for successful business performance. The Sony Company would employ SWOT analysis in order to plan for the achievements of the selected market objectives.
Strengths and weaknesses are the internal factors, which depends upon their impact on the company’s’ objectives. Opportunities and threats are the external factors such as changes in technology, cultural changes, and location of market or competition. The company may present them in a matrix form and employ them in achieving their objectives. The company may use SWOT analysis in the decision-making situation in order to obtain the desired objectives. For instance, the company may use SWOT analysis for competitive analysis in the market.
Ferrell and Hartline (2004, p. 127) point out that competitive analysis is vital because it enables the company to establish defensive mechanisms for competing with their competitors. SWOT analysis would enable Sony Company to build detailed information of each competitor in the marketplace. This is through focusing on relative competitive strengths and weaknesses. The company will, therefore, analyze the cost structure, profits sources, and competition resources for each competitor. Moreover, they would analyze competitive positioning, product differentiation and analyze other factors for each competitor, hence develop strong mechanisms for overcoming their competitors.
Etzel, Walker and Stanton (2007, p. 68) points out that marketing management team finds it necessary to invest in research in order to gather information for market analysis. This is essential because it will help an organization to find means of overcoming organizational threats and weaknesses. Sony Company would carry out marketing research. This would enable them to obtain vital market information. Moreover, marketing research would help the marketing managers to oversee varied environmental scanning for the next three years.
This would enable them to design competitive intelligence methods of helping them in identification of marketing trends, thus analyze market effective for their innovative products. The Sony Company may use SWOT analysis for the next one to three years in designing the way they will conduct their business. For instance, they will use strengths in determining if they can respond faster to any issues arising in the business environment. They would employ this in determining in case they would be able to offer excellent customer care, and have enough time to devote to their customers.
They can use strengths in determining in case they would have a solid status in the marketplace, and if they would change market direction faster when it fails to work effectively. They can use weaknesses in determining the poor reputation of the company or poor skills in the manufacturing process. The opportunities will help the company to determine the future opportunities for successful business, and slow adoption of use of new technologies for their competitors. Lastly, they will use threats analyzing the market. For example, threats such as technology development may alter the market beyond the company’s ability.
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