Sony Corporations Catalogue and the Bank of Americas Website - Report Example

Presentation: Brand Concepts Introduction It is interesting for us marketing to examine the interplay of communications between consumers and products source, and along this line we have decided to focus on one of the many interests of the young and the old in this digital age – digital equipment or gadgets and their accessories and banking which is a very common necessity nowadays. Searching into many sources such as books and websites, we decided to get one manufacturer or maker of goods, the Sony Corporation, and a well-known bank, the Bank of America. Promotions of these two are the focus for our discussion. Sony Corporation: Catalogue For a promotion for a good, we have selected a catalogue of a popular and progressive international business, the Sony Corporation with its countless brands of electronic and digital equipment. Their sales catalogue is one of a kind, a work of art. With the semblance of a magazine, the catalogue features probably most of its products, from digicams to accessories, dvd handycams, microphones, laptops and accessories, high definition flat TVs, projection TVs, theater line-up featuring wireless speakers, headsets, cellphones and iphones, and many kinds of state-of-the-art electronic appliances and digital equipment. This Catalogue media type of promotion has a title Sony Gearplus Midyear Catalogue 2008, and the subheading underneath the pictures and the model is “Newest product line-ups and exclusive promo offerings!” Targeting buyers and retailers, the catalogue features a beautiful model holding a state-of-the art digicam amidst countless high-tech equipment, cellphones, and other digital inventions of the century. Along with the model is a subheading “Armed and fabulous with My Cybershot.” Displayed inside are the various products of Sony Corporation. Sales promotion tool is this: “12 months 0% interest, gift check and discount, and giveaways”. Sony Corporation is offering $20 to $25 discount in items such as digicams of different models, printers, dvds, “Wide and Touch 3.0 Clear Photo LCD Plus” digicam, and many other items. Consumer promotions are called “pull” techniques “in that they are designed to stimulate final demand and move products through the sales channel, with the consumer providing the impetus.” (Jobber and Lancaster 2003, p. 174) This is a marketing technique of Sony Corporation to entice customers and retailers to buy and give extra attention to their products. “The most widely used consumer promotion is the price reduction or price promotion.” (Jobber and Lancaster 2003, p. 174) In this category, Sony offers in its catalogue “free mini-tripod” for every purchase of digicam of a particular model. This item is known as “wide-and-touch 3.0 clear photo LCD plus”. This promotional move also offers some discount on any of the cyber-shot gears. The offer of a tripod and other promotional gimmicks is a crucial decision. According to Jobber and Lancaster “the problem is to find a premium which is ‘different’ or unusual, has broad customer appeal and is available in sufficient quantity to meet demand.” (174) This is a combination of a premium offer and a “non-price competition” to entice customers into purchase. This technique is different from a non-price competition in which, according to Jobber and Lancaster (2003) “a seller elects not to focus on price but instead emphasizes distinctive product features, service, product quality, promotion, packaging or other factors to distinguish the product from competing brands. Since non-price competition is based on factors other than price, this approach gives an organization the opportunity to increase its brand’s unit sales through means other than changing the brand’s price. For example, Galway Irish Crystal stresses heritage and product quality rather than competitive price.” (563) The catalogue is targeting the young loyal customers. In the picture are the products with a young beautiful model holding a model digicam. The model can be identified with the young buyers who are so fond of digital equipment like iphones and cellphones, and other high-tech accessories. Sony Corporation’s underlying sales promotion objectives are to entice customers into buying its many products, not just one product but various high-tech accessories or equipment. One particular example is its introduction of installment plan through credit cards which induces consumers to purchase. Installment basis with 0% interest can really goad one into acquiring a particular item. The Bank of America: Website For a Service product, we have selected a bank (Bank of America). The bank’s website is a study of various products and services and composed of a broad array of features like: managing your accounts, achieving your goals, and products and services that also include checking, savings and CDs, credit cards, mortgages, refinances, home equity, auto loans, IRAs, investment services, insurance, etc. The target customer of the bank is of course individuals, bankers, and organizations. (Bank of America website, 2008) The marketing technique in their website is a combination of products and services which to the client is rather simple. Why? The client can simplify it according to his/her specifications. We all know this is a big bank servicing persons and organizations and whose services are local and international. Their promotions can get the admiration and sympathies of customers. Like for example this one: “Enroll in online banking.” We all know this is a service and a product rolled into one. You will know online banking with them, deposit your money and if you are an organization you can entrust your organization’s assets and finances with them. That’s a multiple objective on their part, killing many birds in a shot. One feature is the Bank of America MallTM which is an online shopping. You can shop online through their own Bank of America Check Card or credit card, and earning some discount. “Get cash back your way – credited into the eligible checking or credit card account of your choice. It’s that simple and a free service to our customers.” (Bank of America website) Discussion Generally there are some differences when it comes to service or good promotions. Businesses employ techniques, tools, and attain objectives depending on the business they have. The purpose of a promotion is to influence the consumer decision-making process. In discussing this subject, Jobber and Lancaster (2003, p. 39) cite the following factors: 1.) the buying situation 2.) personal influences 3.) social influences Of these situations, social influences or lifestyles can apply to our first example of a good promotion. Lifestyles of the young and loyal customers of Sony Corporation can greatly affect their decision-making process. In our catalogue, once you scan the pages, you are led into the world of digital electronics, of high-tech gadgets and equipment, and of state-of-the-art goods and accessories that the small details and promotional tools are just sidelights of the sale. My reading is that you are really tempted to make a sale right there and then. But since this is a catalogue reading, what you do is just plan and list down the gadgets and equipment you want to make a sale. The second factor involves personal influences or loyalty to the product. Sony Corporation is a veteran when it comes to electronics and through the years it has built a distinct loyalty from its customers around the world. The company knows what its customers want, and loyal customers will not just shift brands even without discounts, coupons or other gimmicks. On the other hand, the website of the Bank of America points directly to the need of the customer. In this case, a person or an organization can be its client. Once a customer logs on to the site, his decision-making process is influenced by his or their need for the services. The website is different from the catalogue. Although both don’t need a salesman in making the process, the catalogue speaks for itself while the website can be aided by an administrator once the customer needs the service. The comparison here is quite interesting in that both are big organizations servicing internationally, although Bank of America is concentrated in the United States. But the difference lies in the fact that our good promotion involves small to big gadgets and their accessories, while service promotion of Bank of America involves finances. Sony applies discounts while the bank also offers discount and gifts through online shopping. Their ultimate is to make a sale. Reference Bank of America website, 2008. https://www.bankofamerica.com/ (accessed December 30, 2008) Bank of America website, 2008. Bank of America Mall. https://welcomemall.bankofamerica.com/jsp/01.0-firsttimewelcome.jsp?cm_sp=Multi-Bank%20of%20America%20Mall-_-Bank%20of%20America%20Mall-Gen1-_-MBT1H119_cc-018_hlt_bofa-mall.gif (accessed December 30, 2008) Jobber, D. and G. Lancaster. 2003. Selling and Sales Management, Sixth Edition. England: Pearson Education Limited. Read More