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Key Elements of the Marketing Mix of Sony's PlayStation - Term Paper Example

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This report presents a discussion on how Sony has been able to identify and use key elements of the marketing mix to build its market position in the competitive world of video games consoles. The market is an oligopoly dominated by Sony’s PlayStation, Nintendo’s Wii and Microsoft’s Xbox 360. …
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Key Elements of the Marketing Mix of Sonys PlayStation
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Download file to see previous pages As has already been shown, the market is under oligopolistic control in terms of the supply of the games hardware. Also, the three main games consoles are not compatible with each other and require different software in the form of games. Also, there is no direct pricing competition between the three market players as each console is different from the others. Price cutting is used as a competitive strategy but usually only on the introduction of a new model or as a tactic to artificially boost sales.
Consumer behavior refers to consumer activities in selecting and buying products.  It is the buying behavior of individuals and households when they purchase a product.  The buyer’s black box model of consumer behavior demonstrates how the impact of marketing stimuli, in Sony PlayStation’s case i.e. price, together with the buyer’s inherent characteristics and decision-making process, can lead to the purchase of the PlayStation games console.  (Kotler, Brown, Adam, & Armstrong, 2007)
Gamers can be categorized into hardcore gamers, casual gamers, and young gamers. These consumers have different buying behaviors.  Hardcore gamers are influenced their perception and lifestyle for wanting game consoles with greater capabilities and high-performance technology.  Casual gamers are influenced by the price and availability of video game programs.  Young gamers are mostly motivated by their peers and children video games.  With the current economic downturn, buyers are looking for more value for their money and sales of PlayStation 3 has slowed down (Sony, 2008).
Sony exploits the different marketing stimuli in order to influence the behavior of consumers in buying their product. Sony uses the newest and cutting-edge technologies in their PlayStation 3 console in order to appeal to their customers.      ...Download file to see next pages Read More
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