Marketing Planning and Promotion for The Sony 3D-R Virtual Visor - Report Example

Marketing Plan: The Sony 3D-R Virtual Visor BY YOU YOUR SCHOOL INFO HERE HERE WORD COUNT: 4,468 Table of Contents Situation Analysis..................................................................................................... 2. Industry Analysis...................................................................................................... 2.1 Chinese consumption trends and behaviours.............................................. 2.2 Market forces.............................................................................................. 2.3 Competitive advantage in the industry....................................................... 3. Competitor Analysis.................................................................................................. 4. Marketing Objectives................................................................................................ 5. Segmentation, Targeting and Positioning.................................................................. 5.1 Segmentation............................................................................................... 5.2 Targeting...................................................................................................... 5.3 Positioning................................................................................................... 6. Marketing Strategy Formulation................................................................................ 7. Marketing and Promotional Mix Variables................................................................ 8. Promotional Strategy.................................................................................................. 9. Marketing Budgets..................................................................................................... 10. Demand Forecasting.................................................................................................. 11. Contingency Plan....................................................................................................... 12. Conclusion.................................................................................................................. References Executive Summary Sony, once a leader in the electronics industry, is now having difficulties regaining its top position as innovator in a very competitive, international consumer electronics industry. As a result, the company invested considerable labour and capital to development of the 3D-R Virtual Visor, a device that allows for user generated content, transformation of 2D imagery to 3D imagery, and even projection capabilities. To launch this product successfully in China, a country with ample opportunities for profit with the luxury market, Sony will be utilising psychographic segmentation strategies, targeting the luxury consumer with a tendency to allow social factors to drive consumption, and a very well-invested promotional strategy involving billboards, television commercial production, and public relations. The 3D-R Virtual Visor is impacted by potential threats in the external market, which include threat of substitutes and very potent competitive rivalry, especially with rivals such as Samsung and Sharp. This report highlights a holistic marketing plan for the 3D-R Virtual Visor with emphasis on the importance of pricing structures, budgeting, advertising effectiveness, and mitigating psycho-social considerations that will likely impact Chinese consumption habits and demands. Marketing Plan 1. SITUATION ANALYSIS The Japanese-based Sony Corporation is a major conglomerate, multinational business which specialises in a variety of electronics products which are distributed in many different international markets. The portfolio of products currently sustained by the business includes gaming consoles, televisions, cameras and smartphones, making it a very diverse electronics company. In the past, the company was heralded for its innovations, such as the Sony Walkman, which built up a historical brand reputation and considerable brand preference in many international markets. However, over time, the company began to lose some of its brand positivity when its historical innovations reached the decline stage and the company was no longer able to keep up with the pace of competitive innovation in the electronics markets. Sony is, therefore, attempting to achieve a positive recovery associated with its brand reputation. However, when the company is actually able to innovate and launch products with distinct and revolutionary features, competition in the industry is able to easily replicate these innovations. This causes a substantial shortening of the life cycle of products that Sony believed would be long-standing in its select international markets. Sony is forced, therefore, to continue to invest and reallocate its capital resources in an effort to come up with revolutionary product innovations, but the company is simply not achieving its goals of gaining market share and rebuilding its historical brand reputation. As a result, Sony has developed the absolutely revolutionary Sony 3D-R Virtual Visor, a personal viewing device that allows consumers to experience 3D content without the utilisation of traditional projection and other television mediums. The Virtual Visor is fully adjustable and head-mounted that gives consumers an unprecedented 60 degree viewing experience. Equipped with the device is an advanced surround sound system. This premium product also allows consumers to insert their own content materials via USB devices and the Virtual Visor will instantly transform this content into three-dimensional imagery for personal viewing. The visor is also fully attachable to televisions and other projection devices which will display the user-generated content in 3D format, thus making the visor a portable projection and viewing device that can be enjoyed by other individuals in the buyer’s social environment. There has never before been a device this revolutionary in the electronics industry capable of transforming 2D content into 3D content virtually instantaneously. 2. INDUSTRY ANALYSIS In 2012, Sony reported that the company had lost a total of 67 billion yen (Hirai 2012) which is rather unprecedented in the consumer electronics industry. To even further complicate recovery efforts, the company reported a substantial loss of 199 billion yen, giving the company much less capital availability and cash flow that continues to erode the company’s position as a past leader in the electronics industry. Sony must, therefore, focus its capital resources and labour-related expertise to the innovation process if the business wants to improve its market share and gain a new respect from consumer segments. Changing market conditions and competitive prowess in innovation continues to give Sony a significant challenge in many international markets where electronics products are distributed and sold. Sony has experienced considerable negative publicity and negative brand sentiment in domestic Japan, therefore the growing economic giant and consumerist nation of China represents an ideal market environment with which to launch the new Virtual Visor. China maintains an estimated 750,000 households that sustain the financial resources available to purchase luxury products, with these households sustaining income levels of approximately $1 million USD (Anestis, et al. 2009). The Chinese luxury market also experienced a seven percent growth rate between 2011 and 2012 and is estimated to have two percent growth for 2013 (Wen 2014). It is estimated that the Chinese luxury market will provide industries with revenues of $27 billion USD by 2015 (Atsmon, Dixit and Wu 2011). Furthermore, Chinese government representatives provided the economy with $57.92 billion USD into an economy that was struggling from the 2008-2010 recession that impacted the entire world. It created new opportunities for foreign direct investment and improved Chinese currency values. This injection of government capital also assisted in job growth, allowing Chinese consumers to have increased income levels which expanded by 9.7 percent (Censky 2012). This is tremendous growth, creating a market environment highly favourable for market entry of the new innovative Visor product. 2.1 Chinese consumption trends and behaviours There is a growing trend in Chinese consumption in the upper class and upper middle class toward utilising product purchases as a means of improving their social class status and role in society amongst important social reference groups (Wong and Ahuvia 1998). A phenomenon known as conspicuous consumption is driving a shift in purchasing behaviour toward ostentation. Conspicuous consumption involves buying luxury products in order to illustrate to others in social networks that consumers have achieved a much higher class status and success level in society (O’Cass and McEwen 2004). Sony maintains incredible opportunities to exploit these social trends in consumption in a very profitable luxury market, especially when considering that there is absolutely no similar product in the consumer electronics market which should, theoretically, maintain substantial appeal to those luxury consumers that want innovation and improved social status through high-priced consumption of products. Additionally, Chinese consumers, in contemporary society, are known to be very hedonistic, which is maintaining inherent desires to fulfil one’s own personal utility as a primary goal, seeking pleasure and self-gratification as the most paramount objectives (Mees and Schmitt 2008; Lemos 2004). In fact, when considering the depth to which consumers are concerned about their self-gratification, it is said that what constitutes a socially-accepted Chinese gentleman is having excellent skin complexion and men in China often fantasize about having facial creams derived from fancy pearls (Wen 2007). This illustrates the depth to which psychological hedonism drives consumption behaviours in the Chinese luxury market toward self-fulfilment and gratification of personal utility needs. This represents an excellent opportunity for Sony to exploit the luxury characteristics of the 3D-R Virtual Visor that will have substantial appeal to the ambitious and ravenous Chinese luxury buyer. 2.2 Market forces Michael Porter, a respected business theorist, identified a variety of forces that could potentially pose threats and risks to business in an established market. These include competitive rivalry, buyer power, supplier power, threat of substitutes and threat of new entrants (Thompson, Gamble and Strickland 2005). Not all of these threats are relevant for finding success in the new launch of the 3D Visor, however competitive rivalry is intense and should be explored as a risk to gaining competitive advantage. Samsung is especially adept in utilising promotional materials in order to build a very strong brand personality that is exciting, sophisticated and attractive to many consumer markets. Samsung devotes considerable expenditures into the advertising function, giving them somewhat of a competitive advantage in terms of understanding consumer behaviour and exploiting this knowledge in the form of very effective promotion. In the electronics industry, consumers also have much buying power which controls pricing structures of competing electronics manufacturers. Since there are many very recognisable competitors in the industry, with ample variety of competitive electronics offerings, the switching costs for consumers for brand defection are very, very low. Though luxury consumers are less price-sensitive than other market segments, Sony must be cautious about establishing substantially premium pricing, even on revolutionary products, due to the availability of substitutes in the market even though these products do not have the same innovative features and benefits of the 3D-R Virtual Visor. There is very little threat of new market entrants related to this revolutionary product as it would take considerable investment, research and development competency, and restructuring of manufacturing operations by competitors in order to enter the personal 3D viewing electronics market; something which could take years of planning and development for competitors to gain a foothold toward launch of a similar, replicated product. Furthermore, with Sony maintaining a vast international supply chain strategy and having manufacturing plants throughout the world, there is very little risk (if any) of supplier power controlling increases in operational costs for continued manufacture of this new Virtual Visor technology. 2.3 Competitive advantage in the industry The 3D-R Virtual Visor is an idea that allows Sony to literally smash into an existing market and completely disrupt it with the development of a pioneering product (Davila, Epstein and Shelton 2006). As what is referred to as a disruptive innovation, it is better guaranteed to improve revenue production and absolutely displace this established market involving personal projection equipment and even television sales of competitors. Disruptive innovations, such as the 3D-R Visor poses a substantial threat to competition and could revolutionise consumption behaviours of the luxury market by superseding the methodology by which competitors consider their own innovations and existing product modifications (Christensen and Raynor 2003). Sony will be well-positioned to gain rapid and substantial competitive edge that could be sustainable for many years. 3. COMPETITOR ANALYSIS Today, Sony is being outperformed by major competitors such as Samsung and Sharp which are much more equipped to establish new and innovative products, especially in line with the smartphone phenomenon that is giving Samsung, especially, much higher market share and positive brand reputation in many international markets. Both of the company’s main competitors have a very potent research and development focus which allows these companies to be on the cutting edge of innovation that continues to erode market share from Sony. Samsung is one of the most potent competitors for Sony, even though the company has no similar innovative personal viewing device that could hope to compete with the 3D-R Virtual Visor. However, Samsung is extremely adept at gaining the attention of luxury markets through creative advertising and integrated marketing communications strategies that appeal to the socio-psychological needs of consumers. Figure 1 illustrates the prowess and relevance of Samsung marketing which appeals to the luxury consumer segments. Figure 1: Samsung Competitive Advertising for Luxury Buyers Source: Wallpoper. (2013). Samsung Mobile Advertising Posters Wallpaper. [online] Available at: http://wallpoper.com/wallpaper/samsung-mobile-advertising-posters-171896 (accessed 20 January 2014). Source: Coloribus. (2008). Samsung Wireless Phones. [online] Available at: http://www.coloribus.com/adsarchive/prints/samsung-wireless-phones-successful-11803455/ (accessed 19 January 2014). The promotions constructed by Samsung are highly relevant toward establishing competitive threats for Sony. Through the utilisation of psychographics (lifestyle marketing), Samsung is able to capture the excitement levels of desirable consumer segments in the luxury sector and build a very positive brand personality geared toward the high-dollar purchaser. Though Samsung cannot, yet, match the revolutionary aspects of the Sony Virtual Visor through innovative replication, Samsung can absolutely impress consumers to have brand preference for Samsung which could persuade them to be attracted to substitute products without having to pay a high expenditure on electronics products consumption. For Samsung’s ability to impress consumers related to its Galaxy smartphone products, the business has very strong brand recognition and even loyalty in certain market segments. Additionally, Samsung was able to achieve a net income of $30.1 billion USD in 2013 on the heels of $268.8 billion in sales revenues in the same year (Samsung 2013). Total equity in the firm is valued at $256 billion USD. Hence, this competitor is very well-positioned to attempt to respond to this new 3D innovation and devote substantial financial capital toward attempting to replicate this new revolutionary electronics product. Samsung has a very low debt load and a very high cash flow year on year, making Samsung the most viable and threatening competitor in the Chinese electronics industry to attempt to develop a similar model. Though not immediate, this threat, when coupled with the effectiveness of Samsung promotional capabilities and consumer behaviour knowledge, could pose a long-term threat to the life cycle of the 3D-R Virtual Visor. Sharp, another innovator in the development of television and 3D television products, sustained revenues of $23.96 billion USD in 2011 (Sharp Corporation 2013). Sharp is also equipped with the necessary capital, corporate equity, and internal expertise in research and development to attempt to replicate this new 3D-R innovation. Sharp is a pioneer in three-dimensional television and maintains an understanding of this technology. Over the long-run, Sharp represents a potent competitive threat with a company maintain heavy manufacturing capabilities, low debt load, and the ability to raise important credit and capital (through common stock price increases) that could shorten the life cycle of the 3D-R Virtual Visor. 4. MARKETING OBJECTIVES Sony maintains two distinct marketing objectives associated with the launch of this new innovative electronics product: 1. Increase market share by 20% through the high priced sales of the Virtual Visor by March 2015. This will result in approximate sales increases of £2 billion. 2. Establish brand preference in the Chinese luxury consumer market by December 2014 through the utilisation of effective promotion. 5. SEGMENTATION, TARGETING AND POSITIONING 5.1 Segmentation Traditional demographic segmentation and behavioural segmentation is insufficient for capturing the interest and excitement of the Chinese luxury consumer. In order to build important relationships and establish brand preference, it will be necessary to utilise psychographic segmentation to build effective promotional strategies. The goal is not to isolate disparate segments, but gain the attention and interest of those with very high financial resources and those that can find lifestyle connections between self and brand. Psychological profiling of consumers is the ability of firms to divide potential markets based on their values, interests, lifestyles and attitudes (Pickton and Broderick 2005). This is highly important considering knowledge of the trends in consumption behaviour of the luxury markets in China related to needs for conspicuous consumption and very powerful hedonistic desires. It would be more effective to gain important relationship development through segmentation strategies related to lifestyle. 5.2 Targeting The most viable target market segment, along the VALS 2 model of psychographic segmentation, is the Innovator group. This group of consumers are very high resource buyers that maintain very strong perceptions of self-esteem and self-image (SBI 2014). Innovators have a strong inclination toward the purchase of innovative products and reflect extremely cultivated tastes in consumption. The types of possessions maintained by the Innovator group show a personalised taste for sophistication (SBI 2014). The second target market is the Experiencer segment, one that values high levels of self-expression. The purpose and benefits of the 3D-R Virtual Viewer is to allow users to generate their own content and then instantly transform this content into 3D visuals and videos. The Experiencers have quite high resource availability and disposable incomes and are considered to be avid consumers with a taste for the innovative and offbeat products. This group also spends a great deal of their disposable incomes on recreation and entertainment (Lawson and Todd 2002). They are typically young (21-40) are usually impulsive buyers and place a great deal of emphasis on the importance of social activities. This is an ideal market for this new innovation. There will likely be other niche markets that will contribute to some dimension of revenue growth for Sony, especially those in the Striver group who do not maintain very high financial resources, but attempt to emulate the consumption behaviours of the wealthy. This group is ambitious and perceives that consumption justifies their position in society. Though not a target group, it should be recognised that Strivers will likely contribute to between five and 10 percent of product sales in China. 5.3 Positioning Positioning a product is creating a perception in the hearts and minds of consumers, according to a singular or set of benefits, that makes a product or brand differentiated from competition. It is a specific impression that a company is able to establish in order to gain consumer interest. Sony will be positioning the product according to innovation and quality. The objective is to reinforce product benefits and value that are linked with Sony’s historical successes as a pioneer in consumer electronics products. The company’s main competitor, Samsung, positions according to price (especially in smart phone technologies and televisions) in an effort to outperform its main competitors which include Philips Magnavox, Sharp, JVC and even Sony. Sharp positions according to customer attributes utilising the catch phrase, “Smart...very smart” to illustrate that the company believes consumers are making wise consumption choices by selecting Sharp products. Sony, however, will be focusing on the product itself as a positioning tool so long as the life cycle remains in the growth stage and no competition is able to replicate the current 3D-R technology. 6. MARKETING STRATEGY FORMULATION The four Ps of marketing will be considered when developing a marketing plan. Product – It is vital that consumers understand that this is a revolutionary and unprecedented product with ample benefits not only for self-expression, but enhancing lifestyle recreation. It is also a preservation tool, as the technology can convert important, historical home videos and other video-related heirlooms into modern 3D digital technology. The product will provide consumers with the ability to transform any traditional media into modern format for long-term preservation of important memories. With an add-on feature that is available separately from the Virtual Visor, even reel-to-reel can be fed into the device and transferred to digital, three-dimensional format. Price – Even though the Chinese luxury consumer is not price-sensitive, pricing for this device is important to monitor and ensure that Sony does not get gluttonous with unrealistic profit expectations. The following is the pricing structure for the 3D-R device and supplementary products available for transforming reel-to-reel memories: Product Price Standard Version: 3D-R Virtual Visor (no projection capabilities) £5,000 Upgraded Version: 3D-R Virtual Visor (projection capabilities) £5,600 Supplementary Reel-to-Reel Transformation Device £1000 Though it is not necessary for Sony to emphasise pricing in promotion, the company will require ongoing qualitative and quantitative market research data that will determine consumer responses to prices (to either raise or lower offered pricing structures). This will avoid angering consumers with prices that are considered too high even for the luxury target market consumers. Place – To appeal to the luxury market, there should be an element of exclusivity related to distribution methodology. The product will be made available on the Internet for direct purchasing which is a conception highly important to active and busy luxury market professionals. The company will also establish partnerships with various high-end retailers in the commercial electronics industry, rather than utilising low-end retailers to carry the product. It would be beneficial for Sony to make consumers actively seek out the product rather than having it available in a wide variety of electronics retailers in the region. This will save Sony costs associated with establishing a vast inventorying and distribution network, which will ensure more opportunity for profitability and control of operational costs. Promotion – Promotion is the most primary key to success for the 3D-R Visor device. The majority of brand preference establishment and gaining consumer attention will be reliant on effective and invasive advertising. Promotion will be described in more detail in the following section. 7. MARKETING AND PROMOTION MIX VARIABLES Advertising, corporate image, and public relations are the most critical dimensions of the promotional mix that will assist Sony in building brand preference and gaining consumer attention toward this new innovative product. Sony will be drawing on its historical successes by reminding consumers about the revolutionary and lifestyle-enhancing benefits of the 1980s innovation, the Sony Walkman, as an initial method of regaining brand confidence during a period where the company has been criticised for being too traditional and unable to keep up with changing trends in market technology developments. Representatives of the company will also be attending lectures, public speeches, and will be instrumental in releasing news publications regularly about the sales successes of the 3D-R Virtual Visor and reporting on social media sites to better interact and engage with important market constituents. Television presentations involving internal representatives of Sony, dressed in high-scale fashion attire and other aspirational elements common to the Chinese luxury markets, will be developed to give the brand more premium appeal. 8. PROMOTIONAL STRATEGY The most crucial element of the promotional strategy is the utilisation of advertising, despite the short-term expenditures for a concentrated and intense promotional campaign that involves multiple mediums along an integrated marketing communications strategy. The company will be developing a variety of television commercials that will launch three weeks prior to the actual launch of the 3D-R device in order to create appropriate interest and buzz about its innovative features. The 45 second commercial spots will include historical footage of excited consumers that are enjoying the 1980s Walkman, showing visual images of the corporate logo evolutions between 1955 and 2014 to show that the company has modernised and evolved. Logos are important in aiding in brand recognition and brand awareness. Figure 2 illustrates the methodology behind logo in advertising strategy. The goal is to re-establish the Sony name as a pioneer and innovator that adjusts and changes to better fit modern times. Figure 2: Logo Evolutions 1955-Present The next television advertising video will be a 30 second spot that runs immediately before the direct launch of the product. It will feature old footage of Sony radios and the 1950s family, with flashes into the 1970s with company archive footage and commercial edits illustrating disco dancers and other nostalgic imagery. Jump into the 1980s and 1990s, the montage will feature flashbacks of family lifestyle with the Walkman product and Sony television viewing prior to the 20th Century. The commercial will end with luxury consumers indulging in the 3D-R Virtual Visor with an emphasis on backdrop that appears highly futuristic and ultra-modern showing a family dressed in sparkled and high fashion outfits engaged amusingly with their individual Virtual Visor headsets. The commercial will end with the phrase flashed across the screen stating, “Sony- For the Lifestyle of Tomorrow”. This phrase will set the tone for all future integrated marketing communications during the promotional campaign which will assist in illustrating not only corporate evolution, but the ability to serve as a pioneer for the contemporary lifestyle and well into the 21st Century. Accompanying the campaign will be in-mall promotional posters at upscale commercial centres that cater to the high class consumer illustrating the benefits of the 3D-R Virtual Visor. These posters will be developed in conjunction with technology experts that are able to create in-store digital content with moving pictures whereby the product will be illustrated both three-dimensionally and in a variety of social situations that are relevant to upscale buyer markets. The campaign will also utilise billboard marketing in upscale regions in major urban centres in major Chinese cities (such as Shanghai) with moving digital images that will stand out amidst a plethora of competitive billboards. Prior to launch, the company will be creating product placement agreements with major motion picture studios (both U.S-based and Chinese-based) to ensure proper advertisement within major feature films that are to be launched at the same time as the product launch in April 2014. These agreements will guarantee that movie houses in major Chinese urban cities will spotlight the product in paid on-screen advertising prior to the start of the film to capture the attention of diverse consumer markets that can enhance the revenue potential of the luxury target segments. 9. MARKETING BUDGETS The following represents the budget expectations for all promotional activities and associated non-promotional functions in the campaign: Activity Budgeted Allowance Billboards £60,000 Product Placement Agreements (2 feature films) £3.5 million In-store digital posters £600,000 Television ads £3.5 million Movie House advertising £1.5 million Total £9.2 million The £9.2 million will be allocated accordingly depending on the duration of the promotional materials both pre- and post-launch and according to the intensity required of the campaign. Though larger than most promotional campaigns involved in the electronics industry, there has never been a similar innovative product available in any international market, making it a small expenditure considering the expected demand ratios that will be achieved on the product in the luxury market. Expansion into other international markets targeted at luxury consumers, when applicable, can offset these expenditures with relative ease. 10. DEMAND FORECASTING Target Markets Expected demand Innovators – representative of approximately 500,000 Chinese households maintaining £1 million annual incomes or greater 80,000 units Experiencers – representative of approximately 250,000 Chinese households 30,000 units Strivers – representative of approximately 2.5 million Chinese households 60,000 Total Units 170,000 units At an estimated demand of 170,000 units by March 2015, approximate revenues in the Chinese market alone will meet or exceed £884 million. With the goal of expansion into other foreign luxury markets by September 2014, the company can achieve its objective of gaining an additional £1.16 billion by March 2015. 11. CONTINGENCY PLAN In the event that promotional strategy and the overall, holistic marketing strategy does not meet with the revenue successes anticipated, Sony will seek out immediate market entry in major countries such as Canada, Britain, Saudi Arabia and the United States where the largest proportion of millionaires and billionaires reside. The company will be utilising a variety of metrics to determine demand on a week-by-week basis and measuring consumer responses with many paid market research teams having qualitative and quantitative research instruments. Findings over a four month period, between March 2014 and June 2014 will determine whether foreign market entry should be immediate or can wait until September 2014 when the company is able to formulate an effective importation and distribution strategy. Market entry into other nations, such as France, Germany and Brazil will also be possible for immediate response in the event that the marketing plan does not meet, fully, with expected demand and sales volume achievements. The company will be exploring working with foreign governments for import tariff reductions and other cost reduction activities for market entry as a proactive strategy to ensure that business can quickly establish a pre- and post-launch campaign to build the same level of interest in many diverse foreign markets as an appropriate contingency plan. 12. CONCLUSION This new innovative Visor is unlike anything that consumers internationally have ever witnessed and represent incredible revenue-producing opportunities for Sony. Through effective promotional competency, knowledge of Chinese consumption behaviours in the luxury segments, and the use of an effective promotional mix, Sony can establish brand preference in key, profitable markets and re-build its reputation for quality and modernisation that the brand once experienced in the 1980s. Following this marketing strategy, as identified, should reposition Sony properly and regain confidence from upscale buyers in China and internationally to ensure competitive advantages and improved company performance. Psychographic segmentation and identification of key, potentially profitable markets will be absolutely key to success in the product launch and subsequent promotional campaigns designed to foster interest in the new innovation and the Sony brand name. 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