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Sonys Marketing Strategies - Essay Example

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Sony has adopted a unique combination of marketing and advertising strategies coupled with its exclusive creativity to invent state of the art technology based customer-centric products, to succeed in the complex and competitive market environment. It has made a dent into the consumer markets segment by the use of innovative advertising concepts such as making the audience go through the a range of emotions intrigue, foreboding, excitement, panic, relief and achievement that they experience as they conceptualise, develop and release their innovations into the market…
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Discussion Questions What have been the key success factors for Sony Sony has adopted a unique combination of marketing and advertising strategies coupled with its exclusive creativity to invent state of the art technology based customer-centric products, to succeed in the complex and competitive market environment. It has made a dent into the consumer markets segment by the use of innovative advertising concepts such as making the audience go through the a range of emotions intrigue, foreboding, excitement, panic, relief and achievement that they experience as they conceptualise, develop and release their innovations into the market. They extensively use Cinema as a advertising medium with its 30-second commercials being a part of the previews of various high budget movies based on technological themes and concepts; in more than 1,800 theatres and on 8,000 movie screens. Sony also assesses the campaign effectiveness to eventually assess the effectiveness of its strategies. It has also developed a direct-marketing solution named eBridge[TM] to help marketers gain insights into the target audience and thus assess the effectiveness of campaigns. Sony has also developed a strong product portfolio and also concentrates on product diversification to increase its reach to the end-users and is also attempting to integrate its whole portfolio of devices in a networked home-entertainment system to make them more useful for the consumers.
It is also trying to strengthen its existing strong brand image and trying to consolidate its market position by market development as well as mergers and acquisitions. Adding to this, Sony's creativity to make inventions, creativity in product planning and production as well as creativity in marketing has enabled it to gain an edge over its competitors.
(Wikipedia, 29/08/2008)
2. Where is Sony Vulnerable What should it watch out for
The market is dynamic and is characterised by unpredictable patterns in terms of customer perception, competitive strategies adding to this the political, economic, social and technological (PEST) elements of the market environment change continuous; hence there is a level of risk associated with every initiative. Sony should attempt to take calculated risks and continue to monitor the effectiveness of various strategies at a pilot level before implementing them on a larger scale. It would enable it to take more of calculating risks instead of resorting to the act of gambling in the market. Also, the investments in technological innovations have to be continuously monitored so that it does not incur huge loss in case a product fails in the markets. Sony should try to maintain (1) to maintain over-all Cost Leadership by producing products at lower cost than competitors (2) to bring about product differentiation (distinctive, more product features) while selling them at a premium price (3) have market focus in taking decisions on targeting a specific segment of the market or the whole market (Michael Porter, 1996).
3. What recommendations would u make to senior marketing executives going forward What should they be sure to do with its marketing
Sony's marketing strategies should be formulated on the basis of extensive market research in the market and also should take into account the differentiation in cultural behaviour of the consumers across regions/ segments. Strategies should market tested at a pilot level before actual implementation them on a worldwide basis. Sufficient contingency planning should also be made to ensure that the profits are not hampered in case of product failures. In case of innovations in a product-line, Sony should try to reach the market before its competitors and also use creative advertising campaign not only to grab the interest of prospective consumers but also work towards retaining the loyalty of its existing customers. Therefore sufficient strategic planning and implementation would help Sony pave their path to success. It not only enable Sony to organize their resources (man, machines, money, methods and machinery) for optimum utilization but also helps it standardize and align processes thus help it combat competition in the market (in terms of their product, price, place, promotion and packaging) by the use various innovative techniques (Kotler, 2005) based on (1) Understanding the psyche of the consumers and developing marketing techniques to increase sales while having an edge over their competitors. (2) Assessing the strategies of their competitors and developing counter-strategies to win their customers. Risk, which is an integral component of strategic planning, should be assessed taking into consideration the volatility in the markets as well as the uncertainties in the dynamic market place.
References:
Kotler, According to Kotler: The World's Foremost Authority on Marketing Answers Your Questions, http://search.barnesandnoble.com/According-to-Kotler/Philip-Kotler/e/ 9780814472958, 2005
Michael Porter, "What is Strategy" Harvard Business Review, (Nov-Dec 1996).
Wikipedia, What are the key success factors of Sony , http://wiki.answers.com/Q/ What_are_the_key_success_factors_of_sony, 29/08/2008
Wikipedia,http://wiki.answers.com/Q/What_is_pest_analysis_Political_Economic_Social_ Technological _ analysis, 29/08/2008 Read More
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