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files/assignment-marketing-plan-part-2-1-1xlfxxax.docx Running Head: MARKETING MANAGEMENT1 MARKETING MANAGEMENT7 MARKETING MANAGEMENT MARKETING PLAN, PART 2 Table of Contents Company Profile3 Market Segmentation and Targeting3 Situation and Company Analysis4 Industry Trends4 Technical Environment4 Competitive Environment4 Political Environment5 SWOT Analysis5 Strengths5 Weakness5 Threats5 Opportunities5 Mission, Objectives and Goals6 References7 Company Profile · Company Name: Sony · Industry: Entertainment and Technology · Major Products and Services: Movie production, music, TV, gaming console, music system, and mobile phones · Target Customer: With the varied product range the target customer of Sony belongs in every age group and gender. · Distribution Channel: Sony uses multiple channels such as zero level channels, one level channel and two level channels. · Headquarters: Sony City, Minato, Tokyo, Japan · Year Founded: 7 May 1946 · Number of Employees: 114,400 · Annual Revenue: Yen 8.259 trillion · Key Competitors: Samsung · Website: http://www.sony.net/ Market Segmentation and Targeting · The products manufactured by Sony are used in entertainment purpose. The major products are TV, music system, cameras, Movie production and many more. These are the consumer durables items, which are used by the people globally. · Sony has a global market presence. The product range offered by Sony covers a huge market and customer segment. Because of the global reach they can able, to serve the customers belonging to developed as well as developing countries also with the products to cater the needs of every category of customers. The potential customers of this company are of all age groups and genders. · With respect to market segmentation, Sony aims at the psychographic and demographic variables. The psychographic segment deals with the people’s lifestyle, the activities, their personal interest and attributes. The demographic segment will be decided on the different age group, the class of which the people are belonging and many more aspects that are considered (Kumaralitha & Kitri). · The marketing plan focuses on the psychographic segment. The psychographic segment focuses on the people’s life style, their purchasing power, their level and standard of living and based on their requirements the appropriate product is catered for the target customers (Sony & Aithal, 2020). Situation and Company Analysis Industry Trends There is continuous technological advancements are taking place with tonnes of new features that are added in the system to make the life ease for the people. Many new entrants offer much high-configured products at a very competitive price tag. There are many substitute products have been introduced for TV’s, cameras and many more items. There are continuous changes with more focus on the digital platform and according to that the companies are shaping themselves (Hong, 2018). Technical Environment With the advancement of the technologies, the following technological factors are working in the technological environment factors such as increasing dependency on digital technologies, high rate of adoption of mobile technologies and high rate of R&D activities (Hong & Wang, 2017). Competitive Environment There are many operators in this field, however Sony can still control their niche segment through the excellent quality products for which they are famous Political Environment There are many political factors in the technological industry, which can affect Sony. There is an opportunity in the political stable bigger market, the increasing governmental support for data security and increasing government support for online business (Antony et al., 2019). SWOT Analysis Strengths The strengths of Sony are strong brand presence, diverse business and profitable products, which are the reason behind this huge success of the company (Sony & Naik, 2019). Weakness The weaknesses are lack of dominant mobile device, vulnerability of database and network and limitability of some products. These issues need to be address by the company for a long and sustainable business in the future. Threats The threats of Sony are cyber attacks, competition and software privacy. These threats are on global basis and collaborating with global cyber security system will help the company in removing these threats. Opportunities The opportunities for Sony are further business diversification, new product development and rapid innovation. These opportunities are at disposal and utilizing these opportunities, the company can further increase their brand presence globally. Mission, Objectives and Goals Mission, vision and goals are the statement that a company releases that describes the kind of work they are engaged with and the purpose of their work at first place. Kunila et al. (2020) have discussed that the Vision of Sony is to use the passion for technology, content and services to deliver emotionally and the ways the company can able to connect to the needs and needs of the people. The mission statement of Sony is that it provides customers with emotional to move them in an emotional way and inspire and fulfils the curiosity of the company. Based on the mission and vision statement of the company the goals of Sony can be determined that the company wants to provide the best of their services to the people with which will fulfil their emotional needs and will deliver the world class products and services to cater their needs. References Antony, J., Sony, M., Dempsey, M., Brennan, A., Farrington, T., & Cudney, E. A. (2019) An evaluation into the limitations and emerging trends of Six Sigma: an empirical study. The TQM Journal Kumaralitha, W. Z., & Kitri, M. L. FEASIBILITY STUDY OF CLOTHING MANUFACTURER OF UD SONY KONVEKSI Kunila, S., Rianto, B., Prasita, V. D., & Lubis, L. (2020). THE IMPLEMENTATION OF PORT MANAGEMENT POLICY IN PELINDO III TANJUNG PERAK SURABAYA. JOURNAL ASRO, 11(2), 8-12. Hong, S. (2018). Financial Situation Assessment of the Sony Corporation. Hong, Y. U., & WANG, J. Y. (2017) Analysis and Suggestion on the Development of SONY. DEStech Transactions on Economics, Business and Management, (icem) Sony, M., & Aithal, S. (2020) Transforming Indian Engineering Industries through Industry 4.0: An Integrative Conceptual Analysis Sony, M., & Naik, S. (2019) Key ingredients for evaluating Industry 4.0 readiness for organizations: a literature review. Benchmarking: An International Journal files/assignment-marketing-plan-part-3-1-0p4zj0gh.docx Ethical and Social Responsibility Current Status The group leader in the consumer electronics and entertainment industries, Sony aim to refine the life of the future generation to produce world class entertainment and products to promote sustainable and healthy environment. They move forward to Zero environmental plan which targets to achieve zero footmark by 2050. Efforts to develop more of energy efficient , low-carbon and eco conscious lifestyle among the consumers. Recommendations Proper recycling and energy conservation by the employees to help achieve ambitious targets. Partnership with the Non profit organizations and educational institute to promote a low carbon ,eco-friendly environment with sustainable business practices. Marketing Information and Research Research Question Is the pricing strategy targeting the right audience ? Are all the different income level people able to afford the technology that is introduce to target them ? Information Needed The organization needs to focus on all group level of people. Pricing decisions should be taken wisely and product competitiveness should increase in the market. Research Recommendations Survey & questionnaires. Customer Decision Making Profile Identify the Customer and the Problem The primary decision maker in the target segment is the buyer who has the funds to make the purchase. The decision maker is usually in the age group between 18-70. The problem of the customer is that they need a particular need to be satisfied like may be customer is looking out for a cloth washer or a refrigerator. Sony can provide them different options available according to the requirements. Factors Influencing Customer Decisions Geographic Characteristics- Sony can blend above and below the for their advertisement to reach as many people as possible, Sony has always targeted favorite TV programs or events for instance series and sports. Similarly in the technology Background Sony targets the needs for all locations and region whether be a developed country, developing country or under-developed country. It aims to satisfy and the needs and leisure of different type of people. Personal and Demographic Characteristics- Sony targets all segment of people. They have devices for everyone, which are not linked to the age like cameras or a T.V that anyone can buy, and is not age specific. The only thing is that if you are young you would probably want to buy a gaming system or a T.V and if your older you are probably interested in cameras or laptops. Sony tries to make their products for everyone, so they can get more sales that way. Social and psychological characteristics- There are different segment of users that gets characterized by the facts of social class, culture, lifestyle,attitude, motivation and reference groups. All of this segmented with the price and use of the technology whereas in the entertainment segment it is categorized on the basis of preference, what would one want to watch on the television. Marketing Strategies Advertising- through direct mails, newspapers, TV advertisements and magazines will reach a large audience. Customer Relationship Management- Sony is believe strongly to reach customer through personal interaction. Web Marketing- Video and pdf brochures to help customers understand what they are targeting on or what they want to sell. Positioning and Differentiation Competitive Advantage- Innovation and High technology products in the field of electronics. Marketing Niche and Positioning Strategy- Sony is one of the world’s greatest brands in the eye of the consumer. Sony products are considered to be high quality, unique, and convenient. Mainstream culture has embraced Sony’s innovation. Positioning Statement To the Entertainment World, Sony is the world greatest brand in the world because of the high quality it maintains which is unique and convenient. Repositioning Consideration The brand should not consider repositioning. Branding Brand Description Sony is an electronic company whose main products targeted to different segment meeting different needs of the customers. Sony sells products, and services globally, the range of products includes; televisions, washing machine, refrigerators. computers, players, memory devices, gaming systems, grooming appliances, cameras, mobiles and lithium batteries. Brand Promise The promise of the brand is to create innovative products with good quality and deliver value to the Sony client and partners. Positioning and Strategy Sony position itself as a big global brand in television, music, entertainment, motion pictures, technology and appliances. It is known for its high quality, convenient and unique features. References Sony. Competitive Advantages of Sony. http://sonycorporation1.blogspot.com/ Ranasinghe,D.(2014)Sony’s Big problem ? It’s not just cool. https://www.cnbc.com/2014/05/14/sonys-big-problem-its-just-not-cool.html Sun,L.(2020). Will Sony’s simplification of its business mask some serious issues ? https://www.fool.com/investing/2020/03/31/will-sonys-simplification-of-its-business-mask-som.aspx Huang,E.(2019).Sony’s stock swoons amid worries its portfolio