Discuss about the Marketing And Branding Strategy.
With the increasing ramified economic changes and enhanced need of client’s satisfaction, each and every organizations are coming up with different strategic plans in market. Marketing mix is one of the strategic plan which is used by organizations to increase the overall turnover of the market. In this report, an adamantine study has been done on the marketing mix and how organizations such as Sony, LG and G. E capital. In this report, study has been prepared on the marketing mix and other strategies used by Sony Corporation. These all are the international company which have been providing its services and products on domestic and international level with a view to increase client’s satisfaction level. After that, PESTEL environmental factors have been taken into consideration which will be used by company to evaluate all the internal and external factors of the company. In the end of this, strategic recommendation and environmental strategies have been given which will be used to evaluate all the pros and cons of the study program for the business functioning of Sony. This report covers all the strategic viewpoints which Sony should evaluate before implementing its all the strategic planning process (Sony, 2013).
Present view of Sony Company
This company is a Japanese Multinational conglomerate corporation having headquarter in Konan, Minato and Tokyo. It has diversified business which includes consumer and professional electronic, gamming and high technology equipment’s.
The main vision of company is to become largest supplier of electronic equipment on international level.
It has mission to develop core competency by providing best quality services and products to clients around the globe (Sony, 2013).
There are several strategic planning and marketing mix policies which are undertaken by the various big companies before offering its new products and services in market. Marketing strategies of Sony Company is based on managerial process by which individual and group obtain what they need and want through creating, offering, and selling products and services in the market. However, the marketing objective of Sony Company is clearly describing the objective to make clients vigilant with its current offers. Sony has been employing variety of places for delivering its products and services to target clients in the market. Nonetheless, the marketing mix used by Sony Company provides the right price of the products, customization of products and services, client’s interest and sustainability of the products. Ideally, with the help of marketing mix company could also evaluate the places and market in which it should implement its new products and services. It is evaluated that marketing mix of the Sony Company is accompanied with the following factors which are given as below. Company has used marketing mix program to encounter all the problems and mistakes in Australian market (Zhao, 2016).
Price- It is evaluated that all the price of the products and equipment sold in the Australian market is based on the client’s expectation and cost plus method. Sony Company believe in selling its products and services at the best cheapest price without compromising in the quality. As all the people in Australia are more inclined towards buying best quality products and services in market. However, the price of Sony products are kept high as compared to other rivals offering due to the costing of products and other legal factors. Company has focused to sell its products by including high quality with less price.
Products- It is considered that all the products and services offered by Sony Company is high in quality and categorised as premium products. Management department of company believe in developing core competency in product differentiation strategies. All the products launch by company in the market is based on the innovation and creative process system developed by its research and development department. Australian market is more inclined towards buying innovative technical equipment from the market (Scott, 2015).
Places- With the increasing complexity of business and market share, it is considered that company has been selling its products and services form various places such as Sony stores, Authorized sellers, cinemas and media networks and official website. Australian market is wide and open to all types of products. However, with the complexity of business and enhanced promotional channels, Sony Company has started to sell its products through online channels by creating portal and implementing enterprises resources planning. Moreover, online portals will increase the coverage of market share and allow clients in Australia to purchase company’s products through online easy payment modes (Hollensen, 2015)
People- Sony Corporation sells all types of products and services to all age groups people. However, the main target customers of company is Young people who are crazy about advanced electronic equipment. In addition to this, Sony company focus on maintain its core competency in music earplugs. People in Australia is more inclined towards buying extravagant and new technologies. If Sony focus on selling innovative products in market then it will surely increase the overall turnover in Australian market. In addition to this, the main impact of Sony Company’s products would be that other companies will sell their products in same group mapping to clients at cheaper rate (Koubaa, Boudali, and Fort, 2015). If company wants to win over its other rivals while offering product in Australia then it should use its branding strategy and core competency in providing high quality products to clients (Lakeh, Riahi, and Rad, A.A., 2015).
Physical evidences- The products and equipment offered by Sony Company in the market is having credible brand image. It is not only shorter in size but also effective in use. However, company has been coming up in the market with varieties of advance products and services. The brand image of Sony in market is already very high and many peoples just buy its products by considering company’s image in their mind (Armstrong, et al. 2014).
Promotion- Sony Company focuses on using cyber promotion methods which is implemented by company by using proper level of promotional plans such as Search engine optimisation, using of Social media and implementing advertisement on T.V. In addition to this, company should also indulged in implementing new search engine optimizations process which could increase the visibility of its newly developed products and services in Australian market. This is the newly developed methods which company could use to promote its products and services in Australian market. However, other rivals in market such as Toshiba, LG and MI are coming up with their other off line strategic promotional plans (Jeffery, et al. 2017).
Process- Australian market and people living in Australia are more found of buying top level of electronic equipment. It is evaluated that the value chain activities of Sony company not only focus on providing best quality products but also other services centres believe in providing after sales services for the better resolving clients problems and mistakes. Sony Company needs to make changes in its existing value chain activities on the basis of client’s demands and need in Australian market. However, people in Australian are more inclined towards having small technological equipment which they could keep in their pocket. This process is required to implement by the Sony Company if it wants to tap into Australian market with a view to increase its overall turnover (Baltes, 2016).
This above given factors are considered by the Management department of Sony company to implement better strategic planning and introducing new products and services in Australian market (Babin and Zikmund, 2015).
Marketing Mix strategies affected by PESTLE environmental factors
PESTLE environmental factors provides all the associated internal and external factors which should be considered by company before implementing any strategic planning and marketing mix strategies.
Political- Australian market is accompanied with stagnate political parties where government and political parties changes on only drastic factors. It is evaluated that Sony Company could formulate its marketing mix strategies in positive manner by considering that Australian economic and policies will be less flexible as compared to other countries (Lee, Kozlenkova, and Palmatier., 2015).
Social- It put emphasis upon the values, belief, perception and other factors of clients. After considering various data from the market, it is evaluated that people in Australian is open minded and extravagant. Therefore, Sony Company while offering its products and services to clients in Australia, should be less worried about the prices. Company should focus on providing best quality in the market. In addition to this, if company feels that it has not provided its quality of work to Australian clients it will surely hamper its brand image in market. Social value, perception and people culture are the main base points which should be considered by Sony company while customization of its products and services in market.
Environmental- It is evaluated that Australian market has technologies development and various rivals such as G E capital, Toshiba and LG are coming up in market with new advanced level products and services in market. Therefore, while deciding marketing mix, company should focus on environmental factors (Kova?evi?, Vu?emilovi?, and Ara?i?, 2015).
Technologies- with the advanced development of technologies and people’s increasing inclination towards fast changing technologies, various companies are coming up with new advanced products and services in market. If Sony Company wants to penetrate the market with its new products and services then it should make innovation and creation in its electronic equipment through its research and development department (Khalili, 2014).
Economical- The GDP growth rate of Australian is 8% which is tremendously showing positive factors. However, Sony Company should consider standard of living of people living in Australia, inflation rate and bank rate decided by the Central bank of Australia. These factors will reflects whether Sony Company should launch its products and services in Australian market or not (Armstrong, et al. 2015).
Legal factors- These factors comprised of changes in laws, regulations and statues of the particular countries. However, In Australian economy, Sony Company cannot enter into strategic alliance with other partners with a view to eliminate competition form the market. In addition to this, tariff and tax rate of Australian country is also not liberal for the multinational companies. This factors reflects that if Sony Company wants to tap Australian market with its new products then it should consider various internal and external legal factor of Australian country (Siham, 2013).
Company’s view in terms of sustainability, business ethics and corporate social responsibilities
Sony Company is an international company which has developed its core competency in selling music products and services at large. It has been observed that company has been complying with all the ethical and environmental factors at large. Sustainability of company is related to efficiency of company to deploy its resources. After implementation of PESTLE analysis and identifying marketing mix factors, it is evaluated that company has been using it’s all the resources in effective manner which not only increase its profit but also enhance the business functioning. In addition to this, people around the world consider music products sold by Sony Company high in quality and efficient. In terms of sustainability of company, it is evaluated that company has growth stage in its business functioning and selling unique and innovative products to its clients in market around the globe. In addition to this, Australian market is reflecting high amount of growth rate in electronic equipment business. Sony Company could follow customized products and services to attract clients in market. Business ethics of company could also be measured with its systematic business practice and code of conducts (Kyaw, 2015).All the policies and business strategies followed by company is more clients oriented and complied with all the applicable rules and regulations. However, strategic alliance of company with other partners are also not for the cartel but indulged with a view to establish positive integration while supplying goods and services in Australia. As per the Australian laws and regulation, in order to discharge its corporate social responsibility, company has to comply with all the rules and regulations of corporation act 2001. Sony Company needs to contribute 2% of its average 5 years net profit in its corporate social responsibilities activities. However, the tariff and traits imposed on Sony Company is also not high which reflects that company could sell its products and services in Australian economy at very cheaper rate. This reflects that if Sony Company wants to increase its market share with its newly developed innovated products and services then it should have effective corporate governance and business ethics in its business functioning (Djordjevi?, 2014).
Branding of Sony Company
Branding could be defined as quality or consideration of company’s image in the eyes of clients. It is evaluated that Sony Company has been operating its music and other electronic equipment business around the globe. Therefore, company not only has domestic brand image but also international as well. However, clients perceived Sony Company’s products high in quality and efficient in business due to its easy complex business functions. It is required by management department of Sony Company to provide best quality of services and electronic products to its clients for their increased level of satisfaction. However, the main impact which could be observed is related to durability of the Sony’s products (Bakator, and Petrovi?, 2016).
It is further observed that Sony Company could come up with effective strategic planning procedure which could be used by company while introducing new products and services in international market such as Australia, Brazil and China. However, residents in Australia have high purchasing power and more inclined toward buying new developed high technology equipment in market. It is evaluated that if clients are provided best quality of services throughout the time by the company then it will surely increase the overall effectiveness of company. Sony Company has core competency in providing the best quality of services and products to clients around all over the world. In addition to this, company has followed proper level of corporate social responsibilities and proper corporate governance program (Andersen and Simpson, 2015). This positive functioning of company will not only strengthen the company’s business functioning but also create sustainable brand image in the eyes of clients at large. However, in Australian economy is reflecting positive business environment which allows business companies to sell its products and services at very low cost. In addition to this, the tariff and traits imposed by Australian government is very less which allows foreign companies to sell its products and services at very low cost to their clients. After evaluating available information on the Sony Company, it is analysed that if Sony Company maintain effective product quality and best products in market at very cheapest rate then it will increase the overall turnover and profit of company. Moreover, PESTLE analysis reflected that company has to make changes in its organizational policies and rules as per the client’s requirement and needs (Akyol, 2015). For instance, clients in Australia are more found of small music equipment which are high in quality. If company could customized its products and music equipment in market then it will surely increase the client’s satisfaction level and overall turnover of company. In the latest news published in broadsheet newspapers, it is observed that Sony Company has grasped 26% premium clients around the globe. However, with the increasing changes in the business of Australian market, if Sony Company wants to tap Australian market then it should sell newly innovative and creative music products. This product segment is niche for the premium products. As other organizations such as LG, Toshiba and Samsung are already selling music products at very cheaper rate but providing less quality music products which has less durability in the market. Sony company could create easily create brand image in clients mind who are living in Australia by creating core competency in high class durable quality music products (Jyothsna and Devi, 2014).
There are several factors which should be considered by Sony Company while tapping into Australian market. However, Australian economy is open economy which has liberal rules and regulations. It is further observed that the supply chain management of Sony Company focus on installing new cyber system and cloud based mechanism which will not only increased client’s online experience but also increase overall productivity of organization. In addition to this, if company could install enterprises resources planning in its value chain activities then it will surely result to better quality and high level of quality experience in online shopping. This online developed portal will place Sony Company in unique position and also increase its overall market share in Australia and other markets as well. Now in the end, it could be inferred that Sony Company has strong brand image therefore, while introducing new innovative music product in Australia it will have to face low amount of problems and competition. However, it is further observed that company should increase its hiring process and investment in Australian market. This market is very open and people in Australia are already more inclined to buy new innovative music products irrespective of their prices. The main problem which Sony Company would face from its newly introduced music products is related to rivals offering. If rivals such as Samsung, Toshiba and LG come up with advanced music products then it will hamper Sony Company’s music product and also will diminish the brand image of company (Shafi, and Madhavaiah, 2013).
It is considered that if once Sony Company is beaten by other rivals in market either in terms of market share or quality of products then it will surely decrease the brand image in the eyes of clients on domestic and international level. In addition to this, if proper mechanism and systematic working channel is followed by Sony Company then it could easily achieve its set target and goals. However, the core intent of Sony Company is its branding. If company use this branding strategy in proper and determined approach while introducing its new products in Australian then it will surely increase its overall market share.
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