Discuss about the Marketing Management for Sony Corporation.
The digital camera from Sony Corporation is popular only because of its quality and high-resolution features, which has made a revolution in the photography industry. The research and development team of Sony Corporation has decided to launch a new range of digital camera, which is effective enough to provide perfect exposure compensation, picture effects, manual focus and aperture control than the other competitor companies fail to manufacture. The team has decided to launch these new ranges of digital camera will be launched in famous location of Australia such as, Brisbane, South Wales, Melbourne and Canberra. The young adult, who has passion in the new trend of photography are the targeted customers of Sony Corporation (Benner and Tripsas 2012). As these digital cameras possess with innovative and creative features such as shutter priority and shutter speed control, therefore it is more attracted than the other available digital cameras in the market of Australia. However, the Senior Management Team of Sony Corporation is not so much overwhelmed with the launching of the new camera range in Australia and they have provided the responsibility of investigating about the adequate steps and actions before launching the new product in market. I have gone through the market strategies and the offered products from the competitor companies of Sony Corporation in Australia such as Canon and Nikon (Bogue 2013). These competitor companies fail to offer the customers extra high speed shooting capability, which is the innovative and unique feature of the digital camera of Sony. Although the Senior Management Team is very much sure about the success of the newly launched product in the market, still I have provided some effective options of promoting and advertising the product. El Kaoutit et al. (2013) have mentioned that the Senior Management Team of an organisation generally decides the international strategies in order to develop the brand value.
I suggested them as every individual has account on social media, therefore, it will be best for our company to promote the digital cameras on various social media platform such as Facebook, Twitter, Instagram and official website of the company in order to attract the new-edge clients of Australia. Our new product is capable enough to reflect that nothing is impossible in this highly technologically advanced world and nothing is beyond reach.
Figure 1: Market share of Sony with other competitor companies in Australia
(Source: Hutchinson and Williams 2014)
The image sensor of new digital cameras of Sony Corporation is incredibly convenient as it helps to capture captivating movies and still photographs from every perspective. The CMOS sensor is capable to make the subjects to be stand out in beautiful manner in those situations when the taken shot is in extreme close up. The new range of digital camera from Sony Corporation features blazing speed and extended zoom capacity, which will give the photographers a completely new experience (Lee and Lee 2013). The new range of digital cameras consists of RX10 III, Cyber-shot DSC-WX500B and Dsc-HX90V. I have suggested the Senior Management Team of my company to provide promotional sales and discounts to the first 100 customers and a headphone, which is featured with noise-cancellation. Even if the customer order this new digital camera through online and using net banking process, then they will be rewarded with payback points and online redemption for next shopping of electronic products from Sony Corporation. The digital cameras of Sony Corporation are tangible, perishable and variable. The managers of this company focus on the perception and behaviour of the consumers. Every digital camera is manufactured only after analysing the basic marketing strategies, which includes high volume, brand differentiation and brand identity. As there are a large number of competitor companies available in the Australian market, therefore, the research and development team has made less expensive digital camera with modern technology. Before launching the new digital cameras in the market, the research team forecast the business success of the new products with the process of repositioning, line extension, and bass and pre-test market models.
I have thoroughly analysed the strengths, weakness, opportunities and threats of the new digital cameras of Sony Corporation with appropriate comparison with Nikon and Canon. Porter’s Five Forces help me to understand the necessity of the bargaining power of the customers and suppliers for launching a new product in the market. According to Bister et al. (2014), SWOT analysis and Porter’s Give Forces Analysis is suitable to understand the external and internal environment of an organisation. Both the theoretical analysis of market positioning, targeting and segmentation pay an important role during my thorough and detailed investigation of the market. All the challenges and benefits of the newly launched digital cameras are evaluated and assessed in order to understand in critical manner the actual demand of the clients from Sony Corporation. The framework of the organisation of Sony Corporation allows the employees to share own suggestion to the management regarding the new product. The innovation of this camera involves the compatibility and observability, which its competitor companies fail to offer. Product Life Cycle (PLC) involves the market introduction, market growth, market maturity and sales decline after analysing the total industry sales and profit. However, the research and development team of this particular organisation is always busy to leverage on the modern technologies for creating innovative, unique, high quality and interesting products in order to increase the level of sales revenue (Hutchinson and Williams 2014). The holistic approach of Sony Corporation is appropriate to mitigate the risk factors in effective manner.
Benner, M.J. and Tripsas, M., 2012. The influence of prior industry affiliation on framing in nascent industries: the evolution of digital cameras. Strategic Management Journal, 33(3), pp.277-302.
Bister, D., Mordarai, F. and Aveling, R.M., 2014. Comparison of 10 digital SLR cameras for orthodontic photography. Journal of orthodontics.
Bogue, R., 2013. Recent developments in MEMS sensors: A review of applications, markets and technologies. Sensor Review, 33(4), pp.300-304.
El Kaoutit, H., Estévez, P., García, F.C., Serna, F. and García, J.M., 2013. Sub-ppm quantification of Hg (II) in aqueous media using both the naked eye and digital information from pictures of a colorimetric sensory polymer membrane taken with the digital camera of a conventional mobile phone.Analytical Methods, 5(1), pp.54-58.
Hutchinson, I. and Williams, P., 2014. Digital cameras. British journal of orthodontics.
Lee, K.J. and Lee, B.W., 2013. Estimation of rice growth and nitrogen nutrition status using color digital camera image analysis. European Journal of Agronomy, 48, pp.57-65.