Marketing analysis of Sony-Free-Samples for Students-Myassignement

Question: Discuss about the Importance of Marketing. Answer: Introduction Marketing is considered as the heart of any of the business activities or operations. The success and growth of the functionalities also depend on the same. These are the business processes or the activities which are concerned with making the availability of the goods and services to the consumers. Marketing is a very broader concept and comprises of a number of mechanisms, approaches, and theories which can be adapted by the business corporations for making the promotion and advertising (Bhasin. 2016). This creates awareness and also develops the interest in the minds of the consumers which motivates them to buy the product. The marketing concept is not limited only to the product reaches the consumers but it also comprises of the maintaining the relations with the consumers and providing them services if required and desired by them. With marketing, the business corporations can just offer the best quality of the products and the services but the consumers wont be able to know abo ut the products. The below-presented report has been executed on Sony which is Japanese multinational brand name and also the country on which the report will be made focused is India. The business corporation has diversification in the products range and which comprises of consumer and professional electronics, gaming, entertainment, and financial services (Ahmed. 2014).The further report has been analyzed on the evaluation of the marketing mix and also the effects of PESTEL on the marketing mix strategies employed by the business organization. Critical evaluation of marketing mix On the basis of the survey, it has been concluded that Sony is one of the most sought and Leading Manufacturing Corporation in the sector of communication, information technology products, gaming consoles and electronics for the potential and professional markets (Professionalacademy. 2017). This has helped the business to get developed into one of the richest and most likable company. The business corporation has focused its business activities on the electronics like AV/IT products gaming consoles and play stations, entertainment like music and motion pictures and also in banking and insurance sector. The company is an international brand and has the vast range of business activities. The entity is trying to leverage their uniqueness by adaption of the convergence strategy aggressively. The main aim of the business corporation is to influence and touch the potential customers by offering their unique products. Moreover, Sony has been making use of the marketing mix strategies for m aking the products available for the consumers and increase their satisfaction level (White pass. 2012). The below presented are the four prime elements of the marketing mix of Sony which has been employed by the business entity: Product: Product is the main or the prime factor for any of the business corporation, which plays a significant role in the success and growth of the business. The products define the brand of a company (Mudie and Cottam, 2010). The products of a company are not only in tangible form but also they are in the intangible form such as some of the entities are service based and same are the products of that company. The consumers choose the products on the basis of the satisfaction level which he will be getting from that product, whether the product is safe or not, the physical appearance of the product etc. The brand name Sony is well known for the premium and high quality of products. The company has been ranked as a leader in the entertainment sector and also most of the products are very much useful. The business organization provides a diverse range of products and due to which it has been successful in attaining a large number of customers around the globe and also the business or ganization also has been enjoying a huge market share in most of the developed and developing nations (Lovelock, 2011). A large number of consumers indicates more the goodwill and strong brand equity which is a plus point for the business corporation as per the future aspects. Sony has a wide range of diversity in the products which are mentioned as below: Television: LCD LED TV, projectors, CRD based televisions etc. Games: Gaming consoles and play stations Audio: Portable audio and music systems, music systems for automobiles with personalized navigation systems Mobile phones Computers, printers and other information systems and related accessories The company also offers a wide range of gaming consoles and play-stations which are used widely used for the purpose of entertainment. Moreover, the business corporations have introduced their personalized cards and Sony cards and these game winnings can be used for shopping proposes such as gift cards These cards are offered to the consumers after they had purchased any of the Sony products and also these reward cards are redeemable while purchasing in future. The business entity has also started selling of laptops which are easily found in various shapes, sizes, and qualities. Price: Price is the value of the product which is the consumer is expected to pay at the time of the product is purchased by him (Lusch and Vargo, 2014). This is one of the most influencing factors for the customer which develops a will to buy the product. Sony has developing pricing strategy of its product in a very strategic manner. For instance, the business corporation has been making use of the three-tier pricing strategy which has been targeted on the various segments of the consumers from the economy. The targeted segments are the economic buyers, the middle-class society, and the high-end buyers. The company adapts price skimming strategy whenever the business corporation launches the new product with some of the unique features. The skimming pricing strategy focuses a less number of consumers and has a high price for the products and the special and unique features. This strategy in whole provides an increase in the profits and also On the basis of a detailed survey it has b een observed that Sony launched its first high definition television in 1990 it priced it over $43,000 (sony.net. 2017).But later there was a decrease in the prices of the product in the year of 1993 till $6000. And also in the case, while the company launched Walkman the prices were high at the time of launching as compared to its competitors. And this has been proven beneficial to the business entity due to the performance; quality and brilliant sound deliver the products to the consumers which have ensured a high level of satisfaction. Also, the company has been ranked as the low-cost producer for many of the products this made it possible for them to have enough resources, which out showed their competitors. Place: The distribution channels and the mediums which are being used for making the products available to the consumers for their use. This has been considered as one of the most vital components which increases the satisfaction level of the consumers to some extent (Peter and Donnelly, 2011). As if the products are easily available to the consumers or they are feeling convenient in getting the products, then this will increase their satisfaction. This will be proven beneficial for the business corporation as this will tend the consumer to buy the product for the next time in future. Sony has been developing the marketing strategies and plans based on the distribution channels. Easy availability of the products to the consumers is the main concern of the business corporation (Hollensen, 2015). For instance in a country like India, where the consumers are more likely to buy more products which are long lasting and are more durable the distribution channels are considered as of very m uch significant and vital role. An approx. a number of over 7000 channel partners is the count of the distribution channels; moreover, there are more than 260 Sony stores and 21 branch locations in India. An approach of one level distribution channel has been made in use by the business corporation in this economy. Here, they useone level distribution channel. The entity has been in connection with big brand names for retail business and it does not have or restrictions to Dongsheng International Trade Co. Ltd, Front-Page Trade Co, Ltd, Best wholesale co. Ltd and Denzuke Network Sdn.Bhd. are some of the names from the retail industries by which the business entity is making the distribution of the products all over the country (Sheth and Sisodia, 2015). Moreover, other distribution channel is being used by the business corporation and which consists of the manufacturer, retailer and then the customers. They mainly practiceselective distributionof their products from very selective d ealers such as SONY WORLD. Promotions: Promotion has been considered as the key to successfully launching the product and making available till the target customers aware of the usefulness of the product is called promotion (Shahhosseini and Ardahaey, 2011). One of the biggest tools which have been considered as the most significant one for the execution of all the marketing activities is the promotion of the products and the services of the organization. Promotion of productsrelated details which are desired by the business organization (Christopher, Payne and Ballantyne, 2013. Advertisements and promotions are very much essential for a business organization as it helps in the development of the image of a specific product in the minds of the potential consumer. There are a number of mechanisms and tools which can be adapted by the business organization for executing the promotional events and campaign. The term promotion has a capability of impacting both the organization and the product (Lee and Kotler, 201 1). Promotions and advertisements directly affect the sales and profit of the business corporation and it is also beneficial for the consumers as it gives the necessary and relevant knowledge and develops awareness of the products for the consumers. And Sony Corporation has been making use of the advertisements and promotions in a very well manner. The business entity has been making use of tagline Make. Believewhich is very much successful in passing a message to unite initiatives across network services, electronics, mobile phones, music and movies (Anitsal, Girard and Anitsal, 2012). The promotions can be done by making use of various methods and tools such as the contemporary means which comprises of making use of internet and social media, ads in business magazines and newspapers etc. The tagline also defines and symbolizes the entities essence of innovation and creativity of the employees. Moreover to have a greater impact on the local public and customers the business corpora tion has been making use of a number of celebrities for the endorsement of their products. This a very influencing step by the entity because on the basis of executed survey it has been observed that the population is very much attracted towards the celebrities and also get easily influenced. For instance, the company has been making use of the faces of their products were big actors like Deepika Padukone and Kareena Kapoor in India. Currently, Katrina Kaif was announced as a brand ambassador of their smartphone range Xperia. Effects of PESTEL on marketing mix strategies The business environment comprises of the two main environmental factors which are very much essential for a business corporation and also play a vital role in the organizational structure and culture of the business corporation. Internal and external are the two business environments which are very much liable in influencing business and all the operational activities and strategies. The below mentioned are the effects of the pestle analysis which is significant for marketing mix strategies: Political:Theseetc. (Bolotaeva and Cata, 2010). These all factors are very much capable of influencing the marketing strategies of a business corporation. In the case of Sony if the governing bodies of India have brought some changes in the tax policies, then the company will be forced to bring a rise in the price of the products. This rise in the price will surely affect the sale of the company and products will be showing a decrease in the demand. The company will have to spend more on promotions and advertising. Economic factors:This is one more significant factor which is very much liable and capable of imposing various effects on the marketing strategies of the business organization (Yksel, 2012). The economic factor comprises of the economic stability of the economy, interest rates, exchange rates, inflation, the disposable income of the consumers etc. Moreover, the economic environment has a capability of impacting both the organizations production and the consumer's decision-making process (Laudon, Laudon and Brabston, 2011). For instance fluctuations in the inflation and also in the interest rate will force Sony to make changes in the prices of the products. Social and cultural forces: The society comprises of the consumers, the clients, the dealers and the suppliers which are considered as a very much essential part of a business organization. And as these are very much vital they are also capable of influencing the marketing and business strategies of a business entity (Pestle analysis. 2017). The demands or the buying patterns of the consumers, relationship with the clients and the suppliers or dealers can bring a very big effect on the marketing strategies. As after considering these factors the business entity needs to develop the marketing strategies. Moreover, the business entity should also be responsible towards the society, for instance, Sony should make elimination of those elements from the manufacturing and other operations which can be proven harmful to society. Technological factors:The machinery, mechanisms, equipments and the tools which are being used by the business entity are being considered under this factor. The potential, skills and the capabilities which have been applied to the manufacturing, processes and the technology and materials needed for the production of products and services will be having the impact on the operational activities of the business corporation (Pestle analysis. 2017). For instance, Sony has been making use of the latest means and mechanisms in all types of operational activities. And due to the use of the contemporary technology the business entity has attained a stable position in a market. Environmental forces:This element comprises of the environment which is, the natural resources etc (Wilson, R.M. and Gilligan, 2012). Environment degradation has become one of the biggest concepts for each and every business corporation and governing bodies has also imposed a number of rules and norms for controlling the same. The natural resources of the Earth such as forests, agricultural products, marine products, etc. must be taken care of. As these factors help the business organization for settling down as a responsible one in the eyes of the consumers and which in-turn will be proven beneficial. Legal: This factor comprises of the legal requirements within the business entity, such as health and safety of the employees, different types of standards such as manufacturing and advertising etc. (. 2015). If the entity has been following all the legal requirements then it will be having a smooth and flawless business and no impact on the marketing strategies. Macro environment has a vital impact on the growth and success of marketing strategies and campaigns, and therefore the above-mentioned factors should be considered very much relevant and significant while the decision-making process of a strategic marketer. Strategic recommendations As the business corporation has been ranked as a well-known brand name in its sector. The business corporation has been affected by the environmental factors by many ways and the below mentioned are strategic recommendations for the same: The business entity should implement some standards, limits laws and norms which should be the concern of restrictions over the use of the natural resources and energy (Hoffman and Bateson, 2010). Some alternatives or substitutes should be made in use such as solar energy or wind energy should be used for more instead of water or electricity. There should be control over the emission of the greenhouse gases and other pollutants (Keller, Parameswaran and Jacob, 2011). Some of the modern mechanisms and tools should be implemented in the manufacturing and other activities through which pollution can be caused. The mobile phones have become a big danger for humanity as the vibrations emitted by them are a reason for a number of heart and other serious medical issues (Lee and Carter, 2012). So the company should make use of some tools or systems which should aid in the reduction of such vibrations. Conclusion In the limelight of the above-executed analysis, it has been inferred that marketing is a way broader concept and which is not only concerned with the selling or marketing of products. It also comprises of after sales services, establishing strong bonds with the consumers which will be proven very much beneficial for the business organization for the longer term. Moreover, Sony is the brand name of which the analysis has been executed in India. The analysis comprises of the critical evaluation of the marketing mixes and also the impacts of PESTEL analysis on the marketing strategies of the business entity. Further, a set of strategic recommendations has also been provided for the environmental changes which have been faced by the business organization. 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