Marketing Strategy and Plan for Sony Corporation

Question: Discuss about theMarketing Strategy and Plan for Sony Corporation. Answer: Introduction A marketing plan is considered to be the most useful tool which helps in improving the overall efficiency and the effectiveness of the concerned organization within the concerned marketplaces. In order to understand the desired impact of the external and the internal factors on the concerned firm, Sony Corporation has been taken into consideration. Three of the different resources have been used to conduct this marketing plan they are industry reports, company reports, and the prescribed textbooks. This research paper will help in evaluating the different aspects required to be identified in order to bring out the desired marketing plan for Sony Corporation of Australia (Ferrell and Hartline, 2012). Selection of the appropriate target market is supposed to be of great importance as it helps in evaluating the growth of the firm on a large scale (Hollensen, 2015). The use of the marketing mix is crucial as it helps in highlighting the quality of the products in front of the customers b y various means. Background to the Company Sony Corporation is one of the leading firms in the field of technology, financial and gaming services. The origin of the company is Japan and it operates its business processes throughout different countries including Australia (Kotler et al., 2015). The quality of the products delivered by Sony Corporation is of superior quality which has helped the firm in developing its brand reputation in front of the customers concerned. The company was founded in the year 1946 in Japan and it has enhanced its market share across different countries of the world. Moreover, there are other services offered by the firm such as entertainment services which include music, pictures etc. SWOT Table Strengths Weaknesses 1. Higher growth rate 2. Skilled workforce 3. Higher Brand presence 4. Higher amount of profitability and revenue 5. A large distribution and sales networks 1. Smaller businesses units 2. Higher loan rates are available 3. No lower amount of products Opportunities Threats 1. Developing economy 2. Rapid change in the latest technologies 3. New market segments 4. Growing rate and profitability 5. Development of new products as well as services 1. Introduction of the new technologies 2. Increase in the cost of labors 3. Entrance of new companies in the market segments 4. Financial capacity Findings The internal and external market segments of Australia evaluate the fact that the firm can use its strengths in order to execute its business processes effectively. The company is having its global presence across different countries and by delivering of good quality of products the firm has increased its customers base (Berthon, 2012).Moreover, the skilled workforce is providing the firm the desired elevation in the growth and development of the corporation. On the other hand, the assistance to the customers is supposed to be of great importance and this is done with the help of experienced employees and thus, it reveals the fact that the skilled workforce is providing the best efforts in bringing the positive outcomes for the firm. Moreover, the limit to the financial capacity is a limit to the firm and this need to be rectified as to enhance the growth of the company throughout the large market segments. In order to improve the business processes within the fixed market areas, it becomes very important for the firm to identify the potential threats to the firm. There are several opportunities to the firm in order to enhance their business processes throughout the concerned market segments of Australia (Thompson, 2013). The change in the latest technologies is another advantage which can be utilized by the company to enhance its productivity to a large scale. Throughout the different market areas of Australia such as in Melbourne or Sydney, people are getting attracted towards the use of latest technologies and therefore the implementation of the latest technologies will help in increasing the growth rate of the firm to a large scale. The brand name of the company needs to be used, for selling all its products to the customers. Formulation of the effective strategies is required in order to reduce the crucial threats from its competitors and other factors. Recommendations Target Market The concepts of segmentation, targeting and positioning are being used by the company in order to execute the business processes within a particular selected market segments. Age is one of the segmenting variables on the basis of which the company is targeting all its customers throughout the market segments of Melbourne (Morgan et al., 2012). The company is making all its products as per the latest trends and thus, the focus towards the people between ages 18 to 35 years of age supposed to be most effective for selling of these products (Tripp, 2014). It has been seen that all across Melbourne market segments, people are more prone towards the change in the latest technologies and this segmenting variable will help the firm in attracting a large number of the customers towards the business (Li, 2013). New Product Description The company is planning to launch its new LAPTAB which is the combination of the mobile and the tablet in order to provide the best and unique experience to the customers. The model of the product is XPERIA X4. The use of the marketing mix variables is supposed to be important for this. Product The product has unique features such as 4GB of RAM 32GB of ROM with other exceptional features. The primary aim of launching the product is to capture the entire market segments with this price range (Fifield, 2012). Price The company is using differentiation in the pricing strategy as with the same price of the products available at other competitors. The price has been set for AUD299as the initial price. Place The market segments of Melbourne and Sydney are selected first for the launch of this product and then online marketing will be used to sell the product to a large number of the customers. Melbourne is the first target market selected for the firm for selling all its products (Agrawal, 2013). Promotion The use of online marketing, as well as social media, is being used for the effective promotion of the product throughout the concerned market areas. Moreover, different promotional campaigns will help in attracting a large number of the customers'. Customer Value proposition Customers value proposition is merely the description of the experience which the customer will after using that particular product (Westwood, 2013). There the purchasing of the products as well as the use of the products needed to be made reliable with the help of effectual strategies and latest innovative technologies. The benefits of the customers needed to be recognized by the firm as this will help in enhancing the satisfaction level of the customers (Bng and Roos, 2014). Moreover, the Customer Value proposition provides the desired approach in order to understand the target use for the selling of the products. Justification of the Choice of New Product It has been seen that latest technological advancements throughout the different parts of the world has changed current trends and made the people to get attracted towards the use of these technologies (Walker, 2015). Therefore, the introduction of the new product that is the combination of the smartphone and tablet will help in increasing the satisfaction level of the customers to a large extent (Bosomworth, 2015). The company is focusing on promoting the products effectively throughout the different market segments of Australia and online marketing channels are used in order to sell the products. Promotional campaigns will, therefore, work in creating the desired impact on the minds of the customers effectively. References Ferrell, O.C. and Hartline, M., 2012.Marketing strategy, text, and cases. Nelson Education. Hollensen, S., 2015.Marketing management: A relationship approach. Pearson Education. Kotler, P., Burton, S., Deans, K., Brown, L. and Armstrong, G., 2015.Marketing. Pearson Higher Education AU. Berthon, P.R., Pitt, L.F., Plangger, K. and Shapiro, D., 2012. 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