Sony Marketing Plan

A Company Profile Leslie Siedlak commercializeing 470 professor Schramm February 13, 2013 Executive Summary Sony is a global manufacturer of electronics both for consumers and pro food markets. Sonys nigh popular products include digital cameras, televisions, personal sport systems, and personal computers. Sony competes with many other companies in the consumer electronics market including Samsung, LG, and Apple. Current Market Situation In the consumer electronics market, competition is at an all time high.With youthful technologies emerging constantly (3D TVs), it has become change magnitudely important to be the head start and most innovative company. accord to Yahoo Finance and MarketResearch. com, in 2014 the consumer electronics market is anticipateed to have a value of $289. 5 billion, an increase of 14. 1% since 2009. donkeywork Analysis Strengths * Founded in 1946, Sony has become one of the well-known stakes in the consumer electronics market. * explanation of innovation. From the Walkman to the Blu-Ray disc. * The Playstation, a home gaming system, is one of the companys most popular products on the market.The Playstation been boffo since inception and still has tremendous consumer demand. According to TechCrunch. com, gross revenue of the Playstation 3 reached over $70 million in cumulative sales since its inception in 2006. * Not only is Sony in the consumer electronics market, notwithstanding it has its own recording label and Sony Pictures Entertainment, which produces television and films. Weaknesses * The high cost of media yield has affected Sonys pricing system. As a result, the company is losing an increasing amount of money and market share. * Too much diversification.Many consumers are busted as to what Sony produces. With medicine labels and entertainment/film studios, Sony has shifted from its core competency as a consumer electronics brand to a brand with too many forks in the fire. Opportunities * To integrate its product line, Sony can take advantage of both its music and entertainment ventures and incorporate their gaming systems to deliver value added content. * Since Sonys acquisition of $645 million in Olympus, Sony has the opportunity to enter the healthcare industry. Olympus has a 70% global market share in endoscopes.Since Sony provides image sensors to Olympus, Sony could benefit so far more by acquiring these stakes. Threats * Price competition from competitors such(prenominal) as Apple, LG, and Samsung * Hackers have been known to invade the Playstation network, which resulted in stolen customer information such as credit card numbers and addresses. Objectives Sonys objectives focus on society and reducing impact on the environment. Reducing the impact on the environment includes all parts of R&D, especially conclusion ways to reduce waste in product packaging and distribution.Sony debates in full disclosure of product information and performance of the company. Marketing s trategy Sonys marketing strategy includes invigorating a brand that was in one case so popular in the market. Creating solid customer loyalty is in addition a large part of the Sony marketing plan. Action Plan Sony has developed a series of mottos over the years including The One and Only, Its a Sony, and Like No Other. Currently Sonys slogan is Make. Believe. The current slogan is representative of Sonys commitment to reinvigorating the brand.It wasnt until 2009 that Sony launched its first advertisement. Sony has physical exercised some(prenominal) celebrities in their marketing strategy in the past. To show how real 3D looked, Sony used Peyton Manning and Justin Timberlake targeting both sports fans and music fans alike. Slogans like Sonys make consumers believe they are purchasing a product that is superior to others on the market and helps consumers to develop a deeper brand loyalty. To increase market share and awareness, Sony continues to use popular celebrities to end orse their products.From Taylor Swift to previously mentioned Justin Timberlake, Sony understands that targeting younger consumers leads to a deeper brand loyalty. Financial Projections In Quarter 2 of 2012, Sony slashed its financial forecast due to slow game sales and less than stellar sales of its new gaming system, the Playstation Vita. The original forecast was projected at 16 million units sold of both Vita and Playstation Portables worldwide. Today, Sony has cut that projection by a large amount, down to just 10 million units by swear out 2013, which will result in a total financial sack of $198 million Implementation ControlsImplementation control is designed to assess whether the overall strategy should be changed in light of unfolding events and results associated with incremental steps and actions that practice the overall strategy. After the security breach if Sonys Playstation, Sony launched a encounter Back campaign after countless customers private information wa s hacked. Sony presented customers with 4 new games to show their appreciate for their loyalty during the hacking. Summary Analysis Sony is modify in the market both in consumer electronics and those for professional use this leads to a tremendous opportunity for growth.Sony also focuses on a wide cast of products from cameras to gaming systems, which could lead to domination of the consumer electronics market. Sony however, is not doing very well in marketing their products to the consumer. They are too diversified in comparison to successful companies such as Apple, who stick to a few products in the akin realm and have created tremendous customer loyalty over the years. Sony seems to be confused on what to do, whether to be in consumer electronics or marketing towards professional markets. Sony should focus on one market in order to bring in profits and develop a stronger following.