A Comprehensive Analysis of Sony's Marketing Strategies With 7Ps
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The Sony Group Corporation is a Japanese global enterprise with its head office in Minato, Tokyo. As a significant player in the technology industry, it is among the biggest producers of consumer and business electronics worldwide and the biggest console maker and publisher of video games.
Sony Entertainment Inc., is one of the biggest music firms, the largest music publisher, the second-largest record label, and the third-largest film studio, making it one of the most all-encompassing media organizations. It is Japan's biggest corporation for media and technology. With net cash reserves of 2 trillion yen, it is also known as the most financially robust Japanese firm.
Sony Target Audience
Sony Marketing Strategy
Sony Marketing Mix: 7P’s
What Is Different About Sony’s Marketing Strategy?
Sony Target Audience
Sony produces a broad range of products and services, therefore it can be said that it appeals to customers of all ages and preferences. The firm specifically aims to attract tech-savvy or gadget-interested individuals.
Additionally, it is aimed at those who are intellectually curious, open to exploring new things, feel that everything has a social standing, and value innovation. These individuals often fall within the 18 to 40 age range.
In general, the business caters to all of its customers, giving it a sizable clientele.
Sony Marketing Strategy
In order to outperform its rivals and dominate the market, Sony leverages the 7Ps of the marketing mix to its advantage across all of its products and services.
Sony's marketing strategy also includes leveraging digital technologies to reach out to customers and establish brand loyalty. They use social media platforms such as Facebook, Instagram, and Twitter to engage with their customers and promote their products.
Additionally, Sony uses targeted advertising campaigns on these platforms to reach out to potential customers who may be interested in their products.
Sony Marketing Mix: 7P’s
Let's explore the Sony marketing strategy that contributed to its success in the market.
1. Product Strategy
The product mix of SONY is extensive and diverse, and it includes both products and services.
The Sony Group Corporation is the parent company for Sony Pictures, Semiconductor Solutions, Entertainment, Mobiles, and Financial Holdings. Sony began with a rice cooker as its first consumer product.
Sony manufactures a number of products such as mobile phones, video games, hardware, and consumer electronics. Services offered by Sony fall under the wide categories of financial services, insurance, banking, credit financing, etc.
Let's take a closer look at the company's wide range of product offerings:
- Home Entertainment & Sound
- Imaging products and Solutions
- Computers and printers
- Mobile communications
- Game and Network services
- Music
- Semiconductors – CCD, LCD, and other kinds of semiconductors
- Financial services and solutions
Some of the popular brands launched by them are Walkman, BAVIOA, and VAIO brands. They first released the "Walkman" in 1979, which was popular in the market and later helped create the BRAVIA and VAIO brands of televisions and computers, respectively.
It is one of the most well-known companies in the world and offers products and services for practically all entertainment-related industries.
2. Price Strategy
Customers purchase electronic items based on variables like software, quality, smart features, warranty, and post-sale support, and Sony has never failed to ace any of the aforementioned areas, making it a premium brand.
Sony has two different types of pricing strategies: premium pricing strategy and competitive pricing strategy.
- Premium pricing strategy: It uses this as one of its pricing techniques in the marketing mix for its products. It charges a higher price for its goods than its rivals do. The brand's premium positioning is maintained via the premium price strategy, which also represents the premium customer experience that Sony has developed.
The premium pricing approach accomplishes two goals. It demonstrates the brand's investment in technology, and R&D, and indicates its commitment to maintaining a premium image. Additionally, Sony's premium customer experience is reflected in this price approach.
- Competitive pricing strategy: To prevent customers from switching brands, Sony frequently bases the prices for its products on those of its rivals as shown on Sony's official website.
Kimi Dutta
3. Place Strategy
Having been established in the early 1900s, Sony has been in operation for more than 70 years and has grown to operate in approximately 47 nations.
All of Sony's electronics products and services, except its gaming products, are marketed internationally under the SONY trademark. 200 nations and territories have registered this trademark.
Asia, Africa, Europe, Latin America, North America, and Oceania are the six geographic divisions of its global company. 53 nations and areas are included in Sony's warranty coverage.
In the regions where its products are offered, Sony also maintains a sizable global distribution network. Sony items are distributed through online channels in addition to authorized merchants in various countries. Among its approved retailers that offer its items online are websites like Amazon.com and Camera.com.
Online and retail sales are the two marketing channels used by Sony to advertise its products. Manufacturers, retailers, and consumers make up Sony's initial distribution channel. Customers purchase Sony goods directly from the merchants that Sony has authorized. They sell it to the Dealers, who in turn sell the items to the customers.
By the second distribution, products are also offered for purchase online through Sony's official website and through merchants like Amazon.com. Customers that use either way to purchase goods pay the same price.
4. Promotion Strategy
Sony invests a lot of money in advertising and marketing. Sony Corporation spent 3.31 billion US dollars on advertising for the 2019 fiscal year.
For marketing, it employs both conventional and contemporary means. However, their marketing approach is mostly focused on digital marketing. In Sony's entire marketing and promotion strategy, social media plays a significant role.
Sony extensively uses print and television in the Asian markets to advertise its brand and goods. It is renowned for creating incredibly captivating TV advertising. Its advertisements are often product-focused in Asian markets, showcasing its exceptional qualities and features in order to attract customers by showing the highlights.
Social media plays a significant role in the company's marketing plan and promotions. It heavily utilizes social media to communicate with and target its consumers. For each of its products, it has a distinct Facebook page. Amongst all pages, the PlayStation page has a relatively large number of fans.
The large number of fans and followers that Sony has reflects the amount of consumer devotion that the brand enjoys. In addition to Facebook, it has promoted its brand and engaged with customers through other platforms like Pinterest, Google Plus, and Twitter.
Sony has promoted its goods through TV networks, Miss India 2008, and also by leveraging sports like football in England's premier league to promote its games for the PS3, PS4, and PSP.
It has marketed a broad variety of items to its clients through periodicals like TOI. Sony also uses marketing techniques to increase sales, such as providing free samples, deals, coupons, scratch-off tickets, and early bird rewards. To advertise their products, they also work with a lot of celebrities.
5. Process Strategy
When introducing new products, Sony employs a canopy branding approach in which the product name is combined with the company name, giving the product its own identity and positioning while also empowering the company.
Additionally, they make significant investments in R&D projects, which aid in the development of novel products that are accessible to and compatible with emerging technologies.
The business has a detailed procedure for handling each factor, and they have improved communication in their customer service division. They have a vast worldwide network of regional distributors to get their products made available to each consumer and supplier, who are required to uphold quality standards.
6. People Strategy
Around 1.5 lakh individuals work for Sony Corporation as an approximate total when counted on a global level. The organization has 13 talent directors who are responsible for identifying potential people across all departments and developing them into future leaders with a wide range of exciting prospects.
To run the system effectively, they have many departments, such as sales, marketing, and finance, as well as various executives and managers.
Alan Joseph
7. Physical Evidence Strategy
The headquarters of Sony is in Tokyo, and they have several subsidiaries in the United States, India, Florida, and many other countries. Additionally, it offers its services via a website that offers assistance with product information, service, and support, as well as several purchase options.
In addition, Sony operates Wonder Technology Lab, a distinctive interactive technology museum free to visitors of all ages in New York City.
What Is Different About Sony’s Marketing Strategy?
Sony is one of the world's leading technology companies. As such, they have a very unique marketing strategy that sets them apart from their competitors. Sony’s approach to marketing focuses on using innovative technologies and creative content to reach its target audience.
They also use data-driven insights to tailor their campaigns to each individual customer. Additionally, Sony has an active presence on social media and utilizes influencers to promote their products and services. All of these strategies are designed to help Sony stand out in the crowded market and give them an edge over other companies.
Sony has always been at the forefront of digital innovation. The company is leveraging new digital technologies and platforms to reach consumers in ways never seen before. From virtual reality and augmented reality to artificial intelligence and machine learning, Sony is embracing these new technologies to create engaging experiences for its customers.
With its focus on customer-centricity, Sony is ensuring that it stays ahead of the competition and meets the ever-evolving needs of its customers. Through innovative use cases such as personalized product recommendations, automated customer service bots, and AI-powered content curation, Sony is creating a unique brand experience that resonates with consumers around the world.
Sony is a tech giant that has been at the forefront of innovation for decades. To stay ahead of the competition, Sony has always kept their focus on consumer insights and emotional connections. By understanding the needs and wants of its customers, Sony has been able to develop innovative products and services that have become an integral part of people’s lives.
Sony also understands the importance of emotional connections when it comes to creating a successful brand. They have invested heavily in research into consumer behavior and emotions in order to create products and services that can make an emotional impact on their customers. This has helped them create strong relationships with their customers, which in turn leads to increased loyalty and brand recognition.
Conclusion
Sony Corporation is a Japanese multinational conglomerate that specializes in electronics, gaming, entertainment, and financial services. Founded in 1946, Sony is one of the world's largest producers of electronic equipment, with a wide range of products that include televisions, cameras, audio equipment, gaming consoles, smartphones, and more.
Over the years Sony has evolved as a very prominent brand due to its good marketing strategy that can be customized to fit the market. Â Sony's marketing strategy is focused on innovation, branding, targeting, digital marketing, and customer experience, all of which help the company maintain its competitive edge in the market.
FAQs
What are the four types of marketing strategies?
The four types of marketing strategies are paid marketing, transactional marketing, diversity marketing, and relationship marketing.
What makes sony so successful?
Sony's success can be attributed to a combination of factors, including innovation, brand image, diversification, customer experience, and global presence. By consistently delivering high-quality products and services, and adapting to changing consumer preferences and technological advancements.
What are the strategies used by Sony Company?
The overall functioning of Sony Company is the collection of a number of strategies that are widely differentiated based on their application. Some of the popular strategies used by Sony Company are Technology, Research and Development strategies, marketing strategies, financial strategies, human resource strategies, etc.
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