Sony Marketing Mix (4Ps) & Marketing Strategy
Marketing strategy of Sony through marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion).
Sony Product Strategy:
Sony is one of the leading consumer electronics brands in the world. Sony provides both goods and services. Sony has got a wide variety of offerings in its marketing mix product strategy.
Consumer Electronics
Sony products involve consumer electronics, video games, hardware and mobile phones. PlayStations are the market leader in the segment of gaming devices around the world. It also has Sony Interactive games other than the PlayStation. Sony has the following business units: audio (Walkman series), computing (VAIO laptops), photography & videography, semiconductor, mobiles, interactive entertainment (games).
Entertainment Production
Sony Pictures Entertainment is the film production unit. Sony Pictures has produced movies like Karate Kid and Men in Black 3, also Spider-Man. Sony Music Entertainment records music and is the at the second number I its field. The international music artists that have recorded with Sony are Michael Jackson, Usher, Akon, The Beatles, etc.
Services
Under the gamut of services, it provides financial services, insurance, banking, credit finance and advertising agency.
Image: pixabay
This concludes the product strategy in Sony marketing mix & strategy.
Sony Price/Pricing Strategy:
Below is the pricing strategy in Sony marketing mix strategy:
Sony has products for all segments of buyers. Sony has lower priced goods, medium and expensive goods.
It follows a multiple approach towards different types of consumers. Sony, being an electronics company, price skimming strategy in its marketing mix works. As a new product is launched with cutting edge technology Sony charges outrageously for the same to capture the initial high returns, then slowly reducing the price. The decrease in the price boosts the sales of the Sony product. Other competitors tend to catch up over a small period, therefore it is important to understand what all channels we’ll keep using which ones to change. Sony charges a premium for its exquisite sound quality experience. Sony had priced its laptops in medium segment. Whereas the gaming consoles are in the expensive category. This multiple dimension strategy helps Sony cover all sorts of customers.
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Sony Place & Distribution Strategy:
Following is the distribution strategy in the Sony marketing mix:
Sony brand is present all across the globe. Sony follows the following types of distribution Sony stores, dealership stores and online ecommerce stores. Sony stores are dedicated stores of Sony with only products of Sony at display. These stores have dedicated personnel to answer any queries regarding all products of Sony. It has a strong workforce of 100,000 employees behind the processes in Sony. Any model can be made available through these stores as they are in direct touch with manufacturing part of Sony, so based on orders received machines can be made available given some lead time. Dealership stores on the other hand have multiple brands present along with Sony. Depending on the sale forecast a dealer buys products from Sony to sell in his store. Sales are considered when the dealer takes over the risk of ownership of those products. Last but not the least, online stores have great potential due to the ease of ordering and delivery.
Though more efforts for ease of payment and reducing order cycle will give impetus to online stores.
Sony Promotion & Advertising Strategy:
The promotional and advertising strategy in the Sony marketing mix is as follows:
Sony is an aggressive marketing company. In its promotional strategy in its marketing mix, Sony uses all media like TV, print, online ads, billboards etc to advertise. Sony positions its brand on the quality of their goods and services. They target the mind-set of the consumers in a manner to create a brand equity for their products. For example, when it comes to music related gadgets Sony is the first name that comes to the minds of the consumers. Sony also during festivities slash down prices, give discounts to boost slumped sales. Sony company had movie and other celebrities to convey the beauty and performance of its products like laptops, smartphones etc. Thus it can be deduced that Sony employs a lot of celebrity endorsements for its brands. Sony has a strong social media presence, and keeps its users engaged with video content, online ads and other forms of digital marketing. Hence, this covers the marketing strategy and marketing mix of Sony Corporation.
About Sony:
Sony Corporation is a Japan based multinational group of companies bases in Tokyo. Sony was set up as an electronics store by Masaru Ibuka. It went to produce the first tape recorder. The name Sony was adopted in 1958.
Over seventy years of this company, Sony has grown to become a household name for all customers around the globe. Sony diversified into gaming, music and film production.
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