Marketing Plan of Sony Company for the Next One and Three Years Introduction
Sony Company is a Japanese multinational corporation. Masaru Ibuka and Akio Morita are the founders of the company, in late 1945. The corporation is headquartered in Tokyo, Japan. It is among the leading electronic products manufacturers for consumer products. The company manufactures varied consumer electronics, equipment for video communications, innovative cameras and information technology equipment. It is one of the leading digital entertainment brands globally. It offers customers a range of exciting multimedia content. In the next one and three years, the company would extend its electronic products, and provide customers with innovative products that satisfy their needs. This is because of the strong growth and increased profits, hence a need for increasing manpower strength in the next three years in order to increase productivity. An Idea for a New Product or Service for the Company
The company would have to launch new range of products in the market. This is essential because it will increase sales in the organization. The idea of launching new varieties of digital cameras for the next one and three years is vital. This would result to the creation of a strong and a healthy growth of the company in terms of revenues (Bangs and David 2011, p.122). The company is currently contributing to a higher percentage of global revenues. The percent of revenue is expected to increase in the next year. An idea of launching new digital cameras will increase the company’s market shares. Moreover, it will open the room for new markets because the new products will attract many customers in the marketplace. This is because the corporation strives to produce innovative products that meet the demanding needs of their customers.
The company would be committed to developing and designing of varied innovative digital products or services that meet the demanding needs of their customers. Market Overview
The company would strive to produce varied innovative products in the market. This is through carrying out marketing research in order to understand the market and consumer needs in the market. Carrying out market research would enable them to understand the market trends. This is essential because it would enable them to deliver varied entertainment electronic products that are of high competitive with their competitors. The management would focus on developing innovative products and services from a consumer perspective. This is through focusing on the customer’s needs and consumer behaviors in the market. The company would produce high innovative consumer electronic products. This would enable them to increase their share markets, thus resulting to increased revenues. The company would carry out competitor analysis in order to determine their future competitors in the company. This is through employing strategies such as SWOT analysis in order to determine their internal and external competitors for the next one and three years. This is vital because it would help them to introduce marketing strategies vital for competing favorably with their competitors. Competitive analysis would enable the company to identify their weaknesses and threats that may impact the future performance of successful business. It would enable the company to establish defensive mechanisms of protecting the company from future vulnerabilities of the external threats. Moreover, analyzing the marketing condition is one of the vital elements of successive business performance (Cadogan 2009, p. 96). The company would carry out situation analysis in order to determine the effective market for their products. This is essential because it will help the company to have a clear market overview before extending their range of innovative products. This...