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Marketing Strategy of Sony Corporation

Marketing Strategy of Sony Corporation

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Published by thea008

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Published by: thea008 on Dec 17, 2009
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Marketing Strategy of Sony Corporation
The essay intends to discuss why it is necessary to understand competitors and howunderstanding of competitors can help successful planning of marketing activities. The essayintends to determine the importance of strategic marketing planning and its need of understandinga company’s rival. Through the essay a better understanding of strategic marketing planning, andthe need to know competitors will be made.
Background of the company
Sony Corporation is a Japanese electronics manufacturer, with headquarters in Tokyo.Sony designs, manufactures, and sells electronic equipment. It is a leader in the development of consumer electronics goods, such as videocassette recorders, cellular and cordless telephones,compact disc equipment, and television systems. Sony also manufactures computers and relateddevices ( 2003). Sony actively encourages innovation by its employees. Design engineers aregiven budgets and time for innovation and experimentation. The company holds an annual contestin which engineers show off their prototypes; bonuses are awarded to those whose prototypes areselected for eventual manufacture and marketing. Sony continually makes and offers newproducts, most of which are tested in the Japanese market. Sony has been particularly successfulin the United States market; however, it is outsold in Japan and elsewhere by Matsushita, another Japanese electronics giant ( 2003, ).
Body of the content
Management of a firm needs strategy, to make sure that everything goes well in thecompany, through the use of strategic management everything done in the company is wellorganized and no detail is being left out. The company needs strategic management to make surethat the company is doing well internally. The term strategic management originates from theGreek language, where the word means the art of a general. The person who makes strategies isthe strategist who is the leader of an army ( 1991).Strategic management decisions havemultifunctional and multi-business consequences, this kind of decision require broad consideration
of the firm's external and internal environments, and it may affect the firm’s chance of prosperity. Itis important to know what strategy is about, what can it do help the company prosper, what willhappen if not used properly, what are the advantages and disadvantages of having a strategy.Strategy is a plan that assimilates the company’s major target; policies and rules; decisions andsequences of action into organized whole. It can apply at all levels of organization and pertain toany of the functional areas of management ( 2000). Strategy is plagued by a stigma of unsystematic reasoning (1988). It is incomplete search for strategic alternatives, and boundedrationality ( 1960) influenced this perception. Strategy is a combination of the company’sobjectives, policies and decisions to be done in unison or contingent upon each other. Marketingstrategy thus refers to how a company’s products or services its trade is presented to consumersin an effective manner as to gain loyal costumers. Strategy can be used in different ways, one of which is through marketing. Using strategy in marketing makes it more convincing and effective.Strategy makes sure that nothing wrong happens in the marketing process in the company.Marketing strategy is a way to capture a niche in the consumer market. Businesses utilize it togain following and exploit their maximum and/or optimal profit capabilities. Strategic marketing isthe way company sells the product it has with less difficulty and more readiness to facecompetitors. Strategic marketing makes sure that the company uses all of its resources to counter its competitors. Strategic marketing planning is a procedure wherein the strategies used to sellproduct is carefully studied and analyzed so that the company can compete well and haveadvantage with rivals.
 Corporate vs. competitors
All firms have strategic windows and some of these windows open out on to markets thatare shared with other firms. Where windows share views over the same market, competitionexists. It is important to understand how different firms view the same market since their perceivedand actual windows of opportunity will not all be the same. The nature of competition and thefactors which influence it are explored along with how firms identify competitors and how they useproduct positioning to obtain a competitive advantage. Attention is paid to how firms define their 
marketing strategies and analyze the competitive positions of rivals ( 2000).Consideration is givento the various sources of information available to firms that enable them to gauge competitors’strengths and weaknesses. Success in the market place depends not only on an ability to identifycustomer wants and needs but also upon an ability to be able to satisfy those wants and needsbetter than competitors are able to do. This implies that organizations need to look for ways of achieving a differential advantage in the eyes of the customer. The differential advantage is oftenachieved through the product or service itself but sometimes it may be achieved through other elements of the marketing mix (2000). An important thing the company should be wary of is tounderstand competitors. Gaining knowledge against competitors helps in creating measures togain advantage against competitors. To know and have an in depth knowledge of the competitorsthe company can use different kinds of strategy such as porter’s generic strategy. Determiningand having added knowledge about the competitors help in planning marketing activities throughdistinguishing and forecasting what activities rivals may use and what strategy they mightimplement. Having added knowledge creates a way for the company to prepare for anythingcompetitors might do and it helps in planning marketing activities that focus on having contingencymeasures against competitors.Sony although already a well known and successful company still uses strategic marketingplanning that keeps the company alive in its industry. This strategic marketing planning keepsSony alive against its competitors. Sony should still know and acquire all information they can withregards their competitors. The competitor’s activities, background and actions should be known bythe company so that in planning marketing activities they know which things will be done by thecompetitors, what kind of actions the competitors will do in certain situations, and what futurethings the competitors might do. Sony should not be complacent with the things they know aboutthe competitors. They should strive to find out things about the competitors that cannot be visiblynoticed. Through the use of certain strategies like porter’s generic strategy the company might beable to know more about competitors and through such information they can plan strategies toconquer this competitors.

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