Sony Group Corporation
Japanese conglomerate Sony Group Corporation, better known as Sony and stylised as SONY, is based in Konan, Minato and Tokyo, Japan. While also being a notable technology company, it is the world’s largest producer of consumer and professional electrical equipment as well as the world’s largest console manufacturer and publisher. It offers quality products of different sizes and features. It has a targeted audience of every age and choice. It is the most trusted brand among the consumer and has high post-sale service. It always works for the company and defends itself as a market leader. They invest a huge amount in R&D activities, which creates a unique product and also provides its own identity in the market. They are suitable for the new and advanced technology. They have a global network of provincial dealers to increase their products to customers and providers at quality standards. One effect of Sony Entertainment Inc. is that Sony is one of the world’s largest music firms (the second-largest record label) and one of the world’s largest film studios. In terms of both media and technology, it’s Japan’s largest player. At the same time, its net cash reserves of 2 trillion make it the most cash-rich Japanese firm.
Sony Group Corporation history and company background
As a small group of dedicated and motivated workers, Mr. Masaru Ibuka and Mr. Akio Morita embarked on the journey in 1946 that would eventually lead to the creation of the well-known worldwide corporation known as “Tokyo Telecommunications Research Institute” (Totsuko). Innovating items for the general public was the primary goal of the company’s operations.
A combination of the terms “sonus” and “sonny” gave rise to the corporate name “Sony.” Sonus is a Latin word that means sound or sonic. The term “sonny” also refers to a young son. Sony is designed to represent a small group of young people who have the drive and passion to pursue unlimited creativity and unique ideas. In 1958, the firm officially selected “Sony Corporation” as its corporate name with the goal of growing internationally in mind. As a name that can be easily said and read across languages, Sony embodies the company’s values of independence and open-mindedness.
Sony Group Corporation Marketing Mix (4Ps)
Product, Place, Promotion, and Price are the four pillars around which Sony’s global commercial activities are built. In order for a business to succeed, it must have a marketing mix that outlines its advertising strategy and procedures. The consumer electronics, gaming, and entertainment sectors, as well as the financial services sector, are all important parts of Sony’s overall marketing strategy. This company has a broad variety of operations, making it difficult to come up with a marketing mix for it. Sony, on the other hand, continues to use a marketing mix that fully meets the demands of the company in terms of reaching its intended audience.
Because of the wide range of circumstances in the consumer electronics, gaming, entertainment, and finance industries, Sony developed a four-part marketing mix (4Ps) for their products. The corporation employs a wide range of methods and techniques to establish a strong foothold in its target markets.
Sony’s Products (Product Mix)
As well as the consumer electronics, gaming, and entertainment sectors, Sony also has a presence in the financial services industry. When it comes to categorizing its numerous items, the business employs a separate system. Products or outputs of a business are what is meant by this marketing component, which is referred to as the “product mix”. Product lines include mobile communications, game and network services, imaging products and solutions, home entertainment and sound, Devices, Pictures, Music and Financial services.
Place/Distribution in Sony’s Marketing Mix
Sony uses a number of distribution points to reach its target clients. Customers may transact with the company in a variety of ways, including in-person, online, over the phone, or via the delivery of items. This includes Sony Stores, Authorized retailers, Cinema and media networks as well as Sony’s own website.
Sony’s Promotion (Promotional Mix)
Many different mediums are used by Sony to spread the word about its goods. To reach its target audience, the company employs a variety of strategies and tactics, and this component of the marketing mix specifies those strategies and tactics. Direct marketing, sales promotion, public relations, and personal selling are all components of Sony’s marketing plan. Advertising is by far the most important of these.
Sony Corporation’s Prices and Pricing Strategy
Sony goods are noted for their quality. But the costs of these goods are usually rather exorbitant. This component of the marketing mix dictates the pricing strategy used by the organization. Sony has three distinct pricing strategies: premium pricing, market-oriented pricing, and value-based pricing.
Sony Group Corporation’s mission statement
Sony’s mission statement is to “inspire and satisfy the customers curiosity curiosity.” When it comes to creating ground-breaking new excitement and delight, Sony claims, “Sony has the ability to do it.” There is no doubt that the company is solely devoted to serving its customers. Customers’ demands and requirements are what the company is most concerned about. In relation to Sony’s mission statement, the following qualities should be noted:
Life improvement. Sony’s mission statement emphasizes the importance of delivering products that its consumers want, which is reflected in the first part of the statement. Sony is acutely aware of the impact its goods have on the quality of people’s daily lives. This explains why the company is never satisfied with the status quo and never settles for anything less than perfection.
Exceeding expectations. Sony shows its continuous support for creative mindsets that lead to the production of better goods in the second component. A variety of designs have been used to do this, each promising to improve the customer’s overall experience while simultaneously strengthening the bond between the consumer and the organization.
Delivering of entertainment and excitement services. Sony does not take any risks when it comes to providing thrills and enjoyment in the Sony way. The firm has shown its ambition to remain the finest in its field via the implementation of a new technical progress process. First and second features in its mission statement also have a direct connection to these aspirations.
Sony Group Corporation SWOT analysis
Sony’s Strengths
This section of the SWOT analysis focuses on Sony’s business advantages. It’s important to have a company’s strengths in order to expand and profit. Sony’s profitability may be attributed to the following assets:
- Strong brand
- Diversified business
- Popular profitable products
For the areas in which it does business, Sony has one of the most well-known names in the industry. Customers are more likely to try new goods and services if the company has a well-known brand name. In addition, Sony offers a wide range of products. The company also sells a wide range of electronic gadgets and games. As a consequence of this diversification, Sony’s business is more stable, which decreases market risk. Not to mention that Sony can make money off of its well-known and profitable products, such as the PlayStation 3. Profitability is ensured in the face of fierce competition, which is one of Sony’s strong suits. Strengths assure a company’s long-term success based on this part of the SWOT analysis. In order to compete effectively with its rivals, Sony must build on these qualities.
Sony’s Weaknesses
Internal strategic variables limiting or reducing the performance of Sony have been identified as a result of the SWOT analysis in this section. Business development is hindered by the presence of weaknesses. Here are some of Sony’s weaknesses:
- Lack of dominant mobile devices
- Vulnerability of databases and networks
- Imitability of some products
Sony’s absence of dominating mobile devices is a fundamental flaw in the company’s business model. Comparatively speaking, the products of this firm are underwhelming on the market. Even more importantly, as more people rely on online services, Sony is obligated to address the security of its records and networks. Customers and the company are concerned about the safety of their personal information due of this flaw. As a result, several Sony products are readily counterfeited. The company’s cameras and home entertainment systems may be copied by competitors. The SWOT analysis of Sony Corporation has significant flaws that stand in the way of growth. To increase the company’s profitability and competitiveness, these challenges should be addressed.
Opportunities for Sony Corporation
According to this section of the SWOT analysis, Sony has the ability to grow its business. External strategic considerations, known as opportunities, may increase the growth and profitability of a firm. With these potential in mind, Sony may look forward to success in the following areas:
- Further business diversification
- New product development
- Rapid innovation
Sony’s growth may be boosted by expanding its business portfolio. As an example, a corporation might look for possibilities in similar areas by using its present strengths. Sony also has the chance to produce new items that provide new sources of revenue. Furthermore, given the fierce competition in the market, quick innovation might help a firm gain a competitive edge. According to this part of the SWOT analysis, both the existing and new sectors in which the organization operates have profitable growth potential.
Threats Facing Sony Corporation (External Strategic Factors)
Because of its many operations, Sony must find a way to overcome and resolve threats. Threats are elements beyond of a company’s control that might have a negative impact on its success. Sony is exposed to the following dangers from the outside world:
- Cyber attacks
- Competition
- Software piracy
Sony is particularly vulnerable to cyber-attacks due to the company’s growing dependence on internet information and networks. Competitor aggression in marketplaces all over the globe is another issue that worries the company. Maintaining profitability is a major issue when it comes to piracy. Sony’s games and associated product sales, for example, may suffer from copying. As a result, finding ways to safeguard its software is critical for the business. It is important to take steps to protect Sony against potential threats, as shown in this section of the SWOT analysis.
Sony Group Corporation growth strategy recommendations.
Market Penetration (Primary). Sony’s ambitious growth ambitions are aimed at gaining a foothold in new areas. Increasing the company’s market share in places where it currently operates is the major objective of this aggressive strategy. Market penetration Intense expansion requires a company’s product to be unique in order to attract and retain more customers. Sony’s strong marketing strategy is aimed at keeping up with rivals in the financial services, entertainment, gaming, and electronics industries.
Product Development (Secondary). As a supplementary, but no less important, approach to increasing Sony’s revenue, product creation is being used. Expansion strategies that focus on creating superior products are the goal of this approach. The gaming items developed by Sony, for example, serve as a crucial growth engine that surpasses the competition. When it comes to product design, differentiation is a key component of this growth strategy. To ensure that their products stand out from the crowd, Sony employs a variety of innovative strategies.
Market Development. Sony’s ambitious growth plan relies heavily on market development. When this complete strategy is put into effect, the company is able to develop into new markets and market segments. As a case in point, Sony has the potential to sell its products in nations where it has yet to build a big presence. It is also possible for the business to develop a new market for its goods by finding new uses for them.
Diversification. Diversification is not a priority for Sony’s ambitious growth goals. Through the establishment of new enterprises, this strategy tries to grow the market share of the firm in question. Focusing on a smaller number of products has diminished the relevance of diversity for Sony. These items are the most profitable in the company’s product portfolio.
References
Kunz, W. (2016). Sony Corporation. In Global Media Giants (pp. 239-253). Routledge.
Hong, Y. U., & WANG, J. Y. (2017). Analysis and Suggestion on the Development of SONY. DEStech Transactions on Economics, Business and Management, (icem).
Das, B. (2013). Sony and the Japanese Culture. Available at SSRN 2370964.
Arshad, A., & Yazdanifard, R. (2017). Investigative synopsis of Sony Inc.’s strategic management issues/failures and how to overcome them. International Journal of Management, Accounting and Economics, 4(9), 917-936.
Ojha, D., Patel, P. C., & Sridharan, S. V. (2020). Dynamic strategic planning and firm competitive performance: A conceptualization and an empirical test. International Journal of Production Economics, 222, 107509.
Wheelen, T. L., Hunger, J. D., Hoffman, A. N., & Bamford, C. E. (2017). Strategic management and business policy (Vol. 55). Boston, MA: pearson.
Ahmad, I., & Ahmad, S. B. (2019). The mediation effect of strategic planning on the relationship between business skills and firm’s performance: Evidence from medium enterprises in Punjab, Pakistan. Opción: Revista de Ciencias Humanas y Sociales, (24), 746-778.
write