SONY Essay Example | Topics and Well Written Essays - 2000 words

SONY - Essay Example Marketing can be said as identifying the wants of the customer and providing them with those wants at a price they are willing to buy. It is not only about advertising your product but also making sure that your marketing of a product reaches to the right target market. To get better results, we use several components of marketing which include planning, pricing, promotion and distribution (Kotler, 2012). The concept of 4p’s that is product, pricing, placement and promotion mixed together in an efficient manner gives out effective results (Joshi, 2005). Talking briefly about the 4p’s, they are said to be the backbone of marketing. Using the 4p’s in correct manner can bring out good results. The first P is taken as product, the product or service being sold by a company (Adcock & Al Halborg, 2001). This may include the product characteristics such as quality, design, service warranty, variety and brand name. The second P is the place. It concerns majorly with the target market of the company’s product. What product is made for whom and in what geographical location it should be sent the most is what is decided in place. The third P is the price which decides what price to a company should charge for its product. This is decided by the purchasing power of the consumers, the demand for the product and its utility. The forth and the last P is promotion in which the company decides what promotional techniques to use to gain maximum sales and profit from their product. This may include advertising, door to door selling, distribution channels etc (David A. Acker, 1988). The company we have chosen to study the marketing techniques and the application of these techniques is Sony Inc. The word Sony is a Latin word which means sound and in Japanese it means smart and presentable (Inc., 2013). Sony Corporation known as Sony is a Japanese company and have it’s headquarter in Tokyo, Japan. It has many diversified businesses under its umbrel la. The company is majorly known for its entertainment products it provides to its customers which include televisions, stereo systems and playsation games. It also has a financial service head which includes banks and investment companies, though Sony is majorly recognized as a company which provides high quality electronic entertainment products. Sony stands on 87th in the top 500 companies of Fortune (Global, 2013). Sony Corporation is the subsidiary of Sony Group which deals in the electronics. It has a research and development department which is responsible for the development of the new products. This makes Sony one of the greatest and largest electronic manufacturing companies in the world. We will now examine that how Sony’s marketing techniques have given the company a huge brand name and success globally. We will look into the four P’s that is product, place, price and promotion of the company and discuss their roles in building up what Sony is now today (So ny Corporation, 2012). Product Sony’s product portfolio is extremely vast ranging from a variety of electronic devices to a number of products in the entertainment category. Sony manipulates the attributes of its products to satisfy its diversified large target market. Customers constantly demand new and innovated