Marketing Strategy Of Sony Marketing Essay

Marketing Strategy Of Sony Marketing Essay Question. What is the relevance of Setting of marketing objective vis-à  -vis product launch. Please explain with the help of a product / company. Ans. MARKETING is defined as a social and managerial process by which individual and group obtain what they need and want through creating, offering and exchanging products of value with others. Marketing objectives define what you want to  accomplish through your marketing activities. There are several important factors to consider when establishing effective marketing objectives. Stating marketing objectives directs the development of your marketing plan. Marketing objectives should contribute toward achievement of the overall business objectives i.e. how much do you need to sell to achieve X% cost recovery or profit/loss-and should be based on the information gleaned in market research. Marketing objectives must: Be clear. Be measurable. Be achievable. Have a stated time frame. Include a sales forecast (at least one marketing objective). SMART Approach = Setting specific, measurable, achievable, realistic and time specific objectives When setting objectives it is very important to ensure that your objectives are; specific, measurable, achievable, realistic and time specific, or SMART for short. The SMART approach allows you to effectively manage your marketing activities and importantly be able to determine how successful they have been and whether they have delivered the particular benefits sought. The SMART approach is explained to illustrate how you address each area; Specific   are your objectives stated in a way that is precise about what you are hoping to achieve? Measurable   Can you quantify each objective, i.e. can you use a unit of measure such as market share in percentage or dollars or other to provide a way to check your level of success? Achievable   Are your objectives reasonable in terms of what you can actually achieve or are you setting your sights too high? Realistic   Do you have sufficient employees and resources to achieve the objectives you have set, if you dont then they are likely to be unrealistic? Time specific   When are you hoping to achieve these objectives, you need to define a timing plan with target timing for each specific objective? Having some marketing objectives is a must for success RELEVANCE OF SETTING MARKETING OBJECTIVES:- When a business creates a new product, a comprehensive marketing plan is expected to accompany the product release. A marketing plan is put in place to help reduce the financial risks involved in releasing a new product. Active Products When you advertise new manufactured goods, you are also marketing the whole company. One of the marketing objectives for new products is to take you back customers about the products that the company already has on the market, according to the small business experts writing for the Entrepreneur website. The simplest way to make obvious this is when a musical artist has a hit record. Not only does that hit record sell well, but the documentation label will also try to include the artists entire directory in the marketing as well. Good marketing works to set up the product and the company both as brand names that the consumer will remember. Competitive Analysis Your marketing plan for your new product needs to show how your produce exposes new weaknesses in the competition, according to business legal expert Carol Ann Waugh writing for The Publishing Law Center website. In order to remain competitive, your marketing study for new products needs to include a competitive examination that includes information on how your product fits into the market and how the competition may be able to take hold of more of your market share. Without understanding how your product is affected by the competition, you may see any initial sales gains wiped out as the competition releases a product that makes yours obsolete. Preparation for the Future A positive company is always thinking ahead, and the information gathered on a new product release now can help make future releases more successful. Pay close concentration to the function your new product receives from preliminary consumers prior to the product being accepted by the mainstream. By doing wide-ranging market research of how yours new manufactured goods accepted, you can develop ways to move future products into the mass demand phase of the marketing process faster. You can expand effective test groups that will help you make the necessary alterations to your products that will make future new product marketing programs more successful. Example of relevance of setting marketing objective is:- Marketing strategy of Sony: The marketing strategy of Sony aims at gaining youth consumer attention and creates their brand image as innovative brand. Sony is also having an attention gathering slogan i.e. MAKE.BELIEVE which means its an invitation. And a promise. We promise you that anything you imagine, you can make real. Sony is also having the official partnership with the 2010 FIFA World Cup Football Competition in South Africa. Sony offers wide range of products like bravia TV, cyber shoot camera, vaio laptop, etc. Sony had launched its nationwide sales promotional campaign entitled Sony Days 2009 Lets Cheer-offering a wide range of special offers- starting from June 12 until August 2, 2009. Increasing Brand Awareness or Brand Recognition. Good Graphical representation in the form of Billboards, Posters, Animated banners, etc. Change from Theory P (Push Based) Company must make view of marketing to Theory T (Trust Based) focusing on customer relationship. Other Schemes- example: Lustrous coating, custom keyboards, etc. The other Promotion strategy is the Sony Notebook Recycle Promotion. Purchase a Sony VAIO notebook receive free recycling for your existing notebooks.