Marketing Mix of Sony (4Ps of Sony)
This is a detailed analysis of the marketing mix of Sony. It examines how Sony Corporation devises its product, price, place, and promotion strategies to communicate with its target audience. Sony is a globally recognized multinational company. Its diverse business portfolio requires complex considerations in devising the marketing mix.
Product strategies of Sony
Sony has a diversified product portfolio consisting of products and services. Some of its products and services are televisions – Android TV, LCD, LED, smart phones and tablets, computer hard disks, memory cards, gaming – Play station, laptops and computers, semiconductors, imaging and sensing solutions, Camcorders Walkman, digital audio players, MP3 players, wireless speakers, automobile music systems, home theatre & sound bars, and financial services (Sony Corporation, 2021).
Sony is a leading brand in the electronics industry and one of the largest manufacturers of televisions. It was the first company to introduce the Walkman. Its VAIO laptop is also very popular among consumers.
The Sony Play station is a very popular product among consumers. The Play Stations 5 runs with better graphics and was launched recently. According to a report published by Reuters in 2021, Sony has a plan of spending 18.39 billion U.S. dollars over the next three years on strategic investments to increase the number of subscribers of its gaming and entertainment services.
However, it is worth mentioning that Sony is experiencing slowing down of sales and revenues in some countries, and therefore, many experts think that it should come up with more innovations.
Pricing strategies of Sony
Sony is a brand which is recognized as a producer of high-quality products. These products are also sold at high prices. This premium pricing strategy depicts a premium brand image.
The company has also implemented the price skimming strategy. After charging high prices to gain high returns initially, it then begins to reduce prices gradually. Once the price begins to decrease, the sales of the product increase.
It is also evident that Sony’s pricing strategy varies from product to product. For instance, laptops are priced at a more affordable level whereas, gaming consoles are expensive. By adopting this pricing strategy, Sony can sell its products to different types of customers.
Place/Distribution channels of Sony
The next area of discussion in the Marketing mix of Sony (4Ps of Sony) is place. Many of Sony’s products are available around the world, while some others are not. Products can be purchased from Sony stores, authorized dealership stores and online.
Sony stores only sell products manufactured by Sony. The staff at the stores can help customers with any queries relating to the products on sale. They can also build good relationships with customers, which in turn will help the company get a better knowledge of consumer trends. However, the dealership stores have other brands in addition to the products of Sony.
Online stores have great sales potential as it is much easier to order and get it delivered. Through online selling, Sony can reach a wider audience. Similarly, customer queries can be answered by chat messages, and data analytics can be used to find out customer trends and thereby increase sales.
Promotion strategies of Sony
Sony advertises through different types of media such as newspapers, billboards, social media, television and magazines. It spent around 3.31 billion U.S. dollars on advertising in 2019 fiscal year (Vailshery, 2021). However, it should be mentioned that some of its adverts in the past were controversial and caused consternation in different countries.
Sony also carries out various types of promotions to boost its sales revenue. It uses celebrities to endorse its products. For instance, famous Bollywood actresses such as Deepika Padukone and Kareena Kapoor have been part of its adverts and promotions.
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Last update: 12 July 2021
Sony Corporation (2021) About Sony, available at: https://www.sony.com/en/SonyInfo/ (accessed 10 July 2021)
Vailshery, L. (2021) Sony ad spend 2014-2019, available at: https://www.statista.com/statistics/688543/sony-ad-cost/ (accessed 12 July 2021)
Author: Fahim Shah
Fahim Shah has been working in the UK as a visiting lecturer in Business and Tourism for the last 10 years. After completing a Bachelor’s degree in Business and Marketing, he went on to gain an MBA from the University of Bradford, the UK. He is a Fellow of Advance HE (FHEA) and a full member of the Association of Business Executives (ABE).