Sony in the Markets of Singapore-Free-Samples-Myassignmenthelp

Questions: 1.Provide a Critical evaluation of the Marketing mix that Sony employs in the country - Singapore, through the use of appropriate literature and practitioner sources. 2.Evaluate how this marketing mix strategy is affected by PESTEL environmental factor. 3.Propose Strategic recommendations to address the Environmental changes Sony is facing. Answers: Introduction The purpose of this report is to understand the current position of the company Sony in the markets of Singapore. The report will present the vast literature on the critical evaluation of the marketing mix that Sony employs in the regions of Singapore. All the seven components of marketing mix will be highlighted in the literature segment. The later part of the report will provide a linkage between the marketing strategies and PESTEL environmental factors; it will present the impact of all these factors on the marketing mix strategies of Sony. To minimize the impact and to address the changes faced by Sony. The last part of the report will present various strategic recommendations that can help Sony in developing a more prospective and sustainable future in the markets of Singapore. 1.Literature on critical evaluation of the marketing mix that Sony employs in the country Singapore A number of authors, researchers and theorists have developed a vast amount of literature on the subject of marketing mix and strategic marketing management. The success and growth of an organisation is highly depended on its various components of marketing mix. Whenever any organisation plans to have business establishment or business expansion, they key is upon its marketing plan where thee various aspects of marketing mix are given huge importance (Frry, 2006). The past history has offered a series of names that attained global recognition because of their effective marketing mix practices. But in the other hand the ineffective and unsuccessful marketing mix has led the success of the companies drowned like water.one such name in the electronic goods sector is of Sony. The market leader, the global recognizer and the highest ruling company of its time in the telecommunication sector is now battling and striving hard to remain in the industry (Siham, 2013). The various aspects of marketing mix of Sony in Singapore have been analyzed by the authors and the reasons and loopholes in those components because of which the company lost its market share in the country. The first and the key component in the marketing mix is product. As per the author, products are the services or the merchandises which an organisation offers for sale to the potential customers. Sony began its business career with the products. In the initial stage, the products of Sony were considered as overpriced that cannot be targeting the medium class customers (Luan and Sudhir, 2010). The design and the quality of communication made Sony the market leader in spite of its prices and people remained loyal to the gadgets and products of Sony for a longer period of time. But in the last decade, the customers detached themselves from the products of Sony. The primary reason behind this was not the increasing competition but the incompetency if the brand to deliver innovative and high tech technology in its products. Sonys loopholes in its product marketing strategy were that it remained stick to the old technologies in comparison with companies like Apple, Samsung, etc. (Siham, 2013). These companies diversified their portfolios and brought innovative and pioneering technologies. And this became one of the primary reasons of the declined market share of Sony. The company diversified its product portfolio but then also lacking behind in innovativeness left the company behind from the competition (Constantinides, 2006). The second marketing component discussed by the authors is the price. According to the author, price is the total amount of money that has been paid by the individuals for purchasing a specific product or service. In the initial phase, the prices of the products of Sony were high and were affordable by the high class individuals only. But to attain competitive benefits, the company also produced some of the medium ranged products too that also ruled the market with high density (Luo, 2007). But the price factor also became a reason for the declined growth of the company as when there took place huge competition in the market. Then also Sony remained its prices high with prior knowledge that the products are technologically less updated and revised. Thus, the overpriced products with old technology shift the interest of the customers from Sony to other companies (Naik, Raman and Winer, 2005). The third marketing component discussed by the authors is place. Place can be understand as the distribution channels, locations and the various ways by which the consumers can access the products. Sony had a vast reach and highly expanded distribution channels. It made it presence by being available at various small stores also. But in the last few decades, the primary concentration of Sony was on the Chinese market and because of this; it has restricted distributions of its products to all over the world (Hassan, Zaharudin and Yunus, 2015). Despite of the less technologically updated products, few of the consumer groups remained loyal but the unavailability of the desired products made them also detached from the services and products of Sony. The other competitors not only increased their sales by opening several stores, they also have highly efficient online segments from which consumers can purchase the products. Some of the small companies developed themselves by the means of o n line retailing. Thus, the declined focus on the distribution and supply also played a vital role in the failed success of the company (Huang and Sarigll, 2014). The fourth marketing component researched by the authors is promotion. As per the author, promotion is the act by which the companies communicate the advantages and the significance of their products to the potential consumers so that they can purchase the products. The advertisements and the commercials of Sony were used to be the favorite and highly appreciable by the individuals no matter whether they are the customers of Sony or not. The high popularity advertisements supported to the global recognition of the company (Yeung, 2006). But since 2000, the company has faced continuous losses in spite of advertisements and promotions. Sony has taken support of celebrities as the brand ambassadors then also it does not able to effect its growth. The key reason behind this was that the promotions and the advertisements do not offer the customers with innovative features in the products of Sony. The promotions were effective but content does not able to attract the customers. Thus, it al so occurred as a downfall reason for the growth of Sony (Goi, 2009). The next i.e. the fifth marketing component researched by the authors is people. People are the individuals that are involved in the marketing activities of the company. It is about the overall workforce and employees of the company. There were various service centers and retail outlets of Sony where the products were sold to the consumers. The potential consumers were used to provided will all the relevant information. But because of the declined sales, the company also fired its huge number of employees (Ornston, 2014). The services centers also lacks behind in offering adequate services to the customers. The queries of the customers are not much entertained. Thus, the in effectiveness in this element results in the shift in the customer base. People started switching towards a more reliable brand where they can adequate support from the people. Thus it resulted in huge decline of the c company (Webb, et al., 2011). The sixth marketing component researched by the authors is process. As per the author, process is the various operations and functions of the business. It involves research and development, technology and innovativeness. Sony was well recognized for its processes and multiple gadgets and techno savvy products in its initial journey in the telecommunication industry. But Sony has no huge investments and efforts in the research and development sector. The processes are the key factors out of all the seven components of marketing mix which have been there behind the downfall of the company. The use of IT was also restricted which results in less innovation and technology in the products. Because of less update products, the customer base of Sony started declining and thus the company lost its position of market leader (Balmer and Greyser, 2006). The last and the seventh marketing mix component is physical evidence. The author explained physical evidence as the various physical clues which motivated or de-motivate the customers to purchase the product of a company. The physical evidence of Sony was supreme and highly competent (Balmer, 2006). The various stores offer a good experience to consumers. But soon when the other entire component appeared as unsupportive for the company, the physical evidence also results in declining market share of Sony as the brand value of the company decreased. People used to have negative feedbacks for the company. Thus, it acts as the barrier for the consumer to do not purchase the products of Sony. Thus, from the overall discussion and analysis of vast literature, it is analyzed that still Sony is fighting and battling to remain in the industry in Singapore with a prime position. But there is an essential need to have innovativeness and improvements in various marketing mix strategies to rega in the market share once again and compete with the competitors (Akgn, Keskin and Ayar, 2014). 2.Impact of PESTEL environmental factors on the marketing mix strategy The marketing mix strategies have a direct link with the PESTEL environmental factors as both of them impact each other in various senses. The companies formulate their marketing strategies as per the environmental factors of the country. In the case of Sony also, the various environmental factors of the country Singapore has affected the marketing strategies of the company and due to diverse environmental factors the company is still battling to survive in the intense market competition. Following is the impact of PESTEL environmental factors on the marketing mi strategy of the company: Impact of Political Factors In Singapore, the political risk is quite low. The nation possesses democracy as well as it also has good relations with the other nations. This offered an opportunity to the company to have its sustainable existence in the nation without any risk. But the change in the government policies develops challenges for the company to sustain in the market. The entrance of new players and following up of government policies in terms of process, taxes, etc. have impacted to marketing mix strategies of Sony such as policies related to prices of the products, the operational processes etc. To remain sustained and to achieve political support, it was necessary for Sony to remain ethical in all terms (McGregor, Symonds and Foust, 2006). Impact of Economic Factors The economy of Singapore is a free market economy that attracts foreign MNCs and foreign investments. It is a corruption free country. But there is shortage of labour and the cost of labour is very high (Siham, 2013). All these factors are non-supportive for Sony as there is a need of labour but the shortage of labour results in less productivity as well as being a free market economy, the competitors can easily enter and sustain in the market. In case of Sony also, the marketing mix strategies are affected by these factors. The income of the consumers is high but they want valuable products for the money spend. But the offerings of Sony are high in prices but not in value (Hammer and Champy, 2009). Thus, the marketing mix strategies dont worked in Singapore and the company is now battling to survive. Impact of Social Factors The social values in the country are high. The people are more emphasized and interested in eth products of the companies which are ethically sound and have sustainable business operations. The marketing mix strategies of Sony are highly impacted by these social factors. The company has already involved in several ethical issues such as violation of laws, firing of workers, hack issues in the products of Sony. Thus, the company is required to change its product marketing strategies as people are less interested to buy the products of Sony because of all these factors that are in relation to eth social aspects (Pride, 2008). Impact of Technological Factors Singapore is known as one of the most developed and technologically updated nation that has pioneering and innovative developments. The country spends a huge amount of capital in the research and development sector. Therefore the people are also techno savvy and demands for innovativeness in the goods, products, services and merchandises. Sony does not stand as per the expectations of the people as it works on previous and not much updated technology. There are very less innovations in its products. Thus, the marketing mix strategies are highly weak to attract the consumers who demands fir updated technology. Thus, there is a direct impact of the technological factor on the marketing mix strategies of the company (Mohr, Sengupta and Slater, 2009). Impact of Environmental Factors There are various environmental organisations and the ministry of Anti-pollution and environment have high emphasis on marinating the environment sustainability. The country is regarded as a pollution free country. The operations of the business are checked strictly that they are not involved in such environmental hazardous activities (Siham, 2013). The environmental factor has a direct impact on the process and the functioning if the company. Sony has been involved in various environmental issues that have impacted the environment in a negative aspect. Thus, the nation has strict laws which are required to be followed. The marketing mix strategies related to process and product must be changed so that there is no environmental hazard and company can have its sustainable operations in Singapore otherwise the operations can be banned by the environmental authorities (Kotler, 2012). Impact of Legal Factors The Singapore government has various policies, laws and regulation for the companies working in the nation. The Government obligates that a high level of transparency must be maintained in the following of these laws and rules by the organisations. The companies that does not follows these legislation, there operations are banned. In case of Sony also, the marketing mix is impacted by this factor as in case of price s of the products, the usage of labors, the sustainability of the processes, etc. At some places Sony is required to improve so that it does not violate any laws and legislations. Otherwise it can be swiped away from the Singapore market (Du Gay, et al., 2013). 3.Strategic recommendations for addressing the environmental changes Sony is facing Sony is facing a number of issues and challenges because of the environmental changes. There is a need to address these environmental changes so that company can have improved and sustained business operation in the country. Following are few of the strategic recommendation which can help Sony to sustain the environmental changes and issues. To have investments in RD and have innovation in products The first and the key strategic recommendation to Sony is that the company must have increased and high amount of investments in the research and development sector. Because of less development and innovations, the products of Sony are comparatively very low and less updated in comparison with the products of other competitive brands in terms of technology. Therefore, if the company will modify its products by having new innovations in them as per the demands of the market and the consumers then it can regain the market share. The innovativeness in the products will be able to fetch the attention of the consumers and there will be increased customer base of the products (Augusto and Coelho, 2009). To adopt practices that can reduce emission that cause environmental pollution Another strategic recommendation is that to have increased government support and to have high brand value in terms of ethicality and sustainability, the company must improve all its processes so that there can be reduced level of emissions and no negative impact could be there on the environment. By having environmental sustainable practices, there will be increased brand values and thus, the consumers can be emphasized to buy the products from a sustainable corporation. It is also necessary that the issues related to hack must also be take care of so that the customers do not faced privacy issues and can buy the products of Sony without any kind of fear (Keller, Parameswaran and Jacob, 2011). To have partnership with other technological companies The market is rising rapidly and thus to maintain the market share and win the battle, it is strategically recommended to the company that it must have strategic partnership or association with other technological companies who can offer various kind of supports to the company such as innovative platforms, efficiency in processes pioneering and updated technologies. This will help Sony in developed more innovative products (Augusto and Coelho, 2009). To analyze competitors and their strategic moves It is also recommended to Sony that it must have a proper analysis of all its competitors and their strategic competitive moves so that it can develop strategies and plans to sustain these competitive moves and can have increased customer base (Keller, Parameswaran and Jacob, 2011). Conclusion From the report it can be analyzed that how a renowned and successful company can also be drowned from the market. The primary reasons which have been analyzed from the evaluation of the various aspects of marketing mix strategies of Sony as well as from its case study are the lack of innovative practices and technological updates. Sony was one of the leaders in the telecommunication industry but because of various reasons it lost its position. It is the prime time for the company to have its focus on various aspects of marketing mix and develop itself again as one of the most competitive organisation in the telecommunication sector. 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