Sony Corporation is one of the biggest companies globally, which represents a well-known brand in the world of technology. Large multinational corporations spend significant amounts of money on marketing to beat competition and increase sales on the global market. Sony Corporation has successfully incorporated the 4Ps strategy for marketing. It should be noted that marketing mix, also referred to as 4Ps, is the most effective method of building strong reputation for the companies and brands on the global arena. The method helps the company to focus on building brands by ensuring high quality of products that are sold at competitive prices. The objective is to meet the needs of the customers while maximizing profits and increasing volume of sales.
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The Marketing Mix (4Ps)
Product
Sony has a wide range of products. They include gaming equipment, video cameras, mobile phones, home electronics and appliances, and many other types of electronic goods. Great selection of products enables the company to increase its sales while keeping the considerably high income margin. Many customers continue buying the company products because they believe in the high quality of Sony products.
Pricing
The company products are sold at a premium price globally. The high prices have enabled the company to attract customers who consider the price to be synonymous with quality. Furthermore, such pricing strategy has helped the company to generate significant income and satisfy its numerous stakeholders.
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Place
The company’s presence is felt in many places across the world. The company is headquartered in Tokyo, Japan, but it has direct present in over 200 countries across the globe. The establishment of presence in many places helps the company to reach out to customers from all corners of the world.
Promotion
The company uses numerous forms of promotion to market and sell its products. The company has heavily invested in advertisements on world’s leading TV channels. It has also been active in promoting major sports activities in the world, including the FIFA World Cup games and many others. Additionally, the company is successfully running ads on YouTube, Google, and social media platforms, which help it to promote the products to the customer all over the world.
FAQ’s
Sony follows the 4Ps marketing mix strategy to achieve global recognition for its quality products, high pricing strategy, availability in all the markets and multi strategies of promotion.
It is a company that deals with products such as games and gaming consoles, video cameras, mobile phones, home electronics, appliances and other electronic products.
Sony uses the skimming pricing strategy, which sets higher prices and links them with better quality thus attracting customer and keeping high profit margins.
Sony uses different advertisement techniques like Television adverts, Sponsoring major events such as FIFA world cup, and online adverts via You-tube, Google and social media.
