Brief Introduction
SONY is a Japanese global conglomerate firm headquartered in Konan, Minato, Tokyo, Japan. It is a prominent technology firm that is one of the world’s largest makers of retail and industrial electronic devices and the globe’s biggest retail manufacturer and developer (Encyclopedia Britannica. 2022, para. 1). SONY is the leading maker of sensor technology, the second-largest camera manufacturer, and one of the transistor sales representatives (Burgett, 2021, para. 1). The corporation returned to its market position and produced over 84 billion USD yearly sales in 2020 (Laricchia, 2022, para. 1). SONY’s game and networking business, which comprises the company’s well-known brand of video game consoles, generates around a third of the sales earnings (Laricchia, 2022, para. 1). SONY’s diversified portfolio includes televisions, cameras, electronics, and audio and cinematic films. Sony is a worldwide leader in customer electronics, producing a wide range of devices such as televisions, camcorders, smartphones, and hearing aids.
SONY is expected to continue its position as the leading gaming console manufacturer in the following years. The PlayStation is predicted to have a 67.3 million unit installed base by 2024, whereas the Xbox Series X/S will have a 44.3 million unit installed base (Statista, 2022, para. 1). SONY’s PlayStation Inc., which was created in 2012, is focused on music, tv, and film (Encyclopedia Britannica, 2022, para. 12). SONY Semiconductor Solutions controls the Scanning and Sensing services section and produces a broad range of transistors (Matthews, Falkner, and Sorell, 2020, p.200900). Sony first stated its ambition to enter the electric vehicle (EV) sector in 2020 with the Envision S-01, a purely electric concept automobile; its competitors include Amazon, Apple, Baidu, and Alibaba. At the outset of the MMC, the primary task entailed introducing the product to be launched, its marketing segmentation, and the marketing mix (Attwood, 2022, para. 2). SONY attempted to address new market gaps by offering a fingerprint scanner that individuals could use for various purposes.
The UK Market Opportunity for SONY Fingerprint Scanner
The fingerprint scanner competes with various products, including intelligent security locks, security cameras, and intercom systems. Therefore, through the product, an administrator will track individuals on the premises at any given time. It could be used in restricted-access sections, letting a company separate distinct locations within its building. Overall, this will help to strengthen the physical security of a firm. The fingerprint scanner will open doors when combined with a door lock attachment. The device will give a database with a summary of all the people present on the grounds, providing an administrator with the ability to see who is present at any given time. The gadget is superior to a standard arrangement that uses locks or critical cards, maximizing the product’s utility for the user.
Segmentation, Targeting, and Positioning for the SONY Fingerprint Scanner
Demographic and psychographic segmentation is the primary focus of the product. Psychographic segmentation considers people’s lives, activities, interests, personal characteristics, and motivations (Blythe and Martin, 2019, p. 17). Psychographic factors can also be used to predict consumer purchasing behavior (Kiani, Nazari, and Bahrami, 2021, p. 55). Intuition and business experience are combined to arrive at the best decision. When it comes to Sony Corporation, their strategy is to target each industry with a different product and advertising campaign. Because Sony manufactures memory devices, video game systems, cameras, laptops, televisions, DVD players, and phones, their targeting strategy will provide a wide range of categories for clients. Sony phones are divided into several categories and are marketed to various customers.
The essential prerequisites for efficient segmentation and evaluation are accomplished in measurable, meaningful, accessible, stable, and beneficial foundation conditions. The scanner has a definable baseline condition, for starters; it can use psychographic and demographic categories to accomplish its goals. Demographic parameters, include gender, age groups, family sizes, and socioeconomic classes, which might be examined (Kabisch, 2019, p. 91). All of these attributes can be measured by other organizations. There is also a psychographic section where people are classified depending on their motives and habits. For instance, a collection of individuals who love sports or choose to stay at home. Distinct variables can be analyzed for different groups. The segmentation is well-defined; SONY, for instance, has its distinct design and characteristics that distinguish it from its competitors. This segmentation is advantageous; the company’s sales will increase.
Segmented targeting will offer more clarity and depth about the commodity since the product is new in the market. Instead of sending an important message to various individuals, market segmentation will facilitate the delivery of the product to the appropriate customer at the right time (Pettitt, 2007, p. 20). The subdivision increases the likelihood of consumers connecting with an ad or content, leading to more effective campaigns and better ROI (Simkin and Dibb, 2013, p. 47). Positioning will be based on the product prices, whereby the scholar will adopt the value-based pricing strategy in setting prices. SONY has a reputation to keep, and selling a product for its actual value can provide more reliable information and the highest profit margin. Customers are more likely to recommend the product if it meets their needs.
Marketing Mix Decisions Across Product, Promotion, Price, and Place
Product and Price
Fingerprint Door Lock by BIWIBON is the product to be launched. The item will be offered as a single component that may be paired with various accessories. Value-based pricing will aid in the future development of higher-quality products (Greenspan, 2017, para. 7). Customers are more inclined to stick with SONY and buy other products because the product is reasonably priced. Indirect and direct costs, on the other hand, are substantial. High-quality materials are required for a product with a higher price. Because SONY currently has fingerprint scanner expertise in its smartphones, the cost of manufacturing the sensors will be meager. The product will repurpose this technique to achieve high-cost efficiency. As a result, the profit margin will be higher, and investors will be able to get their money faster. Because the level of risk involved is low, stockholders will be delighted.
Place
SONY develops marketing tactics based on the distribution channels they access. Their distribution channel comprises the manufacturer, retailer, and customer. They sell their products mainly through a small number of retailers, notably SONY World. SONY’s electrical products, except gaming, are offered worldwide under the SONY brand. The company’s global operations are divided into six regions, including Europe, Asia, Latin America, Africa, North America, and Oceania. SONY offers a warranty service in 53 countries and territories. It has a broad distribution network in the regions where its products are sold. SONY products are available online and at authorized outlets in several countries. SONY stores sell genuine products and accessories such as cameras, batteries, and televisions. These stores are incredibly significant in advertising the brand because of their name. Authorized sellers contribute to the company’s bottom line as well.
Promotion
The product’s primary promotion techniques include personal selling, public relations, sales promotion, and advertising. The salespeople will promote the business on billboards in densely populated areas such as city centers and interstate highways. The researchers will advertise the product on social media to reach the most significant number of customers (Greenspan, 2017, para. 8). This type of marketing could target both a general and a demographic market. To help improve the success of the product launch, the researchers will collaborate with social media influencers who will target their demographic. Such influencers have the potential to spark a trend that will help the scholars get their products in the media and attract new customers (Greenspan, 2017, para. 8). The researchers will rely on personal selling to properly communicate the characteristics and functioning of the product. Having in-store workers who are capable of good communication, for example, would be advantageous in capturing customers’ interest by eloquently describing the FPS1. In addition to the booths, professional salespeople will be available in Sony stores.
Ethical/CSR Concerns That Might Surround the Product Idea
Discrimination is one of the most severe ethical issues the corporate sector like the hospitality industry might face. It can happen in any company regardless of its size or number of staff (Dhanani, Beus, and Joseph, 2018, p. 148). Any conduct that causes an individual to be mistreated is referred to discrimination. Discrimination is not only unethical, but also illegal in several cases. The second significant ethical difficulty that firms face is nuisance, typically tied to racism or sexism, which includes verbal abuse, sex assault, teasing, racist insults, and bullying (Daniels and Thornton, 2020, p. 319; Harnois and Bastos, 2018, p. 284). Pestering can come from any member of the company, including customers. It is a moral concern for the organization if management is told of client annoyance and does nothing to stop it. Irritation can lead employees to leave early, another reason for some firms’ lack of diversity. Aggravation has a long-term psychological and financial impact on employees, and it can even influence a person’s entire career path.
Failure to regard workers’ safety could lead to psychosocial hazards (such as increased unemployment or a loss of independence), exacerbating work-related stress. Power abuse takes many forms, including sexual harassment and discrimination (Pineiro and Kitada, 2020, p. 103938). Nepotism occurs when a corporation hires someone because they are a family member. When a boss favors one of their employees over others for personal reasons, this is known as favoritism. Employees are demoralized by nepotism and favoritism, which are not only unjust (Akca, 2020, p. 114; De los Santos et al., 2020, p. 783). Employees who make provocative statements inconsistent with the company’s values may be sacked. The usage of company-owned equipment is another ethical issue. Employers can now monitor their employees’ laptop and mobile activities.
Recommendation for Marketing Research to Monitor the Project Success
Surveys could play significant roles in monitoring the success of launching the product over the initial 12 months. A product survey will determine how happy clients are with the product (Fahy and Jobber, 2019, p. 98). It can reveal how people use the item and how various individuals might improve it. Item satisfaction is distinct from service quality in that it focuses on the commodity instead of the overall customer experience (Ali et al., 2021, p. 65). While this type of survey is primarily focused on the product, you may also look at how your purchasing, support, and refund experiences have influenced your total product satisfaction. It provides honest feedback on an item while also assisting a firm in determining any discrepancies between the products and client satisfaction, which the writers may determine through customer feedback.
Why the Board Should Support the Launch Plan
The board should support the launch plan since it will allow an operator to keep track of who is on the premises at any given time, opening the prospect of using the device to monitor employees clocking in and out, ensuring that staff is performing, and not taking leave. Electronics (cameras, laptops, camcorders, Walkmans, televisions, and music players), SONY pictures and music, digital entertainment (Gamecube), and cell phones comprise SONY’s market division. It has a reputation to preserve; launching the item will offer more accurate data while also making the most profit.
Conclusion
SONY is among the significant music firms (largest music composer and second-highest record company) and the third-largest largest film company via SONY Entertainment Inc, rendering it among the most extensive media corporations. SONY will maintain its rank as the top manufacturer in the coming years. The product will offer various opportunities in the UK, such as monitoring security in buildings. The product’s primary focus is on demographic and psychographic segmentation. According to the marketing mix, the product is called the SONY Fingerprint Door Lock by BIWIBON. Its price is £59.99 and will be placed depending on its distribution channels. Its promotion techniques include personal selling, sales promotion, advertisements, and public relations. Discrimination and harassment are among the significant issue during the launch o the product.
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