Sony case study revised.docx

Sony case study revised.docx - Question 1 Identify and...

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Question 1. Identify and discuss a minimum of four reasons why Sony would want to continually introduce new products and services while at the same time improving existing products within its portfolio. In order to remain relevant in today’s market, Sony as company must keep developing its products and introduce new ones targeting both new and existing customers. Technology is changing at a very high rate and most customers are keeping up to date with the advancement. (Dulieu M & Corsi P, 2013). Sony being a company that relies heavily on technology is directly affected by the highly dynamic technological inventions. As a result, the company needs to adopt a dynamic marketing strategy that accommodates the dynamic technological advancement and hence maintain an edge in the highly competitive electronics industry. There is increased competition among companies to have the most unique products. Customers are also fueling competition in this market by competing among themselves for the next unique gadget or those that have specific inbuilt applications. Sony has however managed to stay at the top of the market by responding to market demands andcustomers specification and requirement. Its strong and innovative marketing team keeps cultivating internal ideas as well as coming up with new ways to develop the existing products and to introduce new products to the market. Failing to develop existing products may lead to cannibalization especially in such an industry where products have a short life cycle and consumers are on the look -out for new gadgets with the old ones having few buyers such that they have to be sold at lower prices. Cannibalization refers toa situation where sales of an existing product decline due to a new product being launched in the market while the existing one is still on sale. A product’s life cycle may end prematurely due to cannibalization so Sony needs to improve the existing product to keep it in the market. Sony has realized that new product development is an ongoing process and the company should always be looking for new opportunities in today’s highly dynamic technological industry and demanding customers. There are several reasons as to why Sony continually introducenew products and services at the same time developing new ones including; changing customer taste, new emerging technology, shortened product life cycle, increased domestic and foreign competition etc. Kachani S& Arsalan H. (2008) assert that over the years customers’ taste especially in technological devices such as mobile phones, computers, and televisions have changed drastically. This is as a result of stiff competition among companies in the operating in same industry. The marketing team should be continually engaging in marketing research and interact with customers normally outsides the sales situation to get their response and suggestions.There are several ways in which marketing teams have been interacting with the customers. These include methods like days on the shop floor, which is short
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