Introduction
It is important to note that the given marketing plan will focus on Sony’s Xperia 1 smartphones, which is an example of a highly advanced and technologically superior product, but which fails in sales due to its low popularity. The plan will assess and propose the measures focused on product quality maintenance and aggressive promotion through reinvestment of income into large-scale marketing in order to familiarize the average target market about the product.
Product Description
The selected product for the given analysis is the Sony Xperia 1 ii, which can be considered as the flagman phone of 2020. The smartphone is produced solely by Sony Company, and it has an operating system Snapdragon 865 5G Android 10 with 8 Gb of RAM (GSMArena). It also has a 21:9 screen display with triple cameras as well as a 4000 mAh battery (GSMArena). Its body is made from high-quality glass front and glass back of Gorilla Glass 6 with an aluminum frame (GSMArena). In addition, the product has wireless charging capabilities, foolproof water resistance, and expandable storage. One of the most outstanding elements of the phone is its Touch ID Power Button, a customizable button, and superior camera. In other words, the smartphone exceeds all other alternatives in the market with its specifications in all areas. It is important to note that the most appealing element of the smartphone is its camera, which is flagman enough to be able to shoot films and cinematic sceneries on a highly advanced scale.
Company Mission and Goals
The Sony Corporation is a Japanese multinational company, which specializes in consumer electronics and video games, and it is among the top media companies. Its mission statement is to “fill the world with emotion, through the power of creativity and technology” (U.S. SEC 51). There are four major goals of Sony, which focus on dreams and curiosity, integrity and sincerity, diversity, and sustainability (U.S. SEC 52). The company aims to pioneer the future, earn trust and build the brand image around it, and it seeks to pursue diversity and fulfill stakeholder responsibility in a plausible manner. In other words, the company wants to establish a strong prominent brand and become a market leader in the technology markets. One should be aware that the company is also aware of the importance of sustainability in regards to business models as well as the environment.
Core Competencies
The core competencies of the selected product are present in all aspects and specifications of the smartphone. Firstly, Sony Xperia 1 ii has a far superior camera, which is not even rivaled by the giants such as Apple or Samsung. Secondly, the product has a high-quality body, which is equivalent and not inferior to the market leaders. Thirdly, the phone has flagman features, such as Touch ID Power Button and customizable buttons, which are not present in most phones. Fourthly, the Xperia 1 ii is highly responsive and aware of its customer demands, where it retains or keeps the headphone jack despite the recent trends of not including them. Fifthly, the phone’s battery, operating system, user interface, and other features are not only equivalent but even superior to many alternatives. Therefore, in regards to the core competencies of Sony and its product revolves around high product quality, technological superiority, and large resources of the company itself, which is willing and able to invest in these advancements for potential long-term benefits.
Situation Analysis
The situation analysis will primarily utilize the SWOT analysis in regards to the phone. The key strength of the phone is in its technological or technical features, which are not present in any phone in the current market. The main weakness lies in the marketing and brand identity in regards to the smartphone market because Sony did not establish itself as a prominent smartphone manufacturer. Therefore, the key opportunity lies in investing additional resources in marketing the product in order to increase its reach and properly present its evident advantages over other alternatives. The threat can be found in the fact that only a small fraction of consumers can appreciate the technical superiority of Sony’s Xperia 1 ii, which is not sufficient to generate revenue and profits. The SWOT analysis can be accessed in Table 1.
Table 1. SWOT
Competitors
The competitors for the product are the most popular and well-known phones of Apple and Samsung, which are the two main market leaders in regards to smartphones. Apple’s phones are iPhones, such as iPhone 12 and its different variants, and Samsung’s phones are Galaxy S21, such as Galaxy S21 Ultra and Galaxy S21+. Each of these rivaling alternative smartphones has its own set of advantages and disadvantages compared to the Sony’s phone, but they are either minor or due to the release taking place in 2021, whereas the selected product was released in 2020 and its next version is soon to be released in on June 2021. Despite the difference in the timeline, Sony Xperia is still dominant in regards to the camera, flagman features, customer appeal, and price, and it does not lag behind in other areas. However, both Apple and Samsung are superior in regards to their marketing and global presence, which is why they are evident market leaders.
The Target Market
The target market is centered on a small group of enthusiasts who can make full use of the product’s camera and advanced technical features. However, such a precision-focused approach needs to change towards a wider audience of consumers. The company can promote Sony Xperia 1 ii to average smartphone users through its appeal to customer needs, such as non-removal of headphone jacks and other customizable features as well as price. The product needs to target younger consumers mostly since they usually have a lower budget and better understanding of technological features.
The Marketing Mix
The product strategy needs the centerpiece of the marketing plan because the phone is vastly superior to its alternatives and needs to be promoted among the target market. Sony cannot and should not lose its edge in regards to its flagman phones, and thus, the product needs to be always maintained through updates and other tweaks. The distribution strategy needs to be focused on the current measures of production, but the chain and volume factors need to be considered in order to be ready to manufacture higher output. The promotional strategy is in the area of the marketing plan, which requires an in-depth analysis and heavy investment because consumers are not as exposed to the product as they need to be in order to properly appreciate it. The pricing strategy needs to be focused on cost-plus pricing in order to keep the prices low but remain profitable.
Budget, Schedule, and Monitoring
The marketing plan budget will require a substantial amount of heavy investments into the promotion and advancements of Xperia smartphones. The company needs to reinvest its equity in the net income of affiliated companies and other available forms of income into promotion (U.S. SEC 6). The schedule needs to be anchored near the release of the next Xperia 1 series phone. The monitoring needs to be focused on the popularity and brand image of the company.
References
GSMArena. ” Sony Xperia 1 II.” GSMArena. Web.
U.S. SEC. Sony Corporation. Form 20-F, 2020.