Business Strategy of Sony Corporation
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Added on 2019-12-03
Business Strategy of Sony Corporation
Added on 2019-12-03
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BUSINESS STRATEGY FOR SONYCORPORATION
TABLE OF CONTENTSINTRODUCTION ....................................................................................................................................3TASK 1 ......................................................................................................................................................3TASK 2 ......................................................................................................................................................33.1 Four options available with SC to adopt for developing its future strategy....................................33.2 Justification for selecting appropriate strategy................................................................................44.1 Roles and responsibilities of Sony Corporation workforce who are involved in strategy implementations ...................................................................................................................................64.2 Assessment of estimated resource requirement by SC to implement new market entry strategy...64.3 SMART objective develop by Sony to achieve its strategic implementation ................................7CONCLUSION..........................................................................................................................................8REFERENCES ..........................................................................................................................................9
INTRODUCTION A business strategy can be described as the plans and actions which a business undertakes inorder to attain the desired objectives. These strategies are basically the plans of actions which aredeveloped by the managers of company in order to achieve operational and organizational goals in themost effective and efficient manner (Thompson, 2010). Similarly, with the help of this project report,researcher will discuss about the strategic planning activity for Sony Corporation. Therefore, in the firstpart of assignment, the researcher will identify certain tools for conducting efficient strategic planningand later their implementation in Sony Mobile Communication (SMC) with the help of power pointpresentation.Furthermore, researcher has discussed about different strategies which are available with SonyCorporation (SC) to implement in their business. In addition to this, a selection of one effective strategyis being made by the researcher which can be adopted by SC in future. Lastly, a study is made onseveral duties and responsibilities that will be required by the cited firm will be discussed.TASK 1 Covered in power point presentationTASK 2 3.1 Four options available with SC to adopt for developing its future strategyThere are four types of strategies available with SC to adopt for developing its future strategy.These options are discussed as below:Market EntryA market entry strategy can be defined as entering into a new market for delivering the goodsand services to a newly identified location. This strategy assists company to develop plans in order totransfer the goods and services in different locations. It has been observed that there is a hugecompetition in the digital market and every auto-mobile company is trying hard to become leader in itsbusiness. For this purpose, companies are trying to expand their market internationally so that theywould be able to make a market stand in the entire world (Palmer, Wright and Powers, 2015). However, Sony Corporation is facing competition with companies like Samsung and Apple thathas successfully expanded in market in many countries. Therefore, one option that is available with SCto remain ahead of its competitors and to lead the market is by making entry into those areas where ithas not started its business yet. This will help company to increase the market share and to make its
products available in all parts of the world (Ibrahim, 2015). Substantive GrowthAnother option which is available with the cited company is by adopting substantive growthstrategy which can be done by mergers and acquisition. Mergers refer to combining of two businessorganizations in order to conduct their operations (Laufs and Schwens, 2014). This could be achievedby entering into partnership with similar types of business or different firms which are dealing indifferent lines of commercial enterprise. However, cited company can go for mergers as it has theability to get along with different business lines apart from the business in which it is dealing. Forexample, it can merge its business with the retail firm to attain substantive growth in its business(Cavusgil, Knight and Riesenberger, 2014). Furthermore, since company has strong market power, itcan also go for acquisition that is by taking ownership of another organization. Limited growthFurthermore, an option of limited growth strategy is also available with Sony Corporation.Through this, the cited company will grow its business at a very slow and restricted speed; as a result,limited risk has to be faced by firm (Dahl, 2015). However, the negative effect of this strategy is that itis a time consuming process. But, apart from this, positive affect can also be analysed that is it willassist the cited firm to remain in market for much longer time period. Further, this strategy suggests thelow speed growth which can lead Sony to lack behind its competitors (Khanagha, Volberda and Oshri,2014). RetrenchmentThe last choice which is available with Sony Corporation is to adopt retrenchment strategy. Thisstrategy is effective at times when SC is facing inefficiency in any of its products due to poor economiccondition of country in which Sony Corporation has spread its market (Carey, Knowle and Clark,2014). For example, cited company is facing the problem of inefficiency in its product that is mobilephone in UK. Therefore, if Sony Corporation faces problem of inefficiency in one of its products sayfor example, TV, then in that case, company can follow retrenchment strategy by taking three importantsteps, that is, asset decrease, price reduction strategy and revenue generation strategy can beimplemented (Jeston and Nelis, 2014).3.2 Justification for selecting appropriate strategyFrom all options which are available for SC, the marketing planner of cited company has
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