Introduction to Marketing- Assignment
Added on 2020-12-09
16 Pages4071 Words410 Views
INTRODUCTION TOMARKETING
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1Overview of the organisation and examine one of its competitors.............................................1Current state of the music marketplace and brief overview of the market ................................2Marketing strategy of Sony Music Entertainments.....................................................................2Marketing strategy of Warner Music Group's.............................................................................3Why they have chosen these strategies.......................................................................................3TASK 2............................................................................................................................................4Brief explanation of the selected entertainment strategy to improve..........................................4New innovative approach which develop in Sony Music Entertainments..................................4Plan of implementation with critical analysis outline the challenges.........................................5RECOMMENDATIONS.................................................................................................................6CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................8
INTRODUCTIONMarketing consists different set of activities which helps to communicate and deliveringand develop value for customers, clients, partners, etc. It aids in make better decisions to satisfycustomer needs better than competition (Stöttinger, Schlegelmilch and Zou, 2015). Present study based on Sony Music Entertainments which is an American Global MusicConglomerate and incorporated as general partnership with entertainment services. They servedtheir services in different areas of the world.In order to gain insight information of the present report, it covers brief description of theenterprise and its competitor. Furthermore, overview of the market and strategies determineswhich assists to apply effective marketing strategies. Moreover, innovative approach will beexplaining to implement successful plan. TASK 1Overview of the organisation and examine one of its competitorsSony Music Entertainments is an American Global Music Conglomerate which ownedand incorporated as general partnership. It is subsidiary of Sony Corporation of America whichwas originally found in 1929 and renamed as Columbia Recording Corporation in 1938. It is oneof the second largest company behind Universal Music Group and ahead of Warner Music Groupon the grounds of UK. Mainly the selected music entertainment consider their operations from1991-2004. They got license to CBS trademark in 1988. In Epic associated, label renamed toreplace CBS model. In August 2004, Sony entered joint venture with equal partner Bertelsmanwith merging Sony Music. However, Warner Music Group is also music entertainment organisation and one of thebig competitor of Sony Music Entertainments. Headquarter of this group is in New York City.They own one of the largest music publishers. Furthermore, there are several divisions of WarnerMusic Group such as Atlantic Records Group, Warner Bros. Records Group, etc. It is one of thelargest music publishers which expanded business to digital media operations with itsacquisition. SWOT analysis of Sony Music EntertainmentStrengthWeaknessesStrong brandLack of dominant mobile devices1
Diversified businessPopular profitable productsVulnerability of database and networkLimitability of several productsOpportunitiesThreatsFurther expansion and diversificationNew product developmentRapid innovationCyber attacksHigh competitionSoftware policyPESTLE analysis for Sony Music EntertainmentPolitical factor:Political conditions create impact on Sonywith increasing support by government tosecure data. Furthermore, online businesspromotion also consider with political supportin market.Economic factor: In the UK, high growth exist so that itimpact positively on economic trends.Furthermore, economic stability ofdeveloped market also determinessuccessful opportunity for growth rates.Social factor:Online gaming is increasing which support todevelop opportunities for Sony's products.Improving wealth distribution also developedenvironment of the business which is relevantfor chosen corporation. Technological factor:Sony is highly depends on technologies whichis used in business. It also facilitates to use and2
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