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Marketing Strategy by Sony Music Entertainment : Assignment

   

Added on  2020-07-22

9 Pages2709 Words82 Views
Introduction ToMarketing

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1Brief overview of the company..............................................................................................1Brief overview of market........................................................................................................1Marketing strategy by Sony Corporation...............................................................................2Warner's Music group marketing strategy..............................................................................2Examination of strategies which are adopted by rival companies.........................................3TASK 2............................................................................................................................................3Innovative Idea which the organisation would be interested in applying to improve itsmarketing strategy..................................................................................................................3Recommendations:.................................................................................................................5CONCLUSION................................................................................................................................6REFERENCES................................................................................................................................7

INTRODUCTIONMarketing is defined to a process of engrossing potential consumers in buying theoffering of an enterprise. The prospects are informed and communicated about the products andservices and are persuaded to avail the same (Sheth and Sisodia, 2015). It is a broad conceptwhich encompasses market research, promotion, selling and distribution of company's offerings.The organisation chosen for this assignment is Sony Music Entertainment. The first part of thisassignment revolves around identifying current standing of the market along with identifyingmarketing strategy deployed by the company. The second part of this assignment aims to createan innovative idea to enhance marketing position of the company. TASK 1Brief overview of the companySony Music is one of the world's renowned recorded music company. It is a Americanbased music company owned by Sony corporation. This organisation was formed in the year1929 and at present operates as a general partnership company. This organisation have recentlyacquired Bertelsmann which was once its founding partner (Tomczak, Reinecke and Kuss,2018). The company possess a range of local and international artist such as Calvin Harris, MileyCyrus, Celion Dion and Bettonce. The music label possess some of the memorable history of alltimes. Brief overview of marketThe music industry of the United kingdom has been identified as very competitive. Thereis a presence of fewer firms who are competing hard to enhance their share in the market. Theprofits have been garnered by organisation through selling, publication and distribution of musicaround the globe. The recent identified contribution of the music industry in the economy ofUnited Kingdom stands at 4.1 billion euros. In the recent years, there has been a substantial riseof approximately 10% of this industry. The music industry exclusively provided employment toover 119,020 people in the country (Proctor, 2014). It is not confined to the geographicalboundaries as out of every 10 best selling artists 5 belongs from United Kingdom. The musicindustry of the United Kingdom employs a combination of old and new technology so thatdistinct people are catered with music treasure. The key players in the music industry areVivendi (Universal Music group), Sony corporation, Warner Music Group and at last1

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