Marketing Strategies of Sony Music Entertainment

Added on - 21 Jul 2020

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Introduction to marketing
Table of ContentsINTRODUCTION...........................................................................................................................1Task 1...............................................................................................................................................1Overview of organisation and its current marketing strategy................................................1Task 2...............................................................................................................................................3New and innovative ideas to improve marketing strategy and approaches............................3Recommendations..................................................................................................................5CONCLUSION................................................................................................................................6REFERENCES................................................................................................................................7
INTRODUCTIONThis assignment will provide introduction of marketing. The chapter will assess anddemonstrate about skills and talents needed in marketing which will be based upon its theoriesand models. It will cover about working experience in Sony Music Entertainment. Also, thecurrent marketing strategy of cited firm will be described in this report. Further, there are variousmarketing strategies which are followed by different organisations (Armstrong and et.al., 2015).These strategies will be demonstrated in the following chapter. In addition, the impacts of newand innovative ideas will be elaborated.Task 1Overview of organisation and its current marketing strategyIn this assignment, the marketing strategies of Sony Music Entertainment will bediscussed. It is a music company based in America. This is also abbreviated as SME. This entityhas owned by Sony and incorporated as Sony Music Holdings Inc. this enterprise is a well-known name in among music companies and operates globally. Currently, its biggest competitoris Warner Music Group.Current marketing position:The current position of this entity is not so good as piracy tookplace therefore, its sales was not up to the mark. In the year 2017, Sony Music had generatedabout $166.12 million just from UK sales and $71.98 million from Row. In last 12 months thecited firm employed 289 people for sales and distribution and hired 287 in 2016. However, itsmarket shares fall by 1% that is from 24% to 23%. Today, it is one of the biggest musiccompanies ahead of Warner Music and other entities. Even it stands as second largest music firmafter Universal. It also tends to associated with pops that are chart friendly. This entity is nowowned by Sony Corporation (Babin and Zikmund, 2015). It comprises some legendary andfamous artists like Michael Jackson, Justin Timberlake and One Direction.Marketing strategies:Marketing of any product is a thing that requires willingness ofexperiment. It is important for the perspective of long term and calculation of return oninvestment. If an organisation keeps applying same strategies, it will never work for a long run.Instead, a company should think to bring new ideas to promote its business (Fill and Turnbull,2016). There are various new approaches and techniques for marketing. Sony is also followingsome of them which are given as follows:1
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