BUS 304 Report | Consumer Behavior
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Strategic Management (Bus304)
Added on 2020-05-28
BUS 304 Report | Consumer Behavior
Strategic Management (Bus304)
Added on 2020-05-28
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Running head: CONSUMER BEHAVIORConsumer behaviorName of the studentName of the universityAuthor note
1CONSUMER BEHAVIORExecutive summaryThe aim of this report is to discuss about the market scenario of Sony in the recent time. Thetarget segments are discussed in this report along with determining the recommended targetmarket strategy for them. Moreover, the customer perception regarding the brand of Sony is alsobeing discussed in this report. This report concludes that in the recent time, Sony is facing theissue of increased competition in the market. Various recommendations are provided accordingto the customer purchase behavior of Sony products.
2CONSUMER BEHAVIORTable of ContentsIntroduction......................................................................................................................................3Company profile..........................................................................................................................3Product portfolio..........................................................................................................................3Marketing trend...............................................................................................................................3Marketing strategies of Sony...........................................................................................................5Identification of the target market...................................................................................................6Demographics..............................................................................................................................6Psychographics............................................................................................................................6Behavioral....................................................................................................................................6Recommended secondary target market..........................................................................................6Existing product mix strategy of Sony............................................................................................7Consumer decision making process.................................................................................................7Brand perception..........................................................................................................................7Brand expectation........................................................................................................................8Consumer decision making process.................................................................................................8Effectiveness of the advertisement of Sony.....................................................................................9Recommendations............................................................................................................................9Conclusion.......................................................................................................................................9Reference.......................................................................................................................................10
3CONSUMER BEHAVIORIntroduction This report will discuss about the consumer decision making process of Sony. Inaddition, the primary and secondary target market of Sony will be determined and analyzed interms of different segmentation aspects. The current perception of the consumers around theworld regarding the products of Sony will also be discussed along with discussing theeffectiveness of their advertisement on the perception of the consumers. In accordance to theidentified factors, recommendations will be provided in order to have effective and idealmarketing mix of Sony.Company profileIn the current business scenario, there are only a few business organizations, which arehaving huge brand presence and value across the world along with having positive brandpreference among the consumers. Among those certain brands, Sony is one of the leading one,which is having diversified product portfolio and have their market presence around the world.Sony was founded in Japan by Masaru Ibuka and Akio Morita in 7th May 1946 (Sony.net 2018).Sony is having their presence in different business sectors ranging from electronics, gamingconsoles to entertainment including producing movies and music. They also have the leadershipstatus in the market of semiconductor. Sony is having the presence in the financial and bankingsector also. as of 2017, Sony is ranked at 105th in the Fortune Global 500 list of companies. Thus,Sony is one of the largest and profitable business corporations in the world. Product portfolioAmong all the sectors earlier discussed, Sony is mostly popular in the electronicsbusiness having mobile devices, music devices, televisions and camera in their product portfolio.Sony is one of frontrunners in introducing advanced and innovative products in the market. Theyare known for the introduction of “Walkman”, which initiated the idea of portable music playersin the market (Du Gay et al. 2013). Moreover, their camera is also well known and populararound the world. The mobile devices of Sony also went through different innovations in termsdesign, sound and camera. They first introduced the concept of swivel mobile phone in themarket. However, with time, their entire product range went through modifications in terms ofdifferent aspects such as mobile devices of Sony were previously powered by Symbian and nowthey are powered by Android. Their televisions are previously having picture tube and now theyare having LED panels. Marketing trendThe product life cycle for Sony is varied and diverse due to their huge variety in productportfolio. They have introduced products in different sectors in different time period. Thus, someof their new products are in the growth stage and some of them are in the maturity stage. Forinstance, the life cycle of their walkman series is in the decline stage along with their televisionswith picture tubes. On the other hand, the latest mobile devices introduced by Sony under theExperia range are in the growth stage. The LED panel televisions and music systems of Sony arein the maturity stage due to the reason that, Sony is having maximum market penetration in themarket of music system.
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