Sony Music Entertainment: Marketing Strategies and Analysis Report

This report offers a comprehensive analysis of Sony Music Entertainment's marketing strategies, examining its current market position, competitor analysis, and the evolution of the music industry. The report delves into Sony's marketing approaches, including differentiation and branding, and contrasts them with Warner Music Group's strategies. It explores the impact of digital marketing and streaming services on revenue and customer engagement. Furthermore, the report identifies areas for improvement in Sony's marketing, specifically highlighting the potential of relationship marketing strategies to foster customer loyalty and engagement. It suggests innovative approaches, such as enhanced communication channels and digital customer relationship management, along with recommendations for product development and launch strategies. The report concludes by emphasizing the importance of market research for guiding brand development and ensuring sustainable growth.

INTRODUCTION
MARKETING
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Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Overview of the Sony Music Entertainment..........................................................................1
TASK 2............................................................................................................................................3
Current marketing strategies that is likely to be improved.....................................................3
Select and analysis of new or innovative approach................................................................4
Recommendation.............................................................................................................................5
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6
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INTRODUCTION
Marketing is said to be an activity or set of institutions for creating, communicating and
exchanging offering that have value for their customers, partners as well as society are large
level. Marketing is basically done for the purpose of provided goods and services as per the
requirements of the customers. It would also measures and quantifies the overall size of the
identified market and profit availability to the “Sony Music Entertainment”. This project aimed
at providing overviews of an organisation in current market. Apart from this, analysis of present
organisation marketing strategy is been discussed under this report. Along with this, innovative
ideas that would be interested in application to improve their strategies are covered effectively in
this project (Shaw, 2016).
TASK 1
Overview of the Sony Music Entertainment
Nowadays, it has been seen that music is essential part of everybody life. Keeping in mind
all the thinks most of the company used to make marketing strategies as per the requirements of
their customers. “Sony Music Entertainment” is said to be American based global music
conglomerate run by Sony and incorporated as common partnership of Sony music inc. It is
basically related with music labels such as classic, rock and other related albums. Its primary
mission is to inspires and satisfy people curiosity. It is known as second largest on the major
three recording companies behind universal music which is ahead of Warner music group. The
overall total operating earnings generated during 2017 is all about 1.16 billion. It seems to be one
of the great brands in terms of music as compare to other companies. The best part of this
company is that it used effective marketing planning at global music with current roster that
consist of a broad array of local artists and superstars (Manning, 2013).
Competitor:
One of the huge competitors of Sony is “Warner music group” which is record label
conglomerate that used to provide music publishing, distribution and artistic labelling services to
their customers. WMG is headquartered in New York and was founded in 1958. It used to incur
a total of 72% of revenue of Sony music. The company owns and regulator some of the largest
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and most successful labels in the world that consists of Warner bros, allophone and recording
items. It basically operates in two segments such as recorded music and music publishing. It is
mostly involved in the formulation and development of artists as well as related marketing and
distribution (Proctor, 2014).
Current state of the Music Marketplace:
It has been seen that in the international prospective music revenue is been increased by
5.9%. Almost 112 million users are related with paid streaming subscription that can drive
streaming growth of 60.40%. It is one of the highest rate record since IFPI began tracking the
marketing condition in 1997, as per the global music report 2017 released it provide a total
earning of 15.7 million in 2016. It has been seen that music potential is limitless, but for this
increment to become sustainable for investment in artist to be maintained for future market base.
The big data take away during the time of 2017 in which the market is become increasingly
diversified in accordance with the artists those are directed far outgrowing the rest of the market.
Apart from this, it does not means that the label are about to be usurp. One of the biggest stories
of every growth of artist without label can be affect the overall performance of the company. By
27.2% in every year of growth was the said to be the fastest rate in 2017. This comprises of total
earning artist that can incurred by distributing through platform such as Sony music
entertainment (McDaniel and Gates, 2017).
Every aspects of this organizations performed clearly in 2017, on the whole creating $472
million of income in 2017, hike from $371 million to the last year. While these numbers neither
represent to the failure of names nor the arrival of the long tail, they do reflect the way that there
is a worldwide commercial centre for artist which fall only outside of record labels remit. Music
giant, Sony Company imports their global artist royalty portal that can empowers artists through
delivering easy and timely access to their services that are provided by the company. Along with
the complete insight on national level, downloads, charts and position. Sony music artist and
partners used to present with all their earning from entire leading audio and video sources. This
particular evaluation is intended to analyse the market strategies of Sony. This plan could be
evaluate the overall marketing strategies in very common manner. It has been seen that the most
common business level strategies is Differentiation. It used to make differentiates themselves
from other companies through offering moderately low cost with high quality of products.
Another one is related with the prestige. Sony has strong brand of quality music. Their
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involvement cannot end with a customer buy of products. Somewhat, it would continue until the
product has been recycled or entirely disposed during the time. Song used to encourage their
employees engaged in overall product planning in order to take this as a long relationship will be
taken into account.
Marketing strategies of Warner music is recorded with the label that is essential part of
music group. It is specializes in compilation album such as sister division. It seems to be used
Digital marketing as well as inbound marketing. As, most of the products are been sold
directly to their customer through the help of social media sites or inbound marketing techniques.
Reason behind choosing these strategies:
The major reason for using this strategy is to draw the attention of maximum number of
people toward their business. It can only be possible though using one of the effective marketing
strategies but before making use of strategies it is essential to make differentiation of people
which can be followed by the Sony music entertainment. In case Warner music, they are using
digital mode of marketing because of connecting maximum number of people with their
innovative music. It is essential to set objectives and attain their goals within the limited period
of time (Smith, 2012).
TASK 2
Current marketing strategies that is likely to be improved
Marketing strategy is one of the essential parts of business that can help in planning overall
game plan for determining clients for the company. In some situation, it can be confused with the
marketing plan, but they are different from one another. Both the company’s marketing strategy
is made to maintain their current position by maintaining current customer and draw the attention
at a fair share of any new segment. The basic reason for this is to maintain overall profitability
through controlling cost. By the help of this, company can contain value proposition, information
related with the targeted customers and attaining high level of customer satisfaction. It takes lot
of time and efforts to formulate and maintain a marketing plan that resonates with their intended
audience. It should have a long time span than any other marketing strategies where the value
must be the major factors. It would also summaries the chances of getting competitive advantage
over the other companies. In case of Sony company as they are using very much old marketing
strategies such as differentiation which tend to be not effective in longer period of time. While in
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case of Warner music they are using digital strategies for the purpose of increasing their number
of sales during the time (Wilson and et. al., 2012).
Select and analysis of new or innovative approach
Relationship marketing strategies is one of the innovative designed that can make faster
customer loyalty, interaction and long term involvement of the people toward their services and
products. It is framed to develop positive connection between the customers through providing
them with useful information directly helpful to their requirements and interest through
promoting open communication with each other.
Communication channel:
It is known as building block which can provided information about how a company used
to communicate with their customers for the purpose of delivering value proposition to them. It
does have various marketing functions such as increasing customer awareness of services that
are provided by the Sony Company to their artist and customers. There are various ways through
which improvement of customer experience and communication can be done. Some of them are,
Nail the initial impression so that chances of getting maximum sales during the time. In fact, first
impression is even more crucial for all kind of business because all kind of prospects which can
be easily send their business to gaining competition in the near market (Armstrong and et. al.,
2015).
Keep time to a minimum level provided that about 75 percent of customer believes that it
takes too long to reach at their customer. There are basically two types of channel such as direct
or indirect mode. Indirect mode of channel can be supplier, value added reseller, wholesaler,
distributors and retailer. Both companies can easily be able to follow this mode of chain so that
chances of attaining more positive results can be more.
Customer relationship: Digital mode of customer relationship management is music line
can be great option that can help them to connect maximum number of customer. Digital
customer management can be helpful in online attachment of customer in order to use new tools
and opportunity to communicate with their customer. Research shows that clients have changed,
which makes weight in making new opportunity models in an online mode with clients and new
plans of action. It will be great help to connect with latest tunes, Sony music websites and promo
card etc.
New advertising / branding opportunity:
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There are various mode of advertisement which will help in selling products and services
to their customer. Such as direct advertising, social media, television and newspaper would be
primary option. Packaging of paper and cassettes should features Sony brand and perhaps even
contract information can be great brand option of the company.
Product development: It can be associated with the modification of current product or
their presentation as well as formulation of entirely new services to their customers. It can satisfy
the newly defined customer that can help in using market niche (Palmer, 2012).
Product launch: It is the time when demand of customers can be more. It is a process
that can change their entire perspective regarding launching products. The idea of a Product
Launch is to make sales momentum.
Recommendation
In case of thinking regarding the launching of a new products or developing would have
certain features for an existing one. Market research is essential to move for brands and deliver
valuable information to guide the process and highest likelihood of growth. There is various
qualitative researches that seeks more in-depth analysis from respondents by the use of open test
responses (Quantitative research, 2017). Quantitative research, as the name recommend is
primarily regarding numbers. It is basically associated with the large group of people.
CONCLUSION
From the above project report, it has been concluded that marketing is primary aspects that
can lead to overall growth for an organisation. For this purpose, it is vital to make use of
effective marketing strategies and innovative ideas to implement new thinking to make proper
growth and sustainability in near future time.
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REFERENCES
Books and Journals:
Armstrong, G, and et. al., 2015. Marketing: an introduction.
Manning, P., 2013. Introduction. In Drugs and Popular Culture(pp. 10-13). Willan.
McDaniel, C. and Gates, R., 2013. Marketing research. Singapore.
Palmer, A., 2012. Introduction to marketing: theory and practice. Oxford University Press.
Proctor, T., 2014. Strategic marketing: an introduction. Routledge.
Shaw, S., 2016. Airline marketing and management. Routledge.
Smith, A. C., 2012. Introduction to sport marketing. Routledge.
Wilson, A. and et. al., 2012. Services marketing: Integrating customer focus across the firm (No.
2nd Eu). McGraw Hill.
Online
Quantitative research. 2017.[Online]. Available through: <
https://www.askattest.com/blog/home/quantitative-vs-qualitative-research-and-how-to-use-
eachcdr>.
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