Marketing Strategies and Innovation Report: Sony Music

This report provides a comprehensive analysis of Sony Music Entertainment's marketing strategies within the context of the evolving music industry. It examines the current market conditions, including the growth of digital music, access-based services, and real-time listening experiences. The report then delves into the marketing strategies of Sony Music and its competitor, Warner Music Group, highlighting the use of content marketing and generic social networking, respectively. It also explores the reasons behind these strategic choices. Furthermore, the report identifies areas for improvement in Sony Music's current content marketing strategy and proposes a new, innovative approach: the introduction of digital goggles with advanced features. The report concludes with a plan for implementation, including a critical analysis of potential challenges, outcomes, and their impact on the final result.

INTRODUCTION TO
MARKETING

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Examine organisation and its current market..............................................................................1
Analyse marketing strategies of organisation and competitors...................................................2
Reasons of competitors to follow marketing strategy.................................................................3
TASK 2............................................................................................................................................3
Briefly explain strategy of organisation which need to be improve ..........................................3
New or innovative approach.......................................................................................................4
Plan of implementation with critical analysis outlining the challenges and possible outcomes
which may affect the final outcome............................................................................................5
CONCLUSION ...............................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Marketing is process of management which involves identification, anticipation and
satisfying customers in order to earn profits for company (Kim, Hulland and Eom, 2018).
Marketing strategies are long – term planning with the objective of sustainable competitive
advantage in respective industry. Sony Music Entertainment is also known as Sony Music is
American music company operating at global level and was founded in 1929. in this report there
will be complete overview of current market for organisation and evaluation of existing
marketing strategy and of the competitor. At last, innovative or new idea which can be applied to
increase marketing approach of organisation by analysing current strategies used by organisation.
TASK 1
Examine organisation and its current market
Marketing industry main purpose is to communicate marketing firms's products and
services to customers, clients and public. Marketing involves activities that are concerned with
creating, communicating, delivering and exchanging products or services of businesses which
has some value for consumers. Transformation of music industry in recent years has disturbed
whole industry and introduce changes in existing state of sector. There are different factors
which will help to get complete understanding about the current market conditions, some of them
are as follows:
Growing Digital Music Market: Due to issues like piracy innovative models have been develop
for online distribution legally. This services has helped additional revenue to grow for company
and there is no further additional threat to industry (Armstrong and et.al., 2018). There is still
scope for growth in music industries with companies by developing innovative business model to
attract listeners. The challenges are considered by music service provider and received
international attention from music industry. This is one of current trend in music industry
Access - Based Music Services: These days different services like Spotify has been introduced
so that legal services are effective enough in competing with illegal sharing of file. There is
business model which is used in these services is Freemium which is free and premium. The
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objective behind this type of model is to use some services free and while operating they connect
emotionally and thus invest in premium one to generate revenue for companies.
Real-Time Listening Experience: In past 15 years listeners have switch to enjoy music online
rather than keeping them as records in home. This is one of slow development in recent years for
music industry and there is scope for future development as well (Elden, Cakir and Bakir, 2018).
There are many companies who are engage in these type of services and compete on the basis of
quality and pricing policy. For further development there is need that innovative business model
is introduced to differentiate services and earn higher profitability.
Analyse marketing strategies of organisation and competitors
Marketing strategies is detailed plan which is formulated for attainment of objectives
related to marketing department of organisation. Different firms adapts various tools and
techniques which is appropriate according to the need of organisation and its
's set objectives. Sony Music Entertainments and it's competitor has applied different type of
marketing strategies, explanation is as follows:
Marketing Strategy of Sony Music Entertainments: It is American global music
company founded in 1929, after that marketing activities has changed in different ways. This
increases the need to employ effective marketing strategies so that it can achieve organisational
objectives. Company uses Content Marketing which is base of digital marketing comprises of
strategies in showing to customers what Sony Music Entertainments is offering in market. For
this they uses different social platforms like Facebook, Instagram, E – mails, Spotify, Twitter,
etc. to reach maximum number of consumers. This helps company in communicating
information, highlights uniqueness so that connection can be build and maintain with consumers.
This also ensures that there is improvement in brand image and awareness.
Marketing Strategy of Warner Music Group: It is an multinational American
entertainment group situated in New York city (Perreault, 2018). Company is focusing on cheap
and free marketing labour. This is cost effective and easy method to build and maintains strong
relationship with media outlets, artists, bars, DJs, clubs, etc. For this company will employ
Generic Social Networking so that communication can be with both online and personal basis to
identify different factors. Social networking indulge in use of social media which is internet –
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based and connects companies with customers, clients and public with the help of different
platforms like Instagram, Facebook, Twitter, etc. Company will also employ team of individuals
who will be working to introduce and promote new artists and build personal relationships with
media sources.
Reasons of competitors to follow marketing strategy
Reasons of Sony Music Entertainments: One of specific objective of company to grow
its properties in terms of social media. This will help organisation to create and enlarge
awareness of brand by advertising with the help of promotional tool so that number of followers
on social media can be increase (Roberts, Kayande and Stremersch, 2019). Business model of
Sony Music Entertainments lay emphasis on creating a sense of music community,
communicating about events or contests and building connection with different media partners.
The ultimate goal is to sell artists and products with the help of collective actions in direction of
achieving organisational objective. All these goals of firm can be effectively attained with
Content Marketing Strategy used by business to reach targeted audience and customers.
Reasons of Warner Music Group: Company has a vision of discovering and promoting
musical talent present in world in forms of artists. To achieve this objective company adapted
Generic Social Networking in which team of marketing personnel is made to manage customers,
artists and audience in effective way by interacting with direct channel. This is two- way
communication in which feedback are also entertained by which quality can be improved.
Continuous monitoring and controlling feedback will help company to have complete
understanding about customers and sentiments which affects their choice of music. Marketing
agents working on ground level helps company to regulates competition and make strategies to
have competitive advantage in industry (Hayhurst and Wills, 2018). All above points shows that
Warner Music Group in order to achieve its vision has applied this type of marketing strategies.
TASK 2
Briefly explain strategy of organisation which need to be improve
There are some existing strategies which company have to change for further
improvement within an organisation. Explanation of strategies are as follow which company
have to change :-
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Sony Music Entertainment company is using Content marketing strategy which focused
on creating as well as distributing valuable, relevant and consistent content with motive of
attracting as well as retaining audience (Chimhundu, 2018). In addition to this, content marketing
is digital marketing strategy within that organisation create honest, transparent as well as
educational content on consistent basis for ideal customer profile. Moreover, goal of respective
marketing strategy is to use publication and promotion of content for driving organic website
traffic, empower sales team to close more deals faster and many more. As Sony Music
Entertainment Company is conducting marketing strategy as its is not much effective for their
working so there is requirements to modify this strategy for attracting more and more customers.
On the other hand, Warner Music Group is using Generic Social Networking Strategy
for grabbing eyes of customer at large level (Inkson and Minnaert, 2018). So that communication
can be with both online and personal basis to identify different factors. Social networking
indulge in use of social media which is internet – based and connects companies with customers,
clients and public with the help of different platforms like Instagram, Facebook, Twitter, etc.
Company will also employ team of individuals who will be working to introduce and promote
new artists and build personal relationships with media sources. Thus, for Warner Music Group
it is important to do some improvement within their existing strategy as it will help me in
grabbing attention of more and more customers.
As business environment is dynamic in nature and within this several modification take
place which need to be manage in proper manner. Thus, it is necessary for Sony Music
Entertainment company and Warner Music Group to do modification within their existing
strategy as per the requirements because it will help them in conducting activities within more
effective manner.
New or innovative approach
For an organisation it is necessary to come up with some new or innovative approach
within market area. As it will help them in attracting more and more customers within more
effective manner (Basil, Diaz-Meneses and Basil, 2019). Below mention are some new or
innovative approach which Sony Music Entertainment company as well as Warner Music Group
have to implement within their working which are as follows :-
Sony Music Entertainment company is going to coming up with new product within
market which is digital goggles. It will help them in attracting more and more customers for
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increasing sale as well as generating revenue. These digital goggles have several features within
such as radiation control which is necessary because now a days people much use mobile phones
as well as laptops. Along with this, these goggles have Bluetooth within them which help in
connecting with mobile phone. This Bluetooth feature is good because when there is call or
message one single beep and light blink on goggles. It is new and innovative product which
result in attracting more and more customers as well as also help in increasing sale and
generating revenue. (Walasik, 2018) For Sony Company it is necessary to come up with some
innovative product within market area as customer get bored after sometime by using same
offerings.
On the other hand, Warner Music Group is implementing new advertising strategy
within their working as they are at present using Social Networking Strategy within their
working. In this they are using social media tools only which is not enough for marketing
purpose of an organisation. Thus, they are implementation print media advertising in their
working as it will help them in grabbing attention of more and more customers. Because old age
people don't use social media applications at wide level so for them it will be effective to use
print media advertising.
Plan of implementation with critical analysis outlining the challenges and possible outcomes
which may affect the final outcome.
Sony music company is coming up with new innovative product within market area
which is digital goggle with several features such as radiation control which is necessary because
now a days people much use mobile phones as well as laptops. Along with this, these goggles
have Bluetooth within them which help in connecting with mobile phone. This Bluetooth feature
is good because when there is call or message one single beep and light blink on goggles. This
product will result in several advantages as well as disadvantages for working of Sony as with
this product sales will get enhance of respective business firm which will result in generating
revenue (Campbell, Martin and Fabos, 2018). Along with this, there are some disadvantages also
for Sony Company as this product is of premium pricing which will not going to be in affordance
of everyone. Which result in increasing sale at minimum level as high pricing product is not
affordable for everyone. So it is necessary for Sony Company to analyse market within effective
manner and then come up with some innovative product in market area. Because through this,
they will be able to analyse customer needs, wants, taste and preferences which is necessary for
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an organisation before serving them. Along with this through market analysis they will be able to
target their customers and do production as per requirement.
Warner Music Group has opted for a new strategy of carrying out promotions using print
media. The different media that the company plans on using are newspapers, magazines etc. to
reach a broader spectrum of customers and also create a new segment of potential customers.
The company will post advertisements on the famous newspapers in different states and also in
popular magazines to grab attention of the customers (Ottley and Bechwati, 2018). Using
different types of print media will help the company in reaching out to different segments of
customers spread across various regions. Popular magazines are often read by people and hence
weekly magazines will be a great way to get them to focus on a particular advertisement. Print
media will give the company choice as to where does it want to place its advertisement. Since the
company wants to reach out to audiences globally, this will not be a wise choice. Therefore, in
place of print media then, Internet should be used. Also, getting an advertisement placed on any
of the print media will require a lot of time and planning and there are chances of the
advertisement not getting noticed by the customers.
RECOMMENDATIONS
After going through entire discussion it has been recommended to Sony Company that
their new product launching will be beneficial for company as it will result in grabbing attention
of more and more customers. But they have to conduct proper market research while coming up
with new product is market area. As it will help them in analysing current market trends, taste
and preferences of customers etc.. in more effective market. Along with this, through market
analysis Sony Company will able to serve their customers in more effective manner. On the other
hand, for Warner Music Group it has been recommended that they have to use less expensive
source of print media because investing on advertisement at huge result in occurring extra cost
on production of goods as well as services.
CONCLUSION
From above discussion it has been summarised that, marketing is important for an
organisation as it help them in attracting more and more customers. Because marketing is
procedure which help organisation in grabbing attention of existing as well as potential customer
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for specific product. In addition to this, for an organisation it is important to implement
modification within their existing strategies as business environment is dynamic in nature there
is requirement to implement modification. Along with this, there is requirement to come up with
some innovative product within market area because it help company in gaining long term
sustainability.
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REFERENCES
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