Marketing Strategies: Sony Music Entertainment and Competitor Analysis

This report provides a comprehensive analysis of Sony Music Entertainment's marketing strategies within the competitive UK music industry. It begins with an overview of Sony Music, its market position, and its marketing approach, including digital and traditional channels. The report then examines the marketing strategies of a key competitor, Warner Music Group, highlighting their digital marketing efforts. A comparative analysis of both companies' strategies follows, emphasizing the importance of digital marketing and customer relationships. The second part of the report introduces innovative marketing ideas, such as new customer channels, improved customer relationships, new advertising techniques, branding opportunities, and product development to enhance Sony Music's market position. Finally, the report offers specific recommendations for Sony Music to improve its marketing effectiveness, including timely product launches, market surveys, and fostering relationships with artists, ultimately aiming to increase customer base and profitability. This report is a valuable resource for students studying marketing and business strategy, providing real-world examples and actionable insights.

Introduction To
Marketing

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

INTRODUCTION
Marketing is defined to a process of engrossing potential consumers in buying the
offering of an enterprise. The prospects are informed and communicated about the products and
services and are persuaded to avail the same (Sheth and Sisodia, 2015). It is a broad concept
which 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 this
assignment revolves around identifying current standing of the market along with identifying
marketing strategy deployed by the company. The second part of this assignment aims to create
an innovative idea to enhance marketing position of the company.
TASK 1
Brief overview of the company
Sony Music is one of the world's renowned recorded music company. It is a American
based music company owned by Sony corporation. This organisation was formed in the year
1929 and at present operates as a general partnership company. This organisation have recently
acquired 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, Miley
Cyrus, Celion Dion and Bettonce. The music label possess some of the memorable history of all
times.
Brief overview of market
The music industry of the United kingdom has been identified as very competitive. There
is a presence of fewer firms who are competing hard to enhance their share in the market. The
profits have been garnered by organisation through selling, publication and distribution of music
around the globe. The recent identified contribution of the music industry in the economy of
United Kingdom stands at 4.1 billion euros. In the recent years, there has been a substantial rise
of approximately 10% of this industry. The music industry exclusively provided employment to
over 119,020 people in the country (Proctor, 2014). It is not confined to the geographical
boundaries as out of every 10 best selling artists 5 belongs from United Kingdom. The music
industry of the United Kingdom employs a combination of old and new technology so that
distinct people are catered with music treasure. The key players in the music industry are
Vivendi (Universal Music group), Sony corporation, Warner Music Group and at last
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Bertelsmann (BMG). The future of music industry in the country is expected to grow
substantially due to assistance of investment tactics, rise in streaming and marketing strategies.
Marketing strategy by Sony Corporation
Marketing strategy is referred to an long term approach which has been employed by the
organisation into attaining a superior business position in the market. Sony corporation has been
inclined towards use of marketing tactics in order to improve their market share. The expenditure
this organisation have incurred in terms of marketing stands at $3.7 billion in 2016 (Krishna and
Schwarz, 2014). the company have utilised a right marketing mix along with incorporation of
digital measures to promote products and services of the company. The company have employed
digital and traditional channels to promote their music labels across the country. The content
marketing along with social media platforms are preferred to be best of the ways for promotion
of services digitally. The company have marked its presence over latest technologies and apps so
that prospects are communicated and informed frequently. This music label have been known to
monitor its social media and iTunes on a regular intervals. The information obtained through
iTunes, media and radio is analysed so that future planning could be derived.
To conclude the above, it has been identified that Sony Music have inclined their efforts
upon digital marketing. The organisation is active upon the major streaming apps and social
media platforms to reach to their customers (Babin and Zikmund, 2015).
Warner's Music group marketing strategy
The Warner Music group is a rival organisation which is carrying out its operations in the market
of united kingdom. The company have also take assistance from digital platforms to mark their
presence in the music industry. The company have taken help from digital marketing platforms
to fill up their concert seats at global level. The justification for the same is that organising event
have been a major revenue generator for organisation in music industry and can be made
successful through employment of cost effective measures of the promotion.
Going a step further, a right combination of PR, media and social marketing have been
employed so that promotional activities are carried out in an competitive manner (Anda and
Temmen, 2014). Warner group have formed a specialised team which is known to manage
marketing through emailing. However the organisation is recently exposed to challenges such as
content and timing relevance which are being countered by the company through sales-force
marketing and Story-ports.
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Examination of strategies which are adopted by rival companies
Warner's Music group marketing strategy and Marketing strategy by Sony Corporation
both are essential for the company to increase their performance and profitability in marketplace.
With the use of these strategies business entity easily attract large number of customers towards
business products and services. Warner's Music group is a rival enterprise which are enlarging
their business operations and activities at different level. In this they are highly required to select
beneficial and effective strategies in order to accomplish their predetermined goals and
objectives. Marketing tool help the business entity to develop their long-lasting relationships
with customers and employees (Chandon, Laurent and Valette-Florence, 2016). With the help of
marketing techniques refereed firm easily promote their all products and services to the
customers and in the marketplace easily.
Evidencing and support for arguments: Marketing strategies is very important for the company
to easily promote and advertise business products or services in marketplace. With the help of
such strategy business entity achieve long term goals and objectives in given time period. It is
also beneficial and valuable for the company to develop long-lasting connection and
relationships with clients in a limited time period. Marketing tool also help the employees to
increase their moral and performance as well as accomplish predetermined objectives or goals of
an organisation. Above all strategy are beneficial and important for the enterprise to increase
business sales and revenues in limited time period (Verhoef, Kannan, and Inman, 2015).
TASK 2
Innovative Idea which the organisation would be interested in applying to improve its marketing
strategy
Innovative ideas is very important and essential for the organisation to enhance their
marketing approach and strategies in an effective manner. There are some essential and new
ideas which is apply by the company in their business operations and activities (Möller and
Parvinen, 2015). These are determined as below:
New customer channel: It is also very essential and important part of the company to
easily attract large number of the customers towards business products and services. Company
give quality products and services to the customers in order to maintain long-lasting relationships
with clients. There are some steps which are includes in this such as:
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Step 1: Brainstorm ideas: It is first step which is important for the company to plan an effective
strategy and policy in order to accomplish long term goals and objectives of company in limited
time period.
Step 2: Evaluating your ideas: In this business evaluate their ideas to enlarge their business
operation and activities in different area. It is essential and beneficial for the enterprise to
promote their plan and services in marketplace and to the customers. So they are understand
regarding business services or products and purchase these goods easily(Jeitschko, Jung and
Kim, 2017).
Step 3: Prioritize the channels: It is another important state which is follow by the company in
regards to advertise their all services and products in marketplace. In this enterprise use different
communication channels such as promotions, advertisement, sponsorship and other many tools.
Step 4: Focus: It is last phase, in this business organisation mainly focuses on maintaining
customer relationships or connection with company (Sheth and Sisodia, 2015). In this business
mainly emphases on accomplishing predetermined goals and objectives of enterprise.
Customer relationships: Companies are able to make profit, if they carry good
relationship with consumer base available with them. This can be done by providing products
and features according to need and wants of people (Tomczak, Reinecke and Kuss, 2018). As in
context of Sony music entertainment, they have designed items and added features through
which they are able to attract and sustain customers interest towards firm offerings.
New advertising: Enterprises uses various promotional tools to inform people about their
products and to position themselves superior than other rival firms. Social media advertising and
content marketing are various advertising tools used by Sony music entertainment. This benefit
firm to familiarise customers about their offerings and giving them opportunity to choose
according to their taste and preferences.
Branding opportunity: Organisation needs to use quality raw material and packaging so
that they are able to attract large number of people (Proctor, 2014). Sony music entertainment
had adopted various innovative devices to enhance their reputation in market. This had
advantage firm, as they have established high market value by involving super stars and
providing albums of talented musicians to people.
Product development: Sony has continuously proven it's strategy in digital music
service domain over past decades, which was broadly accepted and requires more effort in
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product development so as to increase customer base. The distribution network in mobile
community and digital service has to be expanded and strengthen. More arrangements for online
advertisements to reach customer globally. New prototypes to develop digital music that can
meet zeal of musicians. More unique and innovative R&D for audio-video processing, recording
labels, etc.
Product launch or marketing campaign: Companies require to make improvement in
items to enhance their market share. So by adding new features and benefits in their offerings to
compete with rival firms (Krishna and Schwarz, 2014). As Sony music entertainment, they keep
launching new audio/video music products so that they are able to attract customers. Thereby,
firm earn adequate revenue through which they are able to carry out operations appropriately.
Recommendations:
For each and every kind of project, there is requirement that if firm want to sustain their
market share, then they should keep launching products timely. Superiors conduct market survey
through which they come to know about rival companies offerings. Thereby, firm will be able to
design items through which they are able to attract large number of people.
As in context of Sony music entertainment, they will establish good position in market, if
they are having connecting with famous singers. This help them to timely launch new songs
through which they are able to increase their customer base. By providing albums of popular
artist, they are able to enhance their profitability. Executive require to make transformation in
strategies through which they take care that business activities are occurring in accordingly. They
should also construct healthy relationship with all employees to make them function effectively.
This help firm to retain their competent workforce and also reduce their absent rate. Hence,
company which are having bond with customers are able to sustain their interest. This benefit
organisation to enhance customer base by providing them adequate offerings.
Companies using innovative and creative devices to promote are able to enhance their
reputation and image in marketplace. Social media advertising, Content marketing and radio
broadcasting are various devices which advantage organisation to promote their audio/video
albums. Sony music entertainment require to use appropriate promotional tools to inform and
attract customers. By familiarising people about their offerings, they are able to compete with
other rival firms easily. So they require to have potential R&D team, in which members posses
skills and knowledge through which they formulate strategies properly. This will benefit firm in
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generating adequate revenue from their business; through which superior are able to carry out
operations appropriately.
CONCLUSION
From the above report, it can be concluded that firms uses various promotion tools
through which they inform and attract customers about their products and its features. Superior
require to conduct market survey to analyse people need and wants so that they offer items
accordingly. This also benefit them to find competitors offerings; so that they formulate
strategies through which they are able to position themselves superior. Companies are able to
generate adequate amount of profit by using social media advertising and content marketing to
promote new offerings timely. Hence, firm is able to influence buyers and their decision by using
various marketing devices.
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REFERENCES
Books and Journals:
Anda, M. and Temmen, J., 2014. Smart metering for residential energy efficiency: The use of
community based social marketing for behavioural change and smart grid introduction.
Renewable energy. 67. pp.119-127.
Babin, B. J. and Zikmund, W. G., 2015. Exploring marketing research. Cengage Learning.
Chandon, J. L., Laurent, G. and Valette-Florence, P., 2016. Pursuing the concept of luxury:
Introduction to the JBR Special Issue on “Luxury Marketing from Tradition to
Innovation”. Journal of Business Research. 69(1). pp.299-303.
Jeitschko, T. D., Jung, Y. and Kim, J., 2017. Bundling and joint marketing by rival firms.
Journal of Economics & Management Strategy. 26(3). pp.571-589.
Krishna, A. and Schwarz, N., 2014. Sensory marketing, embodiment, and grounded cognition: A
review and introduction. Journal of Consumer Psychology. 24(2). pp.159-168.
Möller, K. and Parvinen, P., 2015. An impact-oriented implementation approach in business
marketing research: Introduction to the Special Issue on “Implementing Strategies and
Theories of B2B Marketing and Sales Management”. Industrial Marketing
Management. 45. pp.3-11.
Proctor, T., 2014. Strategic marketing: an introduction. Routledge.
Sheth, J. N. and Sisodia, R. S., 2015. Does marketing need reform?: Fresh perspectives on the
future. Routledge.
Tomczak, T., Reinecke, S. and Kuss, A., 2018. Introduction. In Strategic Marketing. pp. 1-18.
Springer Gabler, Wiesbaden.
Verhoef, P. C., Kannan, P. K. and Inman, J. J., 2015. From multi-channel retailing to omni-
channel retailing: introduction to the special issue on multi-channel retailing. Journal of
retailing. 91(2). pp.174-181.
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