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Sony Marketing Plan

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Table of Contents
Executive Summary……………………………………………………………………3
Background……………………………………………………………………………..4
Situation Analysis ……………………………………………………………...2 Competitive Analysis …………………………………………………………….5 SWOT Analysis …………………………………………………………………..6 Strengths……………………………………………………………………6 Weaknesses…………………………………………………………………8 Opportunities……………………………………………………………….9 Threats…………………………………………………………………….9
Marketing Opportunity Analysis…………………………………………………………10
Marketing Plan Summary……………………………………………………………….11 Target Market……………………………………………………………………11
Competitive Benefits………………………………………………………………12
Positioning Statement…………………………………………………………….12
Promotional Plan…………………………………………………………………………12 Gaming Conferences…………………………………………………………….13 Online Promotion and Advertising………………………………………………13
Beta Release for Critics……………………………………………………………14
Product Marketing and Cost………………………………………………………14
Conclusion…………………………………………………………………………………15
Bibliography……………………………………………………………………………….16

Executive Summary Sony Corporation offers a variety of innovative products and services to consumers in multiple market segmentations. Sony’s product design expertise, high quality products, innovation, and competitive pricing are some of the companies well known attributes that keep them in a competitive position. Sony Corporations most profitable market, video games, continues to grow selling video game counsels at record numbers. Introduction of Sony’s new virtual reality system, Project Morpheus, will help Sony satisfy repeat customers, advance technology in gaming, and increase profits by being the first to offer a highly desired immersive gaming experience. The intentions of the proposed marketing plan include; increasing exposure of the Project Morpheus by 30%, familiarizing potential target markets with virtual reality technology, and creating a working wireless prototype by the 2nd quarter of 2014. To achieve these objectives, the marketing plan details a proposed promotional plan that goes as follows * Create a prototype to present at gaming conferences. * Use IMC to market through online channels * Release a beta for critics and reviewers.
By implementing this promotional plan, Sony can expect to increase awareness of the product, gain interest and potential buyers, and generate revenues while staying ahead of competitors.

Background
Sony is a Japanese based electronics company that specializes in personal electronics, televisions, sound systems, and movies and music with a mission to be a company that inspires and fulfils curiosity. Today, more than 900 million Sony devices are in the hands and homes of consumers around the world. Through music, movies, and video games, Sony’s entertainment network provides more entertainment experiences than anyone else in the industry (Inc., Company News).
Starting as a telecommunications engineering corporation in 1976, the founder of Sony, Masaru Ibuka, built Japans first tape recorder. Over time, Sony became well known for creating new devices and technology rather than following through industry fads (Corporation, n.d.). They have been the developers of the Trinitron Color television, VCR, and Walkman, the magnetic recording tape, the compact disc, and the Blu-Ray disc, and the latest addition which is a Crystal LED television. They continue the expansion through Xperia Smart phones and tablets, Vio laptops, Bravia televisions, and 4k Cybershot professional cameras. After Nintendo refused to accept Sony’s offer to use CD’s for gaming, Sony Developed its first gaming system, the PlayStation, which has had tremendous consumer demand since inception.

Situation Analysis
Sony is currently recovering from years of poor sales and revenue due to multiple internal and external factors. With plans on cutting cost and refining department operations, Sony plans on focusing on extending its reach to consumers through innovative products and integration of products and services.
Current customers for Sony vary depending on the product or service that is being used. Having departments in different industries, Sony’s target market changes depending on what is being sold. Departments in multiple industries also means multiple competitors. Some of Sony’s major competitors include Samsung, Microsoft, Apple, and Bose.

Competitive Industry Analysis
The industry for consumer electronics is rapidly growing with new and innovative products being announced on a near daily bases. Revenues for the consumer electronics industry is predicted to grow 2.4% by the end of 2014, reaching up to $208 billion. As continues development of innovative products continue, product categories for consumer electronics is predicted to grow by 107%. By the end of 2013, Sony held 2nd in revenue growth with 27% increase right behind Apple’s 53.7% increase (Adams, 2014). New products and advancing technology are the driving forces of the industry, the more a company invest in research and development the higher revenue growth it gains.
Products and services that are offered by Sony can be divided into four segments; electronics, games, pictures, and financial services. The two biggest segments, electronics and games, is where Sony earns most of its revenue. Although Sony has strong competition in each segment, no competitors contains a presence in all four segments. In electronics, Sony lost its upper hand in portable audio to Apple’s Ipod but still is one of the top four record labels along with Universal Music Group, EMI Group, and Warner Music Group (WMG) (Adams, 2014). Facing pressure from Samsung and Toshiba, Sony’s declining sales in laptops and TVs is expected to rise again as new marketing techniques are implemented. Although Sony faces intense competition from Microsoft’s Xbox and Nintendo in the gaming industry, sales for PS3 and PS4 exceed competitor sales. Sony’s hand held gaming devices adds to the profit growth for this market.
SWOT Analysis

Strengths * PS4 is currently top selling next gen gaming counsel * A strong foothold in the entertainment industry * Entering new market ahead of competitors | Weaknesses * Not first company to enter market * Poor sales numbers due to bad decision making * Poor management | Opportunities * Future implications for device * Integration with Sony Entertainment Network | Threats * Third party VR system releases * Microsoft and Steam |

Strengths
Since the launch of the first PlayStation, Sony has had tremendous success within the video game industry. The company has been known to release some of the best exclusive titles in the industry and current anticipation for PS4 exclusives is higher than ever. Sony’s PS4 is already the top selling next generation counsel, selling over a record breaking 4.2 million units within 6 weeks of product launch (Shuman, 2014). Project Morpheus is designed to work exclusively with the PS4 so the potential target market is already in place. It’s expected that Sony will release bundle packages that will include the PS4, Project Morpheus, and a AAA title exclusive to the PS4 and Project Morpheus.
Although Project Morpheus is not the first virtual reality system to get gamers excited, Sony is still getting their foot in the door earlier than its competitors, Microsoft and Steam. Rumors have been spread that both Microsoft and Steam will be releasing their own virtual reality headset but no official word from either company, although with Sony’s announcement it is highly likely that both companies will be announcing a headset as well. The first VR headset to enter the market was the Oculus Rift, which was publicly funded through KickStarter. Although the Oculus could be purchased by anyone the product is still considered to be in beta testing, so no final product or release date has been announced. After Facebook announced that they made an acquisition of Oculus Rift, interest in the devices quickly declined and large game developers, such as Notch, backed out of any game developments for the VR system. As interest in the Oculus Rift as a gaming device quickly declined, all eyes are on Project Morpheus as the next upcoming revolutionary VR gaming system. As technology advances, it is important for a company to remain innovative and competitive in the market by investing money into research and development. Sony has a strong brand name that is known globally and has been able to monopolize their brand loyalty by giving their repeat customers new and innovative products and services. Sony has a history of designing successful and creative products such as the first automatic rice cooker, the first CD player, the world’s first transistor TV, the Walkman, the AIBO, Memory sticks, and the first Plasma and OLED TV (Corporation, n.d.). With a successful history of innovative product releases, Project Morpheus is expected to do very well within its market.

Weakness Although Sony might be getting ahead of their competitors, they are not the first company to announce/release a virtual reality system to the market. As stated above, the Oculus Rift is the first major improvement in virtual reality released to the public. Although the product is still in beta testing it became open to purchase for all consumers in 2012. Because of the two year head start, Oculus Rift became the name associated with virtual reality gaming and currently has near 200 game titles that are designed to work exclusively with the VR system. In early 2012, Sony announced a personal 3D head-mounted display, the HMZ-T2, which was to allow a similar immersive experience to a virtual reality system. The system did not do very well in the market due to its high retail price and lack of interest around the system. Although Sony has had great success in developing new products over the years, Sony has had dropping sales numbers over the past years, which resulted in the loss of 16,000 jobs worldwide. Products such as Sony TV’s, laptops, and portable gaming have seen a drop in sales. In the past 2 decades the TV division has lost a lot of momentum, which is partly due to high cost of the TV sets. Sony does not manufacture its own LCD panel for their TVs but instead have an alliance with Samsung which increases the price of the products allowing other companies such as Toshiba, Sharp, and Panasonic to pass Sony in TV sales. Because Samsung manufactures LCD panels for Sony, Project Morpheus will not be completely manufactured within the company, potentially increasing the price on the final product. After Sony announced a 40% cut in profit forecast, shares in Tokyo Trade dropped 11.1% (Inagaki, 2013). One of Sony’s biggest issues in the past few years is the decrease in profit due to poor management of the company. In comparison to competitors, Sony spends more time focusing on administrative and management sectors. Sony’s heavy focus on creating an organizational structure has caused missed opportunities and poor product sales (N/A, Issues Facing Sony and Managements Response to those Issues, n.d.). Sony’s electronic operations lack of integration with its entertainment division has also cause Sony to experience poor sales film and music.

Opportunities As the technology for virtual reality continues to advance, new uses for Project Morpheus could be developed for multiple media outlets. Integrating Project Morpheus with Sony’s Entertainment Network could allow consumers to experience music and movies like never before. Imagine having a virtual presence at a live concert or having a new immersive experience in movies. Designing future electronic devices to be compatible with Project Morpheus could expand the use of the system and increase the opportunities Sony has to increase profit. The technology for virtual reality can be beneficial many industries outside of the video game industry. Organizations and researchers are already researching this technology and how it can be used for purposes such as training, simulation, education, and rehabilitation. Allowing Project Morpheus to be used in multiple industries will allow for expansion of its uses as well as faster advancements in the technology.
Threats
Similar to the release of any new and innovative product, third party and generic VR systems are expected to hit the market after the release of Project Morpheus. Because third party products could potentially flood the market, VR systems could experience drop in prices due to demand. With consumers having more options, sales opportunities declines. Sony’s two biggest competitors, Microsoft and Steam, could create a negative image on Project Morpheus. Although neither company has announced an official product, both have stated they are looking into the potential of VR gaming. Because both companies have their own strengths that can be incorporated into their device, this can cause criticism on features available to Project Morpheus.
Marketing Opportunity Analysis Currently, Project Morpheus is facing several unique obstacles. The first obstacle is the major gaming consoles currently on the market. Since the virtual reality technology is part of the gaming market, they will have to compete with the other leaders such as Microsoft’s Xbox One. Oculus already has a head start in the gaming community although since it was purchased by Facebook, this potential competitor in virtual reality technology has changed considerably away from gaming into other markets. The second obstacle is the new and unfamiliar market concerning virtual reality technology. It is in a unique position because virtual reality technology has not been readily available to the public. This is interesting because as this technology continues to advance, its uses will be far more than gaming. This technology has an opportunity to revolutionize many different areas of technology at its release as it is continued to be improved and immersed into other technology. All in all, virtual reality technology will create a genre which is yet to be defined at its release (Inc., Company News).

Marketing Plan Summary
The marketing objectives for the Sony Morpheus are as follows: * Increase the exposure of the Project Morpheus by 30% in 2014 and familiarize community to virtual reality technology * Create a wireless prototype by 2nd quarter of 2014
Target Market The gaming community can fall under to two customer types, hard core gamers and casual gamers (N/A, Industry - Video Games, n.d.). From pre-launch marketing to the introductory phase of the product, hard core gamers should be Sony’s target market. Although this is a small demographic, hard core gamers are the consumers whose primary hobby is video games. Most first buyers, critics, and professional gamers fit under this demographic. A smaller segment of this demographic could be those that own a PS4. As interest of the product increase throughout its life cycle, Sony can expand its target market to multiple demographics. Future target markets for virtual reality technology falls under research and education. Currently, Sony has a promised partnership with NASA for the purpose of using this technology for a variety of professions (Gannon, 2014). This may include the military, education, healthcare, and science. The technology may be used in these different fields for training and simulation purposes.

Competitive Benefits * LCD 1080p display * 3D audio * Lightweight headset * LED tracking lights
Positioning Statement The Sony Morpheus is a product that seeks to be an innovator in virtual reality gaming which allows gamers everywhere to be immersed in the technology and experience a new world of virtual gameplay.
Promotional Plan To achieve the marketing goals which have been set for the organization, Sony will prepare an integrated marketing communications plan to increase awareness and increase reach for future potential buyers. Releasing a prototype to be used at electronic and gaming expos will keep the target market interested in the product until release date. Promotional plans for Project Morpheus are as follows: * Create a prototype to present at gaming conferences. * Use IMC to market through online channels * Release a beta for critics and reviewers.

Gaming Conferences
Creating a prototype that is open to the public is a large but achievable goal but. A great place for this to occur would be E3, also known as the Electronic Entertainment Expo. E3 is the largest convention of the year dedicated to the video game industry. Compared to other expos, E3 offers the largest reach for Sony’s target market as it will offer the highest publicity for the product. Other conferences which the product can be presented also include Gamescom in Europe. Exposure in at Gamescom in Europe would also be good for the product because it will allow for international exposure. The Game Developers Conference is also a conference which the Sony Morpheus could look towards because it is the area where game developers share their latest ideas and technology.
Online Promotion and Advertising
An area which the Sony Morpheus should look to promote their product is advertisement online. On the Sony website, they can release more information about the details of the product itself including specs and which stage the development is in. Another option is using online marketing channels to create awareness. In today’s culture, the internet and social media is at an all-time high. Embracing social media, Sony can build a fan base for the system by releasing tech demos, images, and offers for discounts and prizes. Sony can also use social media to spread news to technology blogs and news outlets, who spread the news to their readers. Being active in social media and online communication channels will increase the reach that Sony can gain which potentially increase the popularity of the virtual reality device until the release of the product.
Aside from social media, Sony can also look to advertise on different website online. Depending on the community of gamers which Sony is trying to reach, they may advertise to popular gaming websites which are visited online often. Releasing tech demos or “first look” reviews on news networks such Ign.com, Kotaku.com, or JoyStiq.com could offer free or cheap advertising while keeping potential buyers interested and updated. Since the majority of the visitors to these websites fall between the 18-35 age group, they are the key consumers which Sony will be searching for. Advertising to these website may be very costly; however, the exposure to the age group and individuals who they are trying to sell to will pay off in the end.
Beta Release for Critics
As with most technology and gaming products, there is usually a beta product which is given to a certain number of people before the actual release of the final product. From the beta release, the company can gain valuable information about any concerns with the Sony Morpheus. The people who would be useful for this area are popular gaming critics. By offer gaming critics a chance to test the product, they can provide positive or negative feedback about the Morpheus that can be used to fix bugs and create updates before release. From this feedback of the beta release, Sony can determine which areas of the virtual reality headset still needs adjustments.
Product Marketing and Costs
Gaming Conference Demonstration * Estimated Time: April 2014-December 2014 * Frequency: Varied because of different gaming conference dates * Location: Varied * Estimated Costs: $250,000 - $500,000 per convention
Online Promotion and Advertising * Estimated Time: January 2015-December 2015 * Accessibility: Online * Estimated In-game advertising costs: $20 per CPM(Cost per thousand impressions) * Social media: $2.2 Million
Beta Prototype * Estimated time: June 2014 * Availability: June 2014 * Estimated Costs: $400.00 per headset
Conclusion
Proper implementation of the proposed marketing plan will allow Sony to successfully meet its objectives. This promotional plan will generate awareness for Project Morpheus while educating the target market on the new emerging VR technology. The marketing plans use of IMC will allow Sony to stay ahead of competitors by building and maintaining interest in the product until its final release. Use of prototypes and demos will allows the product to meet the expectations of consumers allowing positive feedback from the market.

Bibliography
Adams, S. (2014, January ). Global Technology Scoreboard - Consumer Electronics. Retrieved from PWC: http://www.pwc.com/gx/en/technology/scorecard/consumer-electronics.jhtml
Conditt, J. (2013, July 17). Breaking down the cost of an E3 booth. Retrieved from JoyStiq: http://www.joystiq.com/2013/07/16/breaking-down-the-cost-of-an-e3-booth/
Corporation, S. (n.d.). Corporate Infor - Sony History . Retrieved from Sony: http://www.sony.net/SonyInfo/CorporateInfo/History/SonyHistory/
Gannon, M. (2014, march 26). Oculus Rift: 5 Virtual Reality Uses Beyond Gaming . Retrieved from Live Science Beta: http://www.livescience.com/44384-oculus-rift-virtual-reality-uses-beyond-gaming.html
Inagaki, J. O. (2013, November 1). Sony Shares Drop 11% on Poor Earnings . Retrieved from The Wall Street Journal : http://online.wsj.com/news/articles/SB10001424052702304073204579168833679539814
Inc., S. C. (Company News, 03 18). Retrieved from www.sony.com: 14
N/A. (n.d.). Industry - Video Games. Retrieved from Wikinvest: http://www.wikinvest.com/industry/Video_Games
N/A. (n.d.). Issues Facing Sony and Managements Response to those Issues. Retrieved from Wikinvest : http://www.wikinvest.com/stock/Sony_(SNE)/Issues_Facing_Sony_Managements_Response_Those
N/A. (n.d.). Large-scale investment is required within the Game and Electronics segments, particularly during the development and introductory period of a new gaming platform. Retrieved from Wikinvest: http://www.wikinvest.com/stock/Sony_(SNE)/Large-scale_Investment_Required_Within_Game_Electronics_Segments_Particularly
N/A. (n.d.). Sony 20-F 2013. Retrieved from Wikinvest: http://www.wikinvest.com/stock/Sony_(SNE)/Filing/20-F/2013/F110175824
Shuman, S. (2014, April 16). PS4 Sales Surpass 7 Million Globally . Retrieved from PlayStation.Blog: http://blog.us.playstation.com/2014/04/16/ps4-hits-7-million-globally/
Whitney, L. (2011, May 23). Sony now expects $3.2 billion loss due to earthquake. Retrieved from CNET: sony-now-expects-3-2-billion-loss-due-to-earthquake

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