Preparing the marketing audit for market entry Essay - 1

Preparing the marketing audit for market entry - Essay Example Contents Executive Summary 2 Introduction 6 Main Findings 6 Product 7 Price 8 Place 8 Promotion 8 People 9 Processes 9 Physical evidence 9 McKinsey 7S of Sony Corporation 10 Strategy 10 Structure 10 Systems 11 Style 11 Staff 12 Skill 12 Shared Values 12 Value Chain Analysis of Sony Corporation 12 Firm Infrastructure 13 Human Resource 14 Technological Development 14 Procurement 14 Inbound Logistics 14 Operations 14 Outbound Logistics 15 Marketing and Sales 15 Service 15 SWOT analysis of Sony Corporation 15 Strengths 15 Weakness 15 Opportunities 16 Threats 16 CIM Model of Sony Corporation 16 Political Forces 16 Economic Forces 17 Social Forces 17 Technological Forces 17 Legal Forces 18 Conclusions 18 Recommendations 18 Reference List 19 Introduction Sony Corporation or Sony as it is known commonly is a Japanese multinational conglomerate which is headquartered in Tokyo, Japan. The company primarily focuses on electronic products in the consumer and professional markets. Sony has enough experience in launching new products in the overseas market. As the firm gains experience, it understands the global strategy more clearly. Early in his tenure Akio Morita, the founder of Sony developed business skills which allowed Sony Corporation to enter into foreign markets successfully. Initially he didn’t have such global strategy in his mind. ... In this paper we will look at Sony’s Strategy in entering into Indian market with new Refrigerator. The name of the refrigerator is ZKool. Main Findings In my opinion Sony should sue segmentation approach to target the Indian market. Through mass marketing they can create the largest potential market, which will lower their cost and hence their margins will improve. Hence it is better that Sony use Segmentation approach which will create a product which can be more fine-tuned according to the target segment. Also this strategy will enable them to choose the best distribution and communication channels. Figure 1: 7Ps of Sony Corporation Product Sony’s product strategy is to deliver the best quality product with the latest technology. Hence it will support features like Frost Free, Refigerent-134a, 2 door bottom freezer, Triple Ice tray, Twin Bio attacker, Premium look and design, Quiet and more reliable compressor etc. Sony has to spend money on their R&D department who are mainly responsible for their innovation. Sony’s multimedia features in other characteristics which have to meet the needs of the customers. Sony refrigerators will be designed such that they work on five power levels, compared to one power level of common refrigerators. It will enable it to run the refrigerator on low power during the nights or times when it is used less (Luh, 2003, p. 128). There will also be an automatic system which will adjust the power according to the usage. It will have e a combination of temperature sensor, inverter compressor, microprocessor technology etc. It will give best cooling sensation at minimum power usage. Price Sony will offer best of technology with plenty of new features which will make its price more expensive as compared to its