Marketing Principles

Question:

The purpose of this individual assessment is to develop students’ skills in applying relevant marketing analysis tools related to the four P’s of Marketing. This will enable students to apply learned marketing theories and concepts to a ‘real world’ business situation within a safe learning environment.

Based on your selection of a product in Assessment 1, you are required to conduct the four P’s analysis. In your analysis you will need to address the following points:

Product Decisions (with reference to content in weeks 2 & 5):

  • Identify and explain the type of consumer product that you have selected.
  • Identify the selected product’s three layers. You may use a diagram or chart.
  • Using the Product Life Cycle Model, identify the current stage of your selected product. Provide reasons for your answer.

Price Decisions (with reference to content covered in week 7):

  • Determine the pricing point of the selected product, and identify the pricing strategy used by the company that is selling this product.
  • Which special pricing tactics does the company use to sell the selected product? Provide reasons for your answer.

Place Decisions (with reference to content covered in week 8):

  • Which channel of distribution does the company use to distribute the selected product? Provide reasons for your answer.
  • Which level of distribution intensity does the company use to distribute the selected product? Provide reasons for your answer.

Promotion Decisions (with reference to content covered in week 9):

  • Which communication strategy does the company use to advertise the selected product? Provide examples and reasons for your answer.
  • Which type of advertising does the company use to advertise the selected product? Provide examples and reasons for your answer.

In preparing your slide deck, you are required to reference at least 5 sources of information. These may include corporate websites, government publications, industry reports, census data, journal articles, newspaper articles, and textbook material.

Your slide deck MUST follow a professional structure:

Assignment Coversheet (Signed)

Analysis of Product Decisions

Analysis of Price Decisions

Analysis of Place Decisions

Analysis of Promotion Decisions

Reference List (you must apply Harvard Referencing Style)

Late assignment submission penalties

Penalties will be imposed on late assignment submissions in accordance with school “late assignment submission penalties” policy.

Number of days Penalty
1* – 9 days 5% per day for each calendar day late deducted from the total marks available
10 – 14 days 50% deducted from the total marks available.

 

After 14 days Assignments that are submitted more than 14 calendar days after the due date will not be accepted and the student will receive a mark of zero for the assignment(s).
Note Notwithstanding the above penalty rules, assignments will also be given a mark of zero if they are submitted after assignments have been returned to students

*Assignments submitted at any stage within the first 24 hours after deadline will be considered to be one day late and therefore subject to the associated penalty

Word Limits for Written Assessments

Submissions that exceed the word count by more than 10% will cease to be marked from the point at which that limit is exceeded.

Answer:

Identification of product

5

■Mobile phone covers range of smartphones designed and marketed by Sony.

■Super stylish and slim body

■High speed operating system

Features of Phone

6

■Mobile phone  is supported by Android operating system.

■User interface is built on device’s multi touch screen.

■Phone has a feature of Wifi through which other cellular networks can be connected

■Application store of provided product is having a collection of 2.2 million applications.

■From improved hardware to fingerprint reader to a new recognition face ID, product has been developed by considering customer demand and market trends.

Layers of a Product

7

■Core Product: Application and Communication

■Actual Product: Smart phone, with a  3D Touch, 12 megapixels photos, 4k videos. The cognizant brand with Fibreboard and paperboard.

■Augmented Product: The intangible part of the product which adds value and worth. For example Warranty of an year, after sale services.

Product life cycle

8

Sony has a wide range of products that are prevailing at different stages of product life cycle. Company is in its maturity stage and has producing various products to be competitive in the market

Product life cycle of Sony

9

This phase of life cycle involves in lowering down of sales and revenue. There is a consistent development in mobile phones and consumers are totally responsive towards with it. Also, existing mobile users are “repurchasers,” meaning thereby they do no believe in switching of brands

Price Decisions

10

■On the basis of high-end devices, business declared the pricing policy of selling at normal rates.

■The pricing strategy of business involves four pillars

Offer a high number of products

Focus shall be on high end

Market share shall be considered as a priority over profit.

Creation of halo effect to keep the existing customers intact.

Place Decisions

■Sony sells its products in the consumer electronic space as well as through mediators.

Under this strategy business provides discounts through its direct channel.

Company keeps its reselling price variable to sell higher units to enhance their profits.

Retail and online outlets of company is different and unique.

Unique and superior value proposition or brand perception.

Promotion Decisions

11

Communication and advertising Strategy

SONY spends profoundly for marketing and advertising for products. In 2016 their advertising budget was approx. $3.7 billion. Company make use of several channels which comprise digital as well as traditional channels. However, primarily communicate through their social media channels to communicate with their customers. From this channels they are able to get feedbacks and customer reviews for further improvement. Along with this, they create buzz among targeted segment for the new products.

References

■Lin, I. R. 2017. From promotion to purchase: The mediating effect of perceived value and moderating effect of player types.

■Liu, Y., Li, K. J., Chen, H., and Balachander, S. 2017. The Effects of Products’ Aesthetic Design on Demand and Marketing-Mix Effectiveness: The Role of Segment Prototypicality and Brand Consistency. Journal of Marketing, 81(1), 83-102.

■Pace, S., Carù, A., and Cova, B. 2017. Innovating as an Interaction of Practices: The Case of Customers’ Use of a New Website. In Innovating in Practice (pp. 139-157). Springer, Cham.

■Wood, M.B., 2008. The marketing plan handbook. Pearson Prentice Hall.

■Kolowich, L., 2015. 8 of the Top Marketing Challenges Marketers Face (And Their Solutions). Available through   < http://blog.hubspot.com/blog/tabid/6307/bid/33820/5-Major-Challenges-Marketers-Face-And-How-to-Solve-Them.aspx>. [Accessed on 12th May 2018].

■Marketing strategy of Sony. 2015. Available through   < http://marketingmixx.com/marketing-plan-2/515-marketing-plan-of-sony.html>. [Accessed on 12th May 2018].

 

 

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