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- 1. Essential of Marketing Marketing Assignment 2: Proposal for a new product Alexandra Fayad Suregini Tarek
- 2. SONY CORPORATION • Sony is a Japanese multinational conglomerate corporation headquartered in Tokyo Japan. • It’s a diversified business where it produces consumer and professional electronics, gaming and entertainment. • The company is one of the leading manufacturers of electronic products for the consumer and professional markets • Sony is ranked 116th of the 2015 list of Fortune global 500. ( Top 500 corporations worldwide) • Sony is one of the most comprehensive entertainment companies in the world. • Sony is among the Worldwide Top 20 semiconductor Sales Leader and as of 2013, the Fourth largest television manufacturer in the world, after Samsung Electronics, LG Electronics and TCL.
- 3. SONYVPL-EX350 5G ULTRA SLIM UHD PORTABLE PROJECTOR Lightweight, Easy to use, Durable and reliable SonyVPL- EX350 5G Ultra Slim UHD portable short-throw projector outputs outstanding performance and takes vision to a whole new level. Product Details DLPTechnology Speaker built in 5GWIFI Connectivity Enabled Touch Screen Bluetooth Enabled Android 4.4 built in
- 5. packaging design brand name durability/ quality customer service credit & finance training delivery & installation guarantees Product Levels (benefit) Potential Product features
- 6. The Market position of our product is classified as high quality and Expensive for Business Individual and corporations.
- 7. PRICE It is the value that give up or exchange to obtain a desired product.
- 8. Price Skimming • Price Skimming is setting a high price for a new product in the market. • The product USP allows us to set a high price although it’s a new product. • Exploiting the market in a short period of duration before similar products are made. Essentials of marketing (2011)
- 10. 10 Factors influencing pricing decision Company Objectives and Policies Reinforcing brand image Double eco efficiency Corporate Citizenship Post-use resource Management
- 12. Competitors prices and marketing environment LG and Samsung Competitors using competitive pricing Maximise profits in the short term before competitor makes a similar product in the market
- 14. 14 Costs Reasonable price for value Fixed Costs Manufacturing Costs Margin (Profit) Variable Costs
- 16. 16 1 No sale 3 More money spend on Sales and Marketing 2 Higher material cost
- 18. Distribution Channels Producer Consumer Producer Consumer Agents (Brassingston and pettit, 2006)
- 19. launch and post-lunch stages PRE-LAUNCH Readiness/signups LAUNCH POST-LAUNCH Drive Actions/Sales Early Demand Murthy and Wallace (2006)
- 20. Promotional objectives • To build up awareness up to 30% in the first one month in pre launch stage. • Achieve 650 units in launch stage within two months. • Maintain brand management for six months by promoting our product in the most successful marketing tool.
- 21. Key features of our target market • Business people • Corporate companies • Simplicity • Convenience • Easy • Buy 5 projectors get the 6th one free • Password for online facilities
- 22. Promotional techniques • Direct marketing (personal) • Advertising • Internet promotion • Personal selling • Sales promotion • Demonstrations • Sponsorship
- 23. Launch stages Sales • Grand opening for the projector • Launch events • A press release • In store display • Social media
- 24. Post launch stages • Reviews on the product • Measuring the impact • Case studies • Introductory special ending • Success stories
- 25. 25 Reference • Sony Global Press Release (2016) Sony. Available at: http://www.sony.co.uk/ (Accessed: 15 February 2016) • Keynote (2016) Market Review: Technology. Hampton: Key Note ltd • Murthy, P. and Wallace, R. (2006) Warranty Management and Product Manufacture. London: Springer Science and Business Media • Brassington,F . and Pettitt,S. (2006) Principles of Marketing. 4th edn. Harlow: Pearson Education Limited.
Editor's Notes
- Sony is a Japanese multinational conglomerate corporation headquartered in Tokyo Japan. It’s a diversified business where is produces consumer and professional electronics. The company is one of the leading manufacturers of electronic products for the consumer and professional market. According to Keynote 2016 data leading computer manufactures by turnover is Sony computer Entertainment Europe Ltd with a figure of £2,643,288. Sony is ranked 116th of the 2015 list of fortune global 500 (top 500 corporations measured by revenue. Sony is one of the most comprehensive entertainment companies in the world.
- Breathe taking image quality. Sony 4k projectors in the market already Yes its unique as it gives breath-taking image quality and in a short throw distance. Sony 3LCD BrightEra™ panel technology provides bright and colourful projection. There’s a range of smart energy-saving features built. DLP is the latest projection technology, it can display clearer pictures than LED projector Native resolution 1280x800, Max 1080P HD; Brightness: 400 Lumens, Lamp Power:24W LED bulb.
- Keynote shows there is a high number of sales for the gaming home entertainment, in the year 2015. Figures for computing and gaming home entertainment will rise by a high number of sales. Many will need a projector. Easy to add it onto a product such as a PlayStation or a Nintendo Wii, with a little extra price. Projectors will be very eye catching to most customers with a small television. With technology improving every customer wants to get the full definition out of their hardware.
- Core products: This is the product level from Philip Kotler designed to identify the needs of the product in order to be successful. The benefits of our product is easy, convenience and portable. Its easy because there’s not much process or steps for the product to operate. Its convenience because it can be used anywhere at any time for smaller audience and portable that could carried anywhere in the pocket. The product come with the stand which can be used on a table or flat resource and a wall magnet that could be attached to the wall. Embodied product: The product is a slim device and rectangle shape, it has black and grey colour with the touch screen. The product include small USB charger and one HDMI. There’s a button on the top of the product to turn it on and the product has features such as: Microsoft word, wireless, flight mood and power save option. Augmented product: The product can be purchased online and in insallement so the customer can pay monthly. We have an app that could be downloaded in any smartphones that has online customer service and technical support for anyone to access. We use our own product to show the customer to understand how it works and how it should be used. Also, We provide training to our customers whenever they needs us, it could be office or customer home. Lastly, we give guarantee for the product if theres any faulty we will fix it for free and stolen product could be tracked. V, small, handy, fast Set up. Will illuminate many high cost spending for schools and colleges Vi, small packaging, with a guideline booklet about the product. Information based on how to use the product, also information following the warranty. Vii, branding, packaging, colours, location of branding Viii technology which is a combined into one system which will give you the exact same unique style and system.
- Strategic Decisions Target market The chosen target market for our Sony PR – 505 5G are companies and business people who are travelling abroad as well as within the country. We have decided to choose those people as our target as they are the ones who are on the go, who travel and have to give a number of talks and presentations to different institutions, companies and potential customers. Therefore, with our professional portable projector they will be ready to present anything in almost every place, not only in glass rooms in big companies but also, in coffee shops or restaurants. This opportunity will give them a sense of security of being well prepared and giving a professional presentation which would contribute to the success of their business. Market Position The market position of our product is classified as high quality and high priced for business people and corporations. The reasons for this positioning are all the features and benefits provided with the purchase and use of product which we think would be mostly beneficial and useful for companies and business people who are often traveling.
- When deciding on the price of our Sony portable projector, we have looked at several factors that have an influence on this decision. One of those factors include competitors therefore, we have carried out a research and according to it, there are similar portable projectors on the market and our biggest competitors are LG and Samsung. However, our projector is unique comparing to our competitors offers as it has a touch screen. Therefore, by looking at this data, we have decided to set our price slightly higher due to all the features and benefits that are provided with the purchase and use of our projector. We also know that when we launch our projector into the market, other brands will want to produce something very similar and our projector might lose its unique selling point, therefore, that’s the reason we are setting our price high to make the most profit and then reduce the price with the time. Also, another factor is our target market who are big corporations and business individuals. These are the people who can afford our projector and they are the ones who would pay this amount of money to make their job easier, quicker and more convenient.
- 1.Key note shows hardware and accessories — had an estimated value of £3.98bn, following growth of 10% on 2013, and a 5-year rise of 9.8%, from £3.62bn in 2010. 2.Key note also shows a rise in PC and laptop sales for essential work colleagues who may find the portable projector useful has risen by a 14.3% between 2010 and 2014, from £3.85bn to £4.4bn 3. Start with low pricing and then increase the price once the sales rise 4. Rise the price once we increase the budget for advertising and marketing the product. 5. Starting price of £550
- Reinforcing brand image is when the price reflects the quality of the product and brand makes the product superior which is strong, convenience and unique in the mind of consumers. Corporate Citizenship is when Sony has a broad and lasting responsibility towards both the natural environment and society. Sony will treat each employee with respect and help increase her or his knowledge about the environment. Sony will show a high level of integrity in our relations with our stakeholders and society. Double eco efficiency is where sony is more towards producing eco-friendly products which can be the materials used to produce. By doing this more consumers can be attracted as the 21st century consumers looking more towards environment friendly products. Growth of stake holders concerned with environmental issue is clear. Post-use resource management-Recognizing our responsibility for post-use products, Sony will vigorously promote the take-back, reuse and recycling of products. Sony will actively work to convert waste into resources and to utilize such resources within the Sony group and in cooperation with contractors and the community.
- When deciding on the price of our Sony portable projector, we have looked at several factors that have an influence on this decision. One of those factors include competitors therefore, we have carried out a research and according to it, there are similar portable projectors on the market and our biggest competitors are LG and Samsung. However, our projector is unique comparing to our competitors offers as it has a touch screen. Therefore, by looking at this data, we have decided to set our price slightly higher due to all the features and benefits that are provided with the purchase and use of our projector. We also know that when we launch our projector into the market, other brands will want to produce something very similar and our projector might lose its unique selling point, therefore, that’s the reason we are setting our price high to make the most profit and then reduce the price with the time.
- Also, another factor is our target market who are big corporations and business individuals. These are the people who can afford our projector and they are the ones who would pay this amount of money to make their job easier, quicker and more convenient.
- This is the assumption budget which shows how internal and excternal conditions will develop during the period of time. To explain how and why we put the certain figures there, we have break down each parts.
- 1 When we start to sell the product we expecting no sale this is because our product is under home and entertainmnet sector. Also, new in the market therefore it will take while for the customers notice and the process of buying will be long. 2 The second point about how much we spending on sales and marketing is a lot, we understand that in order to get our market in the technology or home entertainment industry its going to be hard to convenient the customer thats why we spending £250,000 in branding and 75,000 in promotion in April 2016 so theres enough people know our brand and allow them to time to think about believing our product, promotion in advertising hence, sponsorship as our target market is individual and corporate business which will bring awareness. Our cost is high in exhibition and sponsorship as our target market is business individuals and corporate businesses as a result we looking to go for business exhibitions to promote and raise awareness of the product. . Sponsorship for exhibitions and events will bring awareness as well. The material cost It cost 120 per product and this is very expensive because 3M Scotchlite Reflective Material - 8910 Silver Fabric is composed of wide angle, and it is a light weight material which makes it portable. Third point is to show that we have identified there's no need to spend money on marketing staff every month or sales staff. We want to make sure that we remind the customers when the product is not selling much so we remind them buy marketing the brand again so we will need more staff in certain time. The sales staff cost is high as we are using direct selling method which is suitable for our target market where each staff visits business offices and business individuals. We have high R & D cost as we dealing with new technology such as bright era projection which has to be accurate and nothing can’t go wrong in which it should pass the international safety regulation test.
- The stages has been adopted from Muthy and Wallace (2006) in order have a clear understanding. Red is the pre launch, creating the awareness and advertising on social media by posting videos of the product to attract customers. This first stage could take weeks or months which then lead to the launch. The purpose this to to identify and validate our product and testing the market messages. Second stage, the yellow the product being identified and in this stage we release our product to techniques consumers or in the market for them to buy. we decide how much we products we going to release based on social proof/ traffic ramp and sales ramp. The graphs will show whether consumers are interested. last is the post launch, which is the early demand. In this stage we identify how the product being sold and what are the improvement should be made. Adding success stories and proof from our target audience.
- Our target market are business people who are travelling and big corporate companies. They seek for convenience, simplicity and ability to do their work easily. Companies doesn't care much about the money they have to pay for products which will be used by them on the day to day basis. Therefore, they will not be attracted in small deals like buy one get one free. All of above features had an influence on our promotional decisions therefore, we have decided to attract our target market by offers which will suit them the best. When purchasing our projector, customers will also receive a password for our online facilities such as access to detailed guidance on how to use the projector, free newest upgrades and information about upcoming offers. Also, our customers will receive 3 maintenance checks per year of their projector. Corporations and big companies would be attracted by our deal buy 5 projectors and get 6th one free as they might need more than one to supply their employees.
- direct marketing- we will directly marketing our product to customer without aiming the product at as mass audience. advertising- we will be using advertising in order to pre launch and launch the product internet promotion- we will be using internet promotion and creating our own website to give the brand name a helping push with advertising which would save a lot of money. personal selling- we will be personal selling out product to business working class people, who will find this projector very useful, we may approach them in their offices or on their lunch breaks in the big city. sales promotion- we will have a number of sales and offers for those who work in offices or are teachers we will offer those people a percentage off the product when they purchase it through the website. demonstration- demonstrating the product is one of the most important Promotional techniques. we will demonstrate all different things the projector can do sponsorship: in order for the brand name to become recognised a lot quicker we will be sponsoring a company called CES 2017
- grand opening- we will be holding a grand opening once the product is realised, this is very good as it allows us to also demonstrate and direct sell from the first day the product is launched. a press release- to be able to launch the product live on TV and demonstrate the ideas would be very helpful for the business as it will be a confident boost which will mean the company will not need to spend much on advertising. in store display banners- we can hold in store display banners in stores such as Samsung, apple, and Sony, this is very powerful as the technological market is within those companies. social media- we will be creating a Facebook and twitter page in order to follow certain people and certain pages in order to constantly post ads and Promotional sales about the product this is free and very quick to do daily.
- we will be collecting reviews on the product in order to get a feel of how customers think about the product. this is very helpful for the business as feedback is important and that is the only way the business will succeed. measuring the impact- we will be asking people and having a look after a few months to see what kind of impact has our product given to the offices or given to the teachers, this measuring impact will help us become more accurate in satisfying the customers needs. case studies - we will be creating case studies in order to focus on groups to ask them how they feel the product will be a change for our future. promotional techniques we wont use - we wont be using TV adverts to target our customers as the television targets a mass audience where anybody could see the advert, we are focusing on a small market where we will be targeting working class people.