BUS0119 Explore the Business Activities
2. This project constitutes 40% of your overall marks for this module.
3. This project covers all materials studied in Lectures 1 to 11. You should review your materials in the textbook and notes before you commence on the project. Where necessary, it is a requirement that you include current and relevant references you have sourced, to complete this assignment.
5. Please read the following guidelines carefully before embarking on your assignment. If you have any doubts, do seek clarification from your lecturer.
1. You are required to select two companies or brands that markets its consumer products in Singapore. (Groups are to choose a product-based business and not a service-based business). The companies you have chosen should be a manufacturer and not a distributor.
2. Each group will be assigned a particular industry to study, and subsequently select a particular company or brand within that industry.
4. Through balloting in class, each group will be given a product category, you are allowed to choose a category not in the table above – seek approval from your lecturer.
5. Next, identify two brands (or companies) operating in Singapore. It must be a brands that is related to its line of business and serving the same target market segment. I.e. If you choose OSIM vs Ogawa, determine which product line you would like to select for your project. For example, you may decide to pick the latest range of massage chairs
introduced by these two brands.
6. Once your group has decided on the two brands, and the product line you would like to focus on, inform your lecturer. This is to register your selection to avoid any duplication in your class. Approval by your lecturer will be on a first-come-first-served basis.
Answer:
Marketing plays a significant role to grow and explore the business activities and functions internationally. By using marketing plan, an organization can identify and analyze the threats and challenges of the market. The report provides a brief overview about the business activities and operations of two companies such as Sony Corporation and Nikon Company. Both the companies play an empirical role in consumer electronics industry. Sony is one of the growing and leading conglomerate companies that provides mobile and electronics products to the customers across the globe.
On the other hand, Nikon provides ample of consumer electronics products to key target audience in the market. The two products including Sony Alpha 7II and Nikon Z6 have been taken in the paper as an example. Furthermore, the paper discusses that how macro environment factors affect the success and growth of both the companies in the international market. Key target market for both the products has also been drawn in the task. A marketing program is also designed to gain competitive benefits in the Singapore. This marketing program further helps to boot and augment the marketing share and profitability in the foreign market. A comparison of both the companies such as Nikon and Sony has been shown in the paper. More detail of the task has been presented below.
Sony Corporation is a multinational company with it’s headquartering situated in Konan, Minato, Tokyo. The company was formed in 1946 in Japan. Its diversified products include entertainment, gaming, electronics and financial services. It is well recognized brand name in consumer electronics that provides innovative products to the customers around the globe. Sony has launched ample of products including transistor radio, CD player, the Trinitron television and the play station game console. Sony Alpha 7II is well known product of Sony Company. Sony Alpha 7II has excellent low light performance which people expect from a full frame camera with wide pixels (Referenceforbusiness, 2018). The main mission of Sony Corporation is to be a company that motivates and fulfill people’s curiosity and needs in the competitive market.
On the other hand, Nikon Company was incorporated in 1917 having its headquartered in Tokyo, Japan. Nikon’s diversified products entail camera lenses, binoculars, measurement instruments, and cameras, ophthalmic lenses, spotting scopes, steppers and rifle scopes. It is one of the biggest manufacturers in the world. The main competitors of Nikon include Canon, Fujifilm, Pentax, Sony, Panasonic and Olympus. It is noted that Nikon is a global leader in digital imaging, photo imaging technology, precision optics and is well known for setting new and innovative standards and norms in performance and product design. Nikon Z6 is designed with a compact body, while rendering excellent and high sensitivity performance and outstanding video features (Nikon, 2018).
Market situation (Three relevant forces)
Macro environment plays a vital role in expanding business functions internationally. Pestle analysis and SWOT analysis are significant framework to stand over the competitors in the international market. The three environmental forces for Sony and Nikon Company have been discussed below.
Technological factors: It has been found that technological factors affect the growth and progress of both the companies. It is analyzed that technological advancement and expansion in uses of ICT in communication and business are primary elements in the growth and success of Singapore (Teo, Lin & Lai, 2009). The life style of consumers and quality of daily operations and activities are having direct of the social networking, internet, and communication technology that are used here. Thus, Nikon and Sony company external analysis to identify and measure the technological factors internationally (Salvendy, 2012).
It is further stated that IT infrastructure of the country is excellent, praise worthy and having the favorable impact on the growth and progress of the country. It is reported that Singapore government is moving towards an electronic government area (Liu, 2011). Various significant information and resources are available for expanding business globally. Thus, both the companies can take ample of benefits while selling Alpha 7II and Nikon Z6 products in the global market. The penetration rate of internet is approx 70% in the country thus the companies can overcome the rivals while introducing the products in such market (Greenspan, 2017).
Socio-cultural factors: It has been analyzed that socio-cultural factors affect the profitability and outcomes of Nikon and Sony Company. The changing needs, demands, expectations, and requirements of the customers may affect the progress and targets of the companies. It is portrayed that Singapore is like any other eastern country thus, it follows traditional family values, custom, and attributes. It is true that younger culture has tendency to accept Western culture and norms. It shall be noted that the business sectors could expect higher purchasing power from the customers. Along with this, literacy rate is high in Singapore.
Hence, the companies can sale Nikon Z6 and Alpha 7II products in the competitive market. By implementing the business activities in Singapore, Nikon and Sony can take various benefits globally. Good command of Chinese and English languages gives Singaporean a competitive benefit. It helps to attract maximum companies to initiate the business operations. By analyzing needs, income level and choices of Singaporean, the company can increase and enhance the sale and profitability in this market (Bhatia, 2014).
Environmental factors: The anti-pollution unit and ministry of the environment work relatively and effectively to maintain air quality and other ecological elements. Pollution from the transportation is a major key issue in Singaporean urban areas. One of the significant and unique issues for Singaporeans is that the nation does not have sufficient water to support their demands, needs and requirements. Hence, it shall be portrayed that environmental factor can become a major concern for Nikon and Sony while implementing the business functions in Singapore. Now it is clear that Singapore is a well known and remarkable country. If the companies analyze and identify the macro environment factors then it can take great business opportunities in Singapore (Wang, Chen & Chen, 2012).
Target marketing process
It is essential to capture the entire target audience in Singapore for accomplishing the desired objectives and goals. Targeting and positioning strategies are being used by Nikon and Sony to sell Alpha 7II and Nikon Z6 products (Loudon & Carter, 2013). The segmentation, positioning and targeting strategy for Sony Corporation and Nikon Company have been discussed below.
Segmentation strategy: It is noted that Sony is one of the biggest and growing Corporations in the world but could not be attributed just to the innovation and technology. Sony market segmentation entails four different lines such as electronics, digital entertainment, Sony music and Sony pictures. Segmentation is used by Sony to understand and analyze needs and requirements of the customers in Singapore. The segmentation makes the process easy and quick to sale Alpha 7II product in the market (Mbaskool b, 2018). It shall be evaluated that segmentation is done by the companies after considering four areas:
Geographic: Sony Company supplies the products internationally. The firm concentrates its efforts in three key markets EU, Japan and USA but it is also represented in more than 20 countries with the effective and excellent support in 68 languages (Courseworkshub, 2018). On the other hand, Nikon segments its products such as SLR cameras, optical products and ophthalmic lenses for the consumers after considering and analyzing the location.
Demographic: Before selling Alpha 7II and Nikon Z 6 in Singapore, both the companies will analyze the age, gender, and choices of the key target audience. Demographic factors are essential to survive and grow business activities globally (Courseworkshub, 2018).
Psychographic: These factors include opinions, attitudes, values, personality, lifestyles and aspects of the people that can put direct impact on the market share and outcomes of both the companies in Singapore. Thus, the companies need to focus on these factors while selling products in such as market (Courseworkshub, 2018).
Behavioral: The behavioral elements include benefits, trust, loyalty, and compatibility that put direct impact on the targets of Nikon and Sony. The first generation of key target audience who grew up prefers Alpha 7II and Nikon Z 6 Camera because they like photography. This information and factor ensure that in the long run customers become medium or heavy users globally Courseworkshub, 2018).
Targeting strategy: It is one of fundamental strategies that can be used by Nikon and Sony Corporation to introduce Alpha 7II and Nikon Z6 products in the Singaporean market. The company uses different strategies and approaches so that they can attract majority of customers globally. The main target market of Sony corporation include young demographic, businessmen and tech savy who maintain high income level or disposable income (Chang, 2009).
Youngsters who are between the age group of 18-28 years prefer Alpha 7II products thus, the company can target youngsters to promote and increase the sale of Alpha 7II products in Singapore. On the other hand, Nikon will target those people who belong from high and upper class because these people prefer Nikon Z6 cameras to maintain a high standard in the society. To analyze and identify the target market in new country, the companies needs to measure and evaluate the choices, expectations and wants of the customers (Mbaskool b, 2018). The size of the target market is very large and effective that can helps the company to augment outputs in the new market.
Positioning strategy: The positioning strategy helps in penetrating the entire target audience to earn more revenue and returns. The positioning strategy shows that how the firm would act on the market to grow the desired excellent brand position among a given key target audience (Valentinkalav, 2018). The strategy for Nikon and Sony are developing their products like Nikon Z6 and Alpha 7II as much as possible. Both the companies are trying to maintain a high and strong position in the new market to cope up with rivals in the international market. Positioning strategy further helps in improving the attributes and features of the products.
Product life cycle stage: Nikon Z6 and Alpha 7II product are come in growth stage. The product life stages for both the products such as Alpha 7II and Nikon Z6 have been discussed below.
Competitors of Sony and Nikon: It is elucidated that competitors extremely affect the objectives and goals of Nikon and Sony in the new market. The main competitors of Sony include Apple, Dell, Toshiba, Acer and HP. These competitors can widely affect the market share and performance of Sony in the new market. On the other hand, Nikon is also influenced by various competitors including Samsung, Panasonic, Cannon, Contour, Sony and Pentax (Kapferer, 2012).
Positioning Map for Sony
The companies have designed a marketing mix program to strive with rivals and earn more revenue in the new market. The marketing mix covers four elements that have been elucidated below.
Product
Product strategy is renowned strategy that can be used by the company to promote products in the marketplace. Sony offers ample of products such as audio, video, television, semiconductors, computers and mobile phones (Hose, 2018). On the other hand, Nikon is a Japanese electronics company that is popular for imaging products and cameras. It is stated that Nikon Z6 and Sony Alpha 7II are two attractive and excellent cameras that are revealed to the customers respectively (Pratap, 2017). Both the A7II and Z6 are interchangeable lens cameras and mirror less that is prepared with a full frame sensor. The Z 6 provides 24.3 megapixels on the other hand, Sony Corporation provides 24MP (Apotelyt, 2018). It is noted that Sony A7II is remarkably smaller than the Nikon Z6.
The full frame sensor is one of biggest attributes of both the cameras. With 24.3 MP, Nikon Z 6 renders faintly higher and effective resolution instead of A7II. The reasons behind to prefer Nikon Z6 include better video, more detailed LCD, faster data transfer, more modern, larger screen and easier wireless transfer where as all these features are not available in A7II. It is investigated from the various studies that Nikon Z6 is much better than Alpha 7II. Thus, Nikon Z6 is much superior than A7II in terms of its ability and features to meet the needs, desires and wants of the customers in the global market. The company will use innovative and unique brand name to accomplish the desired goals and objectives.
The two brands such as Sony and Nikon are used to sell these two products in the Singapore (Gillin, 2009). It has been found that Nikon is superior than Sony because Nikon is a camera manufacturer who produces innovative cameras. Therefore, Nikon Z6 can fulfill the demands and demands of the customers in the global market. Both the companies will further use packaging and labeling strategies to promote the products in the international market. The packaging and labeling entails various information related to products, container, packaging, and type of products (Apotelyt, 2018). Nikon can use excellent and effective labeling and packaging strategy to make attractive Nikon Z6 in the international market. By initiating this strategy, the firm can distinguish its products from the rivals (Bhasin, 2018).
Price
Pricing strategy is mandatory to grow and flourish the business operations widely. Sony tries to price its products in an effective manner. For instance, they try to have a three tiered pricing strategy fpr economy buyers, upper class and middle class buyers. The company has introduced to new products that has some aspects and attributes to go for a price skimming strategy. It means the company is charging higher prices for unique and innovative products when it’s introduced and it gets reduced gradually.
The whole idea behind using this strategy is that this strategy helps in increasing profitability and outcomes in the international market (Pratap, 2017). It has been investigated that the company was used a low cost strategy for many products in order to make a strong and effective goodwill and reputation in the market (Bhasin, 2018). It further uses differentiation strategy to differentiate its products from the competitors.
On the other hand, Nikon is a market leader in consumer electronics industry. The company has majority of products from beginner to high end cameras. It is noted that the company was implemented differentiation strategy to attract majority of key target audience globally. In today’s era, the company is using competitive pricing strategy to retain loyal customers and attract new photo enthusiasts. The competitive pricing strategy is kept in minds by Nikon to sell the products internationally (Dovleac & Balasescu, 2012).
It is found that Nikon uses innovative strategy as compared to Sony. Nikon focuses on the pricing, policies, approaches and strategies of the rivals to manage and overcome the competitors internationally. Apart from this, point of sale promotion strategy is initiated by the firm to promote its Nikon Z6 in the competitive market. On the other hand, customer survey is done by Sony to identify the choices and needs of the customers internationally. The main idea behind the Nikon’s promotional strategy is impulse and convenience. Competitive pricing strategy that adopted by Nikon is much better and effective than Sony’s pricing strategy (Bhasin, 2018).
Place
Sony design their products based on their distribution channels. They ensure that their products are available to their consumers easily and effectively. In country like Indian, channel of distribution play a major role in increasing sale of the products (Du Gay, Hall, Janes, Madsen, Mackay & Negus, 2013). Their distribution channels entail the retailer, manufacturer and then the customers. The distribution and promotion network covers approx 7000 channel partners, more than 260 outlets and 21 branch locations (Bhasin, 2018). The firm also uses one level distribution channel. The business of Sony is categorized into six countries such as Asia, Africa, Europe, North America, Latin America and Oceania. Online retailers like Amazon.com and Camera.com are also its well known retailers that sell its Alpha 7II products in the market.
On the other hand, Nikon has created a strong and unique user base network to sell its products internationally. Cameras such as Nikon Z6 are available globally (Bhasin, 2018). Nikon is a number 2 camera maker in terms of sales. The company uses attractive and innovative place strategy as compared to Sony Corporation. Nikon Z6 is available at online stores such as Flipkart, Alibaba, and Alibaba.
The company has also set a service centres in all the areas and cities in India and rest of the globe. It has been elucidated that Nikon uses direct and indirect place strategy to maximize sale of Nikon Z6 in the international market. Nikon products are available in physical stores such as photography shops, multi brand stores, and exclusive Nikon outlets. Nikon Z6 is also available via its e-platforms and official websites. In comparison, Nikon uses innovative place strategy as compared to Sony, it main competitor. It is further seen that both the companies use direct and indirect place strategies to sell the products and maximize revenue and returns globally (Mbaskool a, 2018).
Channel structure of Sony Corporation
Promotion
The success and growth of both the companies are dependent on the promotional strategy. If the company wants to new products in the market then it needs to focus on the promotional strategy. Sony company has launched various campaigns to promote Alpha 7II product in the market. One of the significant campaigns that launched by the company was “greatness awaits” it’s a 90 second spot that is truly epic (Peterson, 2013). On the other hand, various marketing campaigns are done by Nikon Company. Nikon’s brand campaign with Ashton Kutcher was everywhere and known- a truly integrated marketing program all spearheaded by Baxt.
It was on TV ad and in print ads, in the press with marquee placements such as life& style, star magazine, USA today and people.com (TheAmericanbusinessawards, 2018). Sony uses various promotional strategies like television, billboards, magazines and newspapers and so on to promote and advertise their products. The company has a very dominant web marketing also (Bhasin, 2018).
They use various pdf brochures and videos to ensure key target audience to understand and analyze their products and business. The company also uses pull strategy for attracting and retaining customers. Along with that, digital marketing strategy is used by Sony Corporation in order to sell Alpha 7II products in the competitive market. The tagline “Make believe” gives a message to unite and collaborate initiatives across the network, electronics, mobile phones and services. The main motive of this message is to increase and enhance the innovation and creativity.
On the other hand, Nikon uses innovative and dynamic promotional strategies to be a leader in the competitive market. Promotional activities and strategies are exercised by displaying advertisements in hoardings, newspapers, place, online videos, and magazines (Pratap, 2017). Movie stars such as Priyanka chopra and Aston Kutcher are promoting the Nikon Z6 products in the global market through various ads and campaigns. Moreover, social media strategy is further initiated by the company to explain the benefits of the products.
In addition, the organization implements digital marketing strategy to cope up with rivals internationally. It is stated that online market strategy provides ample of benefits to the customers across the globe because it helps in providing direct products to the customers. The main motive behind the using of promotional strategy is that Nikon wants to increase awareness among the customers across the globe (Bhasin, 2018).
Conclusion
It is concluded from the above mentioned discussion that Nikon is much better than Sony Corporation. The above analysis shows that both the companies are conducting business activities and operations successfully in the market by analyzing and evaluating the macro environment. It is concluded from the marketing mix that Nikon uses innovative and effective marketing mix for selling of Nikon Z6 product in the marketplace as compared to Sony Corporation. Nikon is a consumer electronics company thus, it can take ample of benefits while initiating the business in the foreign market instead of Sony. Sony is a conglomerate company thus, the competitors like Nikon may affect the sale and progress of company adversely. It is analyzed that Nikon marketing mix is unique and dynamic to promote and improve the Nikon Z6 product in the international market.
References
Apotelyt.,(2018). Nikon Z6 versus Sony A7II
Bhasin.H.,(2018). Marketing mix of Nikon
Bhasin.H.,(2018). Marketing mix of Sony-Sony marketing mix
Bhatia, V. K. (2014). Analysing genre: Language use in professional settings. Routledge.
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Dovleac, L., & Balasescu, M. (2012). Marketing mix for consumer high technology products. Bulletin of the Transilvania University of Brasov. Economic Sciences. Series V, 5(1), 41.
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