The firm also has vigorous plans to increase its domestic market share in the coming year.
The global market for LCD televisions in fiscal year 2008 was approximately 107 million units (Sony Annual Report, 2009), which implies a growth of 24% over 2007 sales. The unit selling prices are declining and economic slowdown is expected to hamper growth.
The global market for media players is pegged at 275 million units by 2011 (Research and Markets, 2007). The market trend is shifting toward pocket gaming mobile telephony with multimedia features available on the fly.
Marketing objectives should favourably affect the company's top-line. These should be challenging, specific, measurable, and have a set time-line in which the objectives are to be achieved (Palmer, 2009).
The marketing objectives in the current context, hinge upon domestic and international market. It is pertinent therefore, to analyse the company's core strength, market opportunities, threats from competition, and limitations if any, so that, the objectives set forth can be achieved with stretched resources in hand.
LCD televisions and multimedia players are perceived as status symbols that reflect a "digital, cool lifestyle," which provides a sense of belonging in the peer group. It's an icon product that "needs to be owned," as a mark of a high culture lifestyle. These products also serve the "social need" for entertainment with no dangling wires, and plug-and-play convenience. With regard to MP3 and MP4 media players, these products are popular with the youth, as also, with joggers, travellers, and music lovers.
The current trends are moving towards lightweight, compact, wireless units that have huge gigabyte memories, and can be connected to the internet on the fly.
Market Segment by Age
The major market segment by age, for the company's product lines, would be the 15 to 64 year old group that is projected at approximately 3100 million in emerging economy, and 800 million in the developed world (UN & Morgan Stanley, n.d.).
Currently, around 60% of population in U.K. qualify under the working age category, which roughly amounts to 37 million people (Office for National Statistics on-line, 2009). Reports indicate that the unemployment rate at the end of third quarter of 2009 stood at 7.8%.
Market Segment by Geography
80% of revenue would be slated to come from domestic market segment, and the balance from international