Effectiveness of Sony Corporation - Research Paper Example

Individual Report Table of Contents Introduction 3 1. ment of Problem 3 2. Aim and Objectives of Research Project 3 3. Rationale for This Study 4 2. Literature Review 5 2.1. Brand Strategy 5 2.2. Brand Loyalty 5 2.3. Brand Equity 6 2.4. Importance of Customer Satisfaction 7 3. Methodology 8 3.1. Research Philosophy 8 3.2. Data Collection Method 8 3.3. Ethical Considerations 8 3.4. Limitations 9 4. Findings 10 5. Analysis and Discussion 15 6. Conclusions and Recommendations 17 7. Reflection 18 8. References 19 1. Introduction 1.1. Statement of Problem Brand perceives to the logo, term, symbol or any other element that can distinguish the products and services of any particular entity over the others. In the current scenario, with the event of globalisation, organizations are certainly diversifying their operations beyond their geographical boundaries. Thus, it has become eventually important for the business to develop a special image in the minds of the customers. Moreover, the approach of brand significantly allows the business to earn superior degree of competitive advantages by developing a high level of awareness (Subhani & Osman, 2009). Correspondingly, Sony Corporation, which has been dealing in diversified businesses, primarily focuses over marketing electronic products and services in the global context. Brand positions of the company in electronic products and services are also highly recognized with its outlets spread all around the world. Notably, Masaru Ibuka and Akio Morita established the brand during 1946 (Sony Corporation, 2015). 1.2. Aim and Objectives of Research Project The aim of this study is to investigate effectiveness of Sony Corporation as a brand to obtain customer satisfaction. In this context, to accomplish this aim, certain objectives have been developed, as presented here under. To determine the brand image of Sony Camera in the current market To identify the factors that affect the preferences of the customers towards Sony cameras To identify the factors those are likely to drive the customer satisfaction To comprehend the impacts of pricing, quality and designing strategies and its contribution to enhance customer satisfaction 1.3. Rationale for This Study In today’s contemporary era, brand plays an integral role in creating an impressive image in the minds of the customers by differentiating their offerings from the competitors. Additionally, brand and customer satisfaction is regarded as the integral constituents, which are likely to create a positive brand image of the particular commodity in the competitive market. Apparently, with the growing level of globalisation, businesses need to incorporate different strategies to cater and differentiate their image over their competitors (Aaker, 2010). Furthermore, in respect of developing high level of customer satisfaction, businesses today have to attain importance over the deliverance of quality products and/or services, pricing products, developing the brand image and high brand awareness in the minds of the customers. In this respect, it can be affirmed that the mentioned factors will significantly influence consumers’ satisfaction in a noteworthy manner. At the same time, it is quite important for the business to make their prior considerations for the mentioned factors to ensure high competitive advantages in the global market (Hill & et. al., 2007). Thus, this study has been conducted to measure brand and customer satisfaction of Sony Corporation in the recent competitive marketplace. In this context, the study will help to determine the importance of brand and customer’s satisfaction importance in the changing business environment. 2. Literature Review 2.1. Brand Strategy According to Srivastava (2009) brand strategies have been used by modern businesses to maintain continuous efficient relationship with the customers and further enhance the relationship to attain long run benefits. It is in this context that customer retention and acquisition of new customers are deemed as highly dependent on how efficient the brand has formulated its strategies, which ultimately ensure a more synergistic as well as effective communication. Thus, the company that built efficient strategies can significantly ensure the brand to enhance their sales, repetitive purchasing behaviours and meet the expectations of the customers. Similarly, Shahri (2011) affirmed that with the event of globalisation, brands need to put their increased importance over integrating and coordinating the activities of the business those have further led them to focus on various strategic decisions. In this regard, various strategic business units have developed their independent missions, objectives, and responsibilities to serve the different segments competitively. Thus, the approach of brand strategies will enable the business units to maintain their effective positioning in the market. Besides, brand strategies must be framed in a manner, through which, the firm is able to make effective mixes and matches to the offering of the business with the brand image (Shahri, 2011). In this regard, Chatterji (2012) affirmed that Sony operates its business across the different market places with different competitors and thus, the company is often forced to utilise a diversified range of strategies to develop their significant position across the international markets. Tailoring the product based on local markets and promoting the assets across the different segments is the key goal of the business on which, the strategies of brands are resolved (Chatterji, 2012). 2.2. Brand Loyalty Mao (2010) argues that brand loyalty is an approach of the customers that tends to make them preferable and loyal towards the particular products and services of any brand. Besides, the faithfulness of people over particular brand of merchandise, valuing a brand of their choice over the other is perceived to form brand loyalty of customers with regard to that particular brand, which was accepted by them. In this similar respect, Nawaz & Usman (2011) perceived that brand loyalty is biased behavioural responses of the customers over a period of time in comparison to one or more alternative brands, which is also recognised as a common psychological process. Notably, brand can maintain its loyalty among the targeted customers based on the popularity of the business among the customers in terms of quality, price and services. In this context, Jandaghi & et. al. (2011) affirmed that to generate superior market share and competitive advantage, organisations must emphasise brand loyalty, perceiving and maintaining quality of the products and services in alignment to the preferences of its customers. Furthermore, enhancing brand image is directly propionate to building brand loyalty of the customers that further motivates and drives them to purchase the same brand despite of the superior marketing effort by the competitors (Jandaghi & et. al., 2011). Besides, the concept of brand loyalty is highly important and beneficial for the business, as it relatively increase the bargaining power of the business in the hands of the suppliers as well as other business partners (Dahlgren, 2011). Correspondingly, Thammawimutti & Chaipoopirutana (2005) affirmed that Sony digital cameras in the current market is perceived to have high brand value with significant efforts of brand towards advertisement, customer relationship and quality products and services those are quite likely to enhance the loyalty of customers towards the brand. 2.3. Brand Equity According to Fayrene & Lee (2011), brand equity is the premium value that a brand realises from the products making use of its better recognizable image in comparison to other brands or substitutes available in the market. Correspondingly, a brand can develop its equity making the offerings of the products recognisable with superior quality and reliability. In this regard, Stahl & et. al. (2013) stated that brand equity is a process of determining the valuation of a brand, on the basis of its goodwill and recognition of name that it has successfully earned over the time that helped it to increase the volume of sales and profitability of the business. Besides, higher brand equity of the business in the mind of the customers indicates lesser marketing costs and better affordability for the consumers that assist the marketing company to attain high margins of brand awareness and loyalty. On the other hand, Chen & Green (2010) affirmed brand equity as a set of brand assets as well as liabilities those are interlinked with the brand’s name and symbol, which fluctuates based on the values provided by firm products and services to the customers. Additionally, brand loyalty, quality, brand awareness, brand association, and other constituents of brand assets are key dimensions of brand equity (Chen & Green, 2010). Lee & Leh (2011) however argues that in the current business environment, brand equity is an integral source of strategic intelligence for the organisation. Moreover, brand equity has been defined as customer-based activities, which confirms the fact that brand equity refers to the value of that particular brand in the minds of the customers (Lee & Leh, 2011). 2.4. Importance of Customer Satisfaction According to Munusamy & et. al. (2010), satisfying the customers of the business remains as the ultimate aims and objectives in the highly competitive environment of the recent years. Moreover, every business competes to meet the changing expectations of the customers and thus, the approach of customers satisfaction becomes highly integral for the business (Warraich & et. al., 2013). Similarly, Sabir & et. al. (2014) highlighted that satisfaction is one of the prominent factors, on which, the success of the business depends. It is noteworthy in this context that the prior objective of most of the business, i.e. retaining the existing customers, can only be achieved when customers are highly satisfied with the offerings of the business. Furthermore, a brand can only achieve high customer satisfaction when factors, including service quality, pricing, product quality and reliability as well as physical designs meet with the expectations of the customers (Sabir & et. al., 2014). Alternatively, Mandal & Bhattacharya (2013) argued customer satisfaction as important for the business to ensure long-term succession. Correspondingly, needs, wants, and demands of the customers change continuously, which significantly lead companies to develop different strategies and thus, it becomes integral for the business to efficiently provide high level of customer satisfaction. Apparently, Rekila (2013) highlighted that in the current environment, effective and efficient interactions among the consumers are important means through which, brand image and overall brand value can be developed. Thus, customer satisfaction becomes an important factor to attain the same. In this context, to measure the level of satisfaction, business needs to recognize customer’s expectations prior to purchase and recognise the problem after the use of the same (Rekila, 2013). 3. Methodology 3.1. Research Philosophy The aim of this study is to identify the positioning of the brand and customer satisfaction, considering the example of Sony Corporation. In this regard, this study has been conducted on the basis of the understanding regarding the perceptions of 100 inhabitants and thus, Ontology and Epistemology philosophical approach has been utilised with the previously mentioned aim. The prior reason behind using the ontology philosophy is that it will deal with understanding the realities and their relations rather than ascertaining the theories based on social opinions (Saunders & et. al., 2009). On the other hand, epistemology represents an ability to interpret and justify the philosophy that ‘how we know what we know’ (Crotty, 2003). Besides, the prior reason behind utilising this approach is that epistemology philosophy is focused on the knowledge based understanding and properly understood subject matters rather than extracting new knowledge (Crotty, 2003). 3.2. Data Collection Method In order to derive a proper conclusion in the study, justifying its objectives, data collection is considered as a significant aspect. In the theoretical context, data can be gathered through the means of primary and secondary methods. Correspondingly, in this study, both primary and secondary methods of data collection have been used (Kothari, 2004). In this regard, primary data has been collected through 100 respondents in the form of questionnaire survey (Zikmund & et. al., 2012). Moreover, the questionnaire has been developed through closed ended questions in a structured order. Simultaneously, the secondary data has also been gathered by collecting necessary facts from lately published journals, articles, books and other reliable sources including company reports (Sekaran & Bougie, 2010). 3.3. Ethical Considerations The study has been undertaken providing an utmost focus over the ethical issues to maintain a high degree of reliability and validity. In this regard, it can be affirmed that the data that has been acquired primarily from the customers are taking the prior concern of people or the human participants. Moreover, the acquired data has been documented securely without disclosure for the due consideration of future research and perseverance of respondents’ confidentiality. Nevertheless, through secondary sources, data has also been collected from reliable journals, articles and other online sources (Baumgarten, 2013; Halai, 2006). 3.4. Limitations Apparently, the key objective of the study is to measure the degree of customer satisfaction of people in relation to Sony Cameras. In accordance, it can be affirmed that scope of the research has been significantly impacted because of certain different influencing factors that implies to the changing preferences and judgements of the customers with changes in their moods. On the other hand, the relative size of sample is relatively low that reduces the criticality of findings (Neelankavil, 2007). 4. Findings In order to determine the prior aims and objectives of the research data has been primarily acquired from 100 respondents. In this regard, it is worth mentioning that out of the 100 respondents, 80 participants provided valid responses and thus, the result of responses were depicted with the help of different charts, graphs, and tables. In relation to the responses obtained and included in the survey, majority of the respondents were found to be females (i.e. 54 out of 80) in comparison to males (i.e. 26). This finding has been comprehensively represented in the below depicted graphical illustration. Fig: 1. Specification of gender In relation to question two, data was acquired with the intention to recognise the age group of the number of respondents being surveyed. In accordance, it was identified that 48 respondents belonged to the age group of 18-25 years wherein, 16 respondents were of the age group of 26-30 years. On the other hand, 10 respondents belonged to the age group of 31-35 years and the remaining 6 respondents were over 35 years of age. The graphical presentation of the fact is depicted below. Fig: 2. Age of respondents Correspondingly, in reference to question 3 that was mainly concerned with recognising the brand of the camera that customers are currently using, which helped in determining customer satisfaction for Sony as a brand. It was accordingly ascertained that 46% of the participants use Sony cameras. On the other hand, 24% of the respondents reflected that they use Cannon while 14% use Nikon. Besides, the result also stated that 11% of the customer’s surveyed use Olympics camera and the remaining 5% use other brands. The graphical presentation of responses has been presented below. Fig: 3. Brand of Camera you are currently using Apparently, the next question focuses over determining the factors those are likely to influence the customers to select the particular brand of digital camera. In this regard, most of the respondents revealed that product feature is integral of selection of particular brand. Besides, fashion, advertisement and professional reviews are other contributing factors those are likely to influence the selection at a major extent. A brief elaboration of various factors has been depicted below through the graphical illustration. Fig: 4. Factors that affect your preference on digital camera In relation of pricing policies of Sony cameras, which is a key factor influencing customers satisfaction, data has been acquired from question 5. the results helped identify that 14% and 29% of the respondents strongly agreed and agreed that Sony camera has lower price. 28% of the respondents were however neutral regarding the same. On the contrary, 10% of the total respondents disagreed and 9% strongly disagreed and stated that other brands of camera were comparative low priced. Fig: 5. Did Sony camera are low priced Relatively, in relation to question 6, the results obtained indicated that 28% and 14% of the respondents stated Sony camera has significantly high reputation in the market place. On the other hand, 27% of respondents had a neutral view regarding the same. On the contrary, 8% and 3% of the respondents relatively disagreed and strongly disagreed with the statement. Fig: 6. Did Sony camera have good reputation in market In relation to question 7, the data acquired helped to determine whether the Sony camera was stylish according to their preferences. In this relation, 33% of the respondents strong agreed and 24% agreed to the fact while, 18% respondents gave a neutral view regarding the same. However, 4% of the respondents disagreed and 1% strongly disagreed that Sony camera had a stylish product design. Fig: 7. Did Sony camera are stylishly designed Perceiving the quality aspects of Sony digital camera, the responses affirmed that 50% of respondents strongly agreed and 13% agreed that Sony camera had a superior quality. 11% of the respondents depicted their neutral view regarding the same while only 6% of the respondents disagreed and perceived other brands of camera to offer a quality superior than Sony. Fig: 8. Did Sony camera is superior in quality Correspondingly, the next question concentrated over determining the factor that needs improvement in Sony digital cameras. In this regard, the study results indicated that species diversity and functional factors needed improvements highly over the other specifications. Besides, design, price and quality are relative with other factors those needed improvement. Fig: 9. Factors that needed improvement in Sony digital cameras 5. Analysis and Discussion Based on the above findings from primary and secondary data, it can be affirmed that maintaining the brand as well as the level of customer satisfaction through the offerings of the business is highly integral for the business. Similarly, the secondary data revealed the fact that in current business environment, people are relatively more conscious regarding the quality, and when their expectation meets with the offering of the brand, loyalty as well as satisfaction level gets enhanced (Hu, 2012). In this regard, the finding of the primary research reflected the fact that concerning the selection of brand in this particular electronic market segment, Sony digital cameras remain their key choice of selection in comparison to the other brands in the market. This result further helps inferring the fact that Sony camera possessed a significant percentage of market share in the context of digital camera segment, over the other brands, which relatively make more people loyal towards the brand. In the similar respect, data obtained through secondary sources revealed that people are highly inclined towards the brand if they perceive to have a positive experience in term of quality and reliability of product of a particular brand (Mao, 2010). Correspondingly, the analysis of primary data reveals that customer perceives pricing policy of Sony is agreeably lower in the market in comparison to the other brands. In this context, secondary data justified that pricing is one of the integral aspects of the business that relatively affected the customer’s level of satisfaction over the particular brand (Nawaz & Usman, 2011). On the other hand, results of primary data affirmed that considering the aspect of feature and fashionable are most important factors that contribute to the most in customer satisfaction in the selection of brand while buying the camera. Relatively, the professional reviews, advertisement affords, pricing, after sales services, recommendations from the peers and other contributing factors are also likely to influences their buying decisions. Similarly, customers perceive quality and stylish designing concepts of Sony cameras makes it highly superior, which is likely to influence them to buy the products. Apparently, secondary data revealed that quality as well as uniqueness in the product and/or services would make help the brand to attract more and more customers, which apparently enhances the loyalty and level of satisfaction (Candan & et. al, 2013). The primary aim of the study is to measure the brand and customer satisfaction levels over Sony. In this relation, the study affirmed that majority of the people with the view that Sony has positive and recognisable images over its digital cameras in the market place. Moreover, in context of the analysis of the data based on the primary and secondary studies, it can be mentioning that customers having positive perceptions over Sony camera, as the respondents revealed that the brand offers low pricing benefits, with superior quality and stylish design. These aspects along with having the positive reputation in the market place will also enhance customers loyalty towards the brand. In this relation, review of the literature perceives that customers’ satisfaction arises with the deliberate effort of the brand over pricing, quality, designing and satisfying the expectations of customers respectively (Rekila, 2013). 6. Conclusions and Recommendations Based on the above discussion and analysis it can be affirmed that customers’ satisfaction through the offering of the business is relatively the most important aspect through which any brand can eventually maintain its position in the competitive landscape with efficiency. Besides, the finding of the study affirmed the fact that majority of the respondents are using the Sony cameras, which reflect high degree of loyalty of people over the brand. Moreover, Sony holds a significant position in the market, as its offerings are very much cost effective in relation to pricing, designing and quality. Apparently, the study highlighted that enhancing product diversity, along with adjustments in the price levels and increasing the quality will significantly enable the business to attract more customers and sustain in the long run. Correspondingly, based on the current brand position and level of satisfaction of customers toward Sony, as a brand, certain recommendations including putting significant efforts over implementing marketing strategies through advertisement will be highly beneficial. Moreover, utilising the aspect of continuous advancement in the technology in developing and enhancing the product will assist the business to create uniqueness in their offering. Meanwhile, putting a deliberate effort over after-sales services by recognising the perceptions of the customers can help the business to enhance product quality of the brand from a long-term perspective. 7. Reflection Brand is regarded as an approach that is also termed as the intangible asset of the business, which influences the overall performance of the business to a substantial extent. Indeed, in this respect it can be affirmed that proper branding allows business to develop meaningful relationships with the customers and form recognisable image through its special identity. On the other hand, the approach of customer satisfaction refers to person’s feelings, which could be either pleasurable or disappointing. Based on the analysis of the research study, I understood that in order to maintain the competitiveness of the brand in the international market, factors including customer satisfaction is a key aspect that can be achieved providing appropriate pricing, quality and other important aspects in relation to the products and services. In this regard, it can be affirmed that our needs, wants, and demands seems to change instantly that deliberately leads businesses and brands to change their strategic planning and their strategies accordingly. Besides, through this aspect, I can affirm that in current business and marketplace scenario, customers often remain as a vital aspect that can enhance the image of a brand in the market. Moreover, as per the collected data, I identified that Sony, in the section of digital cameras, have good reputation in the minds of the customers offering comparatively lower priced benefits and quality and stylish designs as per the preferences of the customers. Notably, through the discussion, I learnt that the preferences of the customers are immensely impacted due to various factors including, product specification, fissionability, pricing, reviews, advertisements and recommendations. Likewise, obtained information regarding the customer’s satisfaction also helped me affirm that deliberate marketing efforts, better services, taking the advantages of new and advance technologies to enhance the offering of the brands are likely to enhance the level of satisfaction of the customers. 8. 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