It is also among the top a hundred effectively managed companies across the business world (Koontz & Weihrich 2006, p. 104). This was because of its renowned heritage of creativeness and innovativeness. On the other hand, marketing concept is a marketing philosophy in which a company’s goals revolve around the identification and achieving the needs and wants of the customers (Singh 2004, p. 11). Many company’s have adopted this concept over the recent years and Sony company is one of the firms that have made use of this philosophy in order to achieve its consumer oriented goals. With this, this essay will delve into the relevance of the marketing concept to Sony Corporation by expounding on the ways in which the company has applied it successfully to encompass its global operations. The history of marketing concept In prior years, companies used the sales concept and the production concept to foster their operations, but they proved ineffective in achieving the consumer satisfaction. In essence, the production concept was in existence in the 1920s and its rise attributed to the industrial revolution witnessed across the globe (Faarup 2010, p. 23). The concept was effective because most of the goods produced at this time met the basic needs hence creating a higher demand for the same. At this time, the sale of the manufactured products was easy as sales teams were able to execute sales transactions through a price that was subject to the cost of production. The sales concept followed the production concept in the 1930s because of increased competition that was able to meet the unfulfilled demands. The idea behind this concept was that companies had to influence consumers to buy their products through promotional strategies because of the competition experienced in the market. The sales concept failed because its focus was mainly on the sale of the products without factoring in whether the consumers actually needed the product that they were selling. The implication of this was that this did not attain customer satisfaction as marketing came after the development and production of the products for sale. However, many equate marketing to sales, but these two entities are quite different in terms of approach and influencing customer satisfaction. Marketing concept gained momentum after the Second World War because of the increased consumer spending because people could now afford to buy selected products (Faarup 2010, p. 24). With this, companies began to focus more on the needs of the consumers by developing products after ascertaining what the market wanted. The advantage that this presented was that companies could now achieve profits by satisfying the consumer needs for their overall benefit. In essence, marketing concept relies on research of the market to determine the market size, needs, and the segments that exist within the market. In order to satisfy the needs of the consumers, the marketing team decides on the ways of controlling the parameters of the marketing mix. Sony Corporation and the marketing mix Marketing mix is a business-marketing tool, which encompasses the four Ps in the influencing of consumers towards accessing a company’s products and services for the attainment of its goals and objectives (Lamb et al 2008, p. 148). The four P’s are price, place, promotion, and product that when mixed reflect the nature of different
Relevance of Marketing Concept to Sony Introduction Sony International Corporation is a Japanese multinational company with its headquarters in Tokyo Japan. Its founders were Akio Morita and his counterpart Masaru Ibuka. It is among the leading assemblers of electronic gadgets for both consumers and the professional markets…
According to Struck (2008) it is through these supply and demand forces that the governments decides son what to increase and decrease tax. All these factors are considered using demand and supply curves. These curves are used to determine the effects of changes in either prices or supply of goods and services in the market.
For a numbers of business managers, an effective team work is perceived as a tool that enhances the competitiveness of the organization and thus delivering excellent results. Improved team performance is characterized by enhanced employee involvement, increased market share, innovativeness, and reduced wastes.
Productive teamwork fires the achievement of strategic goals of an organization. Effectual work teams amplify the achievements of each employee and allow an organization to improve its services. More than two decades ago, automobile manufacturers Toyota and Volvo carried out team-based structures in the era of high formalization, departmentalization and centralised mechanistic organization structures (Robbins 1998).
Drawings are also incorporated in the paper to increase clarity. The paper also shows how the market forces adjust themselves to attain the short run and long run equilibrium that was disturbed by the initial change in demand. In the other half of the paper the key differences in the real world markets and the perfect market are defined and explained.
trend of competitive business environment, organisations seek to possess effective control of their respective business performances ensuring higher productivity and sustainability for the purpose of attaining predetermined business targets. It is to be stated that a good and a well-built control mechanism can facilitate a firm to make better control of its costs, productivity, employee performances and quality of products or services by a certain degree.
The perfect market is a market which offers the highest competition and the least concentration. The least competition and highest concentration, on the other hand, is present in a monopoly market. The prices of the products and services in a perfectly market is driven by the benchmark prices set by the market.
About three decades ago, employees were people who were there in the company to work and receive wages at the end of the day or the month. Much focus was on production and achievement of profits without taking into consideration the concerns, ideas, opinions, and general welfare of the employees.
Commonly, economists of the 20th century explain the meaning of entrepreneur as the one who is always eager to take the risk of launching a new project forecasting its scope of earning maximum profit. It is worth mentioning in this context that there are certain special features in a successful entrepreneur, which make them different from others.
Rodrigue, J. (2013) stated “The most important transport problems are often related to urban areas and take place when transport systems, for a variety of reasons, cannot satisfy the numerous requirements of urban mobility. Urban productivity is highly dependent on the efficiency of its transport system to move labor, consumers and freight between multiple origins and destinations.” Congestion or increased density of population paved way for pollutions of various kinds in cities.
Based on the accounts randomly scanned featuring narratives of different negro slaves across trading states, just like the ones Beloved seems to find needless in mentioning often, slave traffic was prevalent during the 16th-1800s. As if with commodities under
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