• At present, the company wants to launch its new product i.e. PlayStation 4 which is the extension of its existing product line
• Prior to introducing its new product, the company is required to follow and implement new product development strategy which would facilitate to identify the current market situation, competitors’ performance and changing consumer buying behaviour among others
• After analysing marketing mix strategies, it has been observed that the company’s new product possesses a wide variety of innovative features which are quite unique from its competitors, which offer similar kind of products
• In terms of pricing strategy, the company will follow the strategies of discounting price, competitive price and psychological pricing in order to attract the target market across the duration from launch to the upcoming five years
• Apart from these, the company also would offer trade discounts, seasonal allowances and also offer payment discounts to the consumers who deliver early cash before getting the product
• Additionally, the company will adopt certain distribution strategies in order to reach more market coverage for the next five years. Furthermore, it will also adopt certain promotional strategies which would facilitate to increase the sales for the next consecutive five years...
Additionally, the company operates under four business segments such as electronics market, game, Motion pictures and music as part of entertainment and financial services. Since the past few years’, the company has continuously attained huge success through its unique business model and by developing effective capabilities that have facilitated the company to deliver innovative products and services as per the market needs (Sony Corporation, 2013). It has been viewed that the company has earned considerable reputation not only in its domestic market but also has attracted international customers through its unique products and services. Moreover, it offers a wide variety of products by emphasising upon different market segments by which the organisation has comprehend the exact needs of the products and services of the target market. Sony delivers electronic products such as LED TV, Smart TV, music system, mobile phones and also various gaming products including PlayStation (Sony Corporation, 2013). It has been observed that the company has attained core competency particularly in its gaming market segment where it delivers unique gaming experiences along with affordable prices as compared to its rivals. This market segment helps the company to earn huge revenue in the past five fiscal years (Sony Corporation, 2013). The core objective of this study is to present a five year marketing plan for introducing a new product in the gaming segment i.e. PlayStation 4 by considering new product development and marketing mix strategies. Additionally, this discussion also aims to show the company’s new pricing, promotional mix and distribution strategies in order to launch this