Strategic Marketing Assignment: The Launch of Sony’s Play Station 5 During COVID19
Question
Task: Based on and incorporating the work you have done in Assessment 1; students need to apply relevant marketing concepts and theories to discuss the news article.
In this report students should address the following three questions:
1. What is(are) the relevant topic(s) in contemporary marketing that this news links to? Why do they consider this is to be the case? (10%)
2. What are the 2-3 key insights they gained about this news article? (5%)
3. What are the practical solutions to the situation discussed in the news article? (10%)
Answer
Introduction
The news article selected for this report consists of the announcement that is done to launch the newSony’s Play station 5. The launch of the excellent featured play station was due by the end of June 2020.However, the outbreaks of the COVID 19 situation havedelayed the launch. The pay station is due to be launched by the end of this year. The report focuses on the marketing strategies of the concernnews article. The strategicmarketingapproaches used in this news are vividlyidentified in the study, along with the close identification of the insights. It, at the same time, produce an excellent recommendation to the concern Sony Companyfor the launch of their productin the competitive market environment.
The relevance of the news in contemporary marketing
It is essential for the firm to ensure that they makean announced properly with the execution of related facts during a promotionalmarketing. The announcementabout the launch of Sony’s Play station 5 has to face back step due to the poor marketcondition of the COVID 19. The product launch has been delayed, andthus the promise made about the launch datecouldn’tbe kept by the company (Smh.com.au, 2020). However, the company has used excellent marketing strategiesand has executed the features they are willing to launch in their new Play station. The excellentfeatures proposed by the company are actingas profound drivers to customer’s attention. The customers are willing to buy the play station, andthere is anincrementing intheirbuying intention. This is considered to be excellent approach as the major global countries are facing the satiation of lockdown. The strategies of highlighting of the keyfeatures, including the Blue-ray drive with the Ultra HD facilitiesalong with the reduction in the size, has been the essential marketing measures (Smh.com.au, 2020).
The Sony company is having a huge marketing competition, to ensurethat their productsare able to gain the attention of the wider numbers of people during the current situation of COVID 19, the use of the launch announcementstrategies is an important move by the marketing team. This will also act as a competitive advanced for the firm and the business will be able to gain huge profit in the concern market condition.
Key insights
The concern news articles have been an effective example of advertisement of the products and predictionof customer behavioreven before the product is launch in the markets. The companies having a well-established position in the market are using these strategies. This promotionalactive is mostly used by the company launching series of already existing products with better quality (Barney, 2017). The major insights that areidentified in this news articleconsistof the marketing strategies of collecting feedback (Smh.com.au, 2020). This is a profound marketing strategy that ensures that the company is able to attract the attention ofthe customers with their launch. The estimation of the profit that the produce willincur in the respectivecountriesare also outlined with these strategies. On the other hand, the firm can take up their announcement as the collection of better suggestion for the products. For instances, the size of the product can be an issue for the customers. Thus, the company can work on increasing the size of the play station (Nucciarelli et al., 2017). However, the product is launching during the economiccrises of COVID 19. The finical position of the people is not stable. Thus, the launch of the products needs to be donewithin the nominal price range. The price will play an essential reason for the upgrading of the sales rate of the playstation. Thus, it is alsoessential insights evaluated from the analysis of the select news article.
Practical solutions
The situation of COVOID 19 has made the launch of new products very risky. This has decreased the profit-makingapproaches of the companies. Thus it is recommended for the Sony Company to use marketing tools such as effectivepositioning of their products. Placing the Play station under the low priceand high-quality approachwill be helpful for the company to gain the attention of the people within the competitiveenvironment (Hong, 2020). At the same time, the use of digitalpromotion will be effective marketing strategies. It has beenevaluated that the major competing business such as Microsoft is using digital sites like Twitter and Instagram. The increased reliability of the people on the social sites during the pandemic has been a major reason for the proposed suggestion. The promotional strategies have the potential to fetch sure profit to the company with the launch of the play station in the market (Hong, 2020). At the same time, the use of the strategies of proper customersegmentationis needed by the company. As the situation of lockdown is prevailing; thus, the target based promotion is needed. This ensures that the marketing measuresare execution in a systemic manner for the launch of the play station 5.
Conclusion
It can be concluded that the proposed news is an excellent source of marketing. The news is a promotionalapproach for the company. Strategies are executed to attack the customer’s attention during the pandemic situation. The strategies such as price-cutting arerecommended to the company along with the proposed online marketing approaches. The positioning of the product will be helpful in attracting the wider number of customersduring the recent timeof COVID 19.
Reference list
Barney, T. Y. (2017). Marketing Practices in National Junior College Athletic Association Men's Basketball Programs: Swot and Pestle Analyses (Doctoral dissertation, University of Georgia). Retrieved from https://getd.libs.uga.edu/pdfs/barney_tiffany_y_201712_phd.pdf
Hong, I. B. (2020). Predicting user-level marketing performance of location-based social networking sites. Journal of Computer Information Systems, 60(3), 212-222.Retrieved from https://www.tandfonline.com/doi/abs/10.1080/08874417.2018.1435318
Nucciarelli, A., Li, F., Fernandes, K. J., Goumagias, N., Cabras, I., Devlin, S., ... & Cowling, P. (2017). From value chains to technological platforms: The effects of crowdfunding in the digital game industry. Journal of Business Research, 78, 341-352Retrieved from https://www.sciencedirect.com/science/article/pii/S0148296317300759
Smh.com.au (2020): The Sydney Morning Herald Retrieved on 15/06/2020 from Retrieved from https://www.smh.com.au/technology/video-games/playstation-5-consoles-unveiled-including-a-disc-free-version-20200612-p551vg.html
