Marketing strategies determine a product's future sells and success. In this paper we will identify a tangible product of my choice and explain why this product was chosen. Then we will explain the characteristics of each element of marketing as it applies to this product. The four up's of marketing are product, pricing, place, and promotion. With this being stated, we will lastly discuss why each of the 4-P decisions would be important when marketing this selected product. Tangible Product The Sony Plantation is one of the most popular entertainment systems on the racket.
Sony markets this product to teenagers as well as adults. Its competitor which is the Microsoft Oxbow usually releases their product around the same time with every newly introduced product. The two entertainment systems often use similar marketing techniques and both sold in the same department. Sony produces many electronic systems and is well known for supplying consumers with acceptable products. I specifically chose the Plantation system because I am a consumer of this product, and the company does a great Job on promoting, distributing, pricing and designing new products.
Product As we know, product marketing includes the product's design, branding, packaging, guarantees, and other considerations (Huh, 2011). Sony Plantation offers a new product every 7 to 10 years, which usually releases around the holiday season. This coming holiday season Sony is releasing its Plantation 4 which is ultimately an upgrade of the Plantation 3 that was introduced back in 2006. Since then, Sony has created a few different models of the entertainment system such as the Plantation 3 Slim and a wide variety of color routines.
Being that there are so many games available for the system, Sony also provides consumers with storage options such as how many gigabytes of hard drive space included with each system. Sony labels their product on all of their advertising and packaging which is easily recognized worldwide. Price Another element of marketing strategy is pricing, which involves the money consumers are willing to pay for the good, service, or idea (Shoeshine & Redhead, 2011). Sony is one of the most popular entertainment producers, and has products in many if not all homes around the world.
The company does an acceptable Job examining profit and satisfying consumers simultaneously for the Plantation System. Sony seems to always choose a price that consumers are willing to pay and also compete with other gaming units in competition. The Plantation has always been an enjoyable gaming system and Sony has done a good Job with accounting for the product's primary value. Even though other products compete closely with the Plantation, their pricing is often consistent. Place Place, or distribution, involves transportation, storage, and work with the organizations that are dedicated to product distribution (Titan & Forges, 2012).
The Sony Plantation is sold in majority of the electronic retailers such as Best Buy, Target, and Wall-Mart. Gamester is a retailer that sells gaming products to consumers, such as Plantation, which make it convenient for consumers and target a specific audience. Since many people find it more convenient to shop online, Plantation usually sells majority of its products via internet. Promotion The final and probably most important element of marketing is promotion. For a company to effectively market a product that has been created, priced, and distributed, that company must effectively promote it.
Sony has a many ways that they promote their products. One way is by advertising their products through broadcasting with commercials. Gaming systems has a large consumer base, and consumers anticipate new products often. With every new Sony Plantation system, the company sells millions of products prior to its release date. Plantation's promotion usually starts at least two years before the release date and provides future consumers with mind-blowing information about the new product. Similar to Apple, Sony has a consumer base that will camp out at retailers for days before the lease date, to be the first to have their product.
Sony also promotes their Plantation at large gaming events, such as Comic Con which attracts thousands of comic book fans who also make up majority of the consumer base. As the internet makes up for most of Sonny's product distribution, it plays a dominant role in promotion as well. Sites such as Youth, Faceable, and Twitter often are used to promote Sony products (Junk, Hackwork, Osborne, & High, 2011). Importance of the Role play, Fantasy, and imagination are some of the characteristics of gaming so nonusers are drawn in by a products creation, design, and guarantees.
This makes the Product sector of marketing for Plantation important as far as with the beginning stages. Pricing for the Plantation is Just as important as well, especially with all the other competitors involved. Plantation must price their product at a specific price where consumers can afford or be willing to pay and also make profit. Since the Plantation is an electronic system, the place or distribution of it is limited to electronic retailers. Like many other products, promotion is the most important racketing strategy for the Plantation.
This marketing strategy introduces new product to potential consumers, which account for a large number of Sonny's product sells (Words of Wisdom Editorial Board, 2011). Conclusion In this paper, we identified a tangible product and explained my interest in this product which was the Sony Plantation gaming system. Then we discussed the characteristics of each element of marketing as it applies to the Sony Plantation. Sony Plantation designs a new product every 7 to 10 years, and has a brand name that is recognized worldwide.
The entertainment producer prices their product at a rice where they can make a profit as well as enable consumers to comfortably purchase their product. As for the product's place, Sony is limited to supplying their product to solely electronic retails or all-around stores such as Wall-Mart, Target, and K-Mart. The last but most important strategy in marketing is promotion, in which the Plantation promotes their product usually via commercials and at large gaming events. Finally, we explained why each of the 4-p decisions would be important when marketing the Sony Plantation system.