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What have been the key success factors for Sony?
Sony Corporation is one of the worlds most recognized and respected companies. Since its humble inception as a radio repair shop in 1957, it has now grown into a huge multinational with interests in electronic items, multimedia, music, films and televisions etc. Part of its success comes the vision of its founder (along with Masuru Ikura) Akio Morita who once said that marketing success depends on three types of creativity namely, invention of new products, creativity in product planning and its production and creativity in marketing. This sentiment is echoed in the words of the world famous economist Peter Drucker who said that the basic purpose of any company is to create customers through marketing and innovation. (Trout 2006). It is common knowledge that Sony is highly innovative and examples include the Walkman, PlayStations etc. The company marketing is also highly successful mainly due to the following factors. Apart from advertising and manufacture of quality products, they include market research, customer needs and satisfaction, understanding consumer behavior, and corporate consumer behavior. In fact the market research of the company is extremely strong and effective. Market research involves collecting information through primary and secondary sources. (Market Research Process. 2008, p.3). Market research is used to formulate business plans, develop and launch new products, change or fine tune existing products, understand individual/corporate customers, make sales forecasts, understand market demand and company demand etc. (Market Research Methodology: Overview. 2008). Sony has high capability in understanding consumer behavior also. They have online ads that promote some of their products like Walkman, PlayStations etc. they have even developed a software that will track user behavior when they browse the web. This application called ebridge is so successful that Sony offers its services to organizations and individuals for a fee.
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