Sony Corporation is the multinational company, whose headquarters are located in Japan, and it’s one of the largest and popular media conglomerates, whose revenue was around US$88.7 billion in the year 2008 (Blagdon 2012). Sony Corporation is the international market leader in manufacturing of video communications, electronics, information technology, video games, and consoles for both the professional and consumer markets (Rassenfosse, Jensen and Webster 2011). As the organization, Sony tries to deal with the dynamic industry in which they operate their business (Blagdon 2012). The company has establish the stable work environment, in which engineers are profound towards appreciating the technology, and focuses towards the development of dynamic technology along with creating the products that people longed for (Rassenfosse, Jensen and Webster 2011).
One of the popular aspects of Sony Corporation is its innovative strategy (Blagdon 2012). According to Mintzberg, Sony has restructured as the innovative company, as they have many innovative employees, who are centralized with their decision making ability. The company tries to establish itself in the international market through innovation as their market growth strategy (Blagdon 2012). Sony Corporation offers innovative features in its different range of products like, television and video, digital cameras, home audio and home theater, video cameras, portable audio, mobile phones and tablets, play station, and broadcast and business solutions (Rassenfosse, Jensen and Webster 2011).
Sony is established as the market player in the global market through its innovation in its products, but the company faces challenge in keeping up with this among its competitors (Blagdon 2012). It is true that it often happens that when the organization is too large they fail to alter their values in order to adapt with the market changes, but still Sony Corporation has build its goodwill in the global market and is also attracting large customers (Blagdon 2012). Currently, Sony Corporation is relied over the simple aspect of sustaining the innovation without even trying to attempt to develop the destructive innovation as the complacency sign (Blagdon 2012).
Innovative aspect of Sony is selected for this research as it’s the most popular feature of the company, and it’s the reason behind its popularity and quality products (Rassenfosse, Jensen and Webster 2011). Sony has large customer base and the sale of Sony products is highest in the global market. Sony has become success due to their ability to manufacture the disruptive innovation in their product and services, which was not able to produce by other market players (Rassenfosse, Jensen and Webster 2011). This research will conduct the research on innovative strategy of Sony and try to discuss about how the company has gain competitive advantage and large market share through this aspect of the company (Rassenfosse, Jensen and Webster 2011).
Question 1: How Sony has increase their markets share through its innovative and new product development strategy?
Question 2: How the features of Sony different from other market players?
In order to collect the primary data for conducting the research, customers are selected, who visit the Sony store for purchasing their views. The views of the participants will be used for bringing out the results of the research (Rassenfosse, Jensen and Webster 2011). The research has also selected Sony research and development team for knowing their views on innovative aspect of the company and how this strategy has helped in targeted large audience (Rassenfosse, Jensen and Webster 2011).
For conducting the research or for collecting the data, 100 customers will be selected, along with 10 members from the research and development team of Sony Corporation. Large customer size is selected so that huge data could be selected, and it would be easy to analyze and come out with the perfect results.
It’s expected that most of the customers purchase Sony products due to its innovative features, quality, brand value and popularity in the market (Hirai 2012). It’s also expected that, research and development team of the company is able to collect the demands of the customers and work accordingly, which can be termed as the reason for their success (Rogers 1995).
The research methodology includes the description about the research approach along with methods of collecting the data (Rassenfosse, Jensen and Webster 2011). The research collects the data about the innovative as the core strategy for building brand name of the company and for attracting the customers (Rassenfosse, Jensen and Webster 2011). The research uses quantitative research methods for collecting the data (Sadanori 1999). This research will conduct the survey questionnaire through the quantitative approach (Rassenfosse, Jensen and Webster 2011). Quantitative approach is suitable in this research as it helps in collecting the in-depth information, and search for perspective and experience of the customers, which they had after purchasing Sony products and services (Kotler 1999).
The Survey through questionnaire will be used under the primary data collection method (Rassenfosse, Jensen and Webster 2011). These methods will help in understanding the views of the customers towards Sony products and will also check their satisfaction level (Hague 2002). The sampling strategy incorporated for choosing the participants will be random sampling. Through random sampling strategy, every the customers will be listed and will be randomly selected without any particular criteria (Kotler and Keller 2006). In the secondary data collection method, data will be collected through academic journals and books for understanding the views of the authors about the innovative strategy of the Sony Corporation in attracting the customers and for building brand name in global market (Rassenfosse, Jensen and Webster 2011).
Innovation is viewed as the obvious strategy, and there are many companies who have adopted this strategy for building their brand name and giving customer satisfaction with new features in their products (Levitt 1969). Innovation is the common strategy, which helps in fulfilling the demands of the customers and helps the company in building their position in the local and international markets (Feldman and Florida 1994). Innovation is not about introducing new products in the market, rather it involves introducing new products, technological advancement or line extension of the products in order to advance and strengthen the company’s Unique Value proposition (Chesbrough and Rosenbloom 2002). In the present marketplace the demands has increased for attaining the perfect timing as well as flawless execution of the products through implementing the new strategies in the market (Rassenfosse, Jensen and Webster 2011).
Rubio (2012) discusses that consumers always want to know that you are prepared when they are, which means the timing of the company should be perfectly synchronic with the demands of the audiences (Rubio 2012). The Lawler (2012) mentions that, companies should never launch any new products, or service or either packaging if the brand audiences are not ready for it, or either companies should never execute the needs for achieving the sustainable success (Lawler, 2012). Its noted that short cuts are considered as moving slowly towards death in the market, in which consumers expects from the brands to deliver before their commitment to purchase (Rassenfosse, Jensen and Webster 2011). Therefore, once the reputation of the company is established for achieving the excellence in the market, the efforts of innovation become the strategy of public relations, which tries to pre-sell the consumers before the launch of any new product event of the company (Rassenfosse, Jensen and Webster 2011).
There are many examples of companies, who have focus on product innovation and made it their brand expansion strategy for achieving success in both local and global market (Rassenfosse, Jensen and Webster 2011). One such company is Sony Corporation, whose main strength lies in their ability for producing the products of innovative quality (Rassenfosse, Jensen and Webster 2011). The innovations made in the Sony products have become the mainstream culture of the company (Rassenfosse, Jensen and Webster 2011). Sony offers international quality brands for their customers, as its main concern or focus is on high quality, convenient and uniqueness of the product (Rassenfosse, Jensen and Webster 2011). It is noted that mainstream culture of the company has embraced the innovation in Sony’s products (Rassenfosse, Jensen and Webster 2011). Presently, Sony products are globally recognized and the company has developed its strategy for attaining core strategic benefits, which is innovation (Rassenfosse, Jensen and Webster 2011). Through the virtue of the core strategic benefits, the company has adopted the international strategy through supplying the innovative quality items in many global countries (Rassenfosse, Jensen and Webster 2011). The innovative products offered by Sony are Walkman with personal stereo headphones, play stations, Video camera, DVD players, along with Trinitron televisions (Rassenfosse, Jensen and Webster 2011). All these products of Sony are well recognized all over the world, including Europe, Japan, US, and in various Asian markets (Rassenfosse, Jensen and Webster 2011).
Timeline is the significant aspect of the entire research study, as it’s important for the researchers to successfully complete their research work on time with the help of available resources, in order to meet the objectives of the research (Rassenfosse, Jensen and Webster 2011). Timeline is also explained as the guideline for completing every task in the research. Below table will explain the timeframe for every activity in the research.
|
Research Activities |
Time Required |
|
Research Proposal |
1 Week |
|
Introduction and Literature Review |
1 Week |
|
Field Research |
3 Weeks |
|
Research Methodology (Survey Analysis) |
1 Weeks |
|
Reporting |
2 Week |
|
Conclusion & Recommendations, and Submission of Report |
1 Week |
The resources used for completing the research will be both non-literary and literary resources that will include websites, academic journals, and books in order to address and monitor the assistance in the set timeframe of nine weeks.
Research is considered as the organized investigation on the specific topic and in this research product innovative strategy of Sony is discussed that helps the company in building brand name, expanding its market and attracting the customers (Nonaka and Takeuchi 1995). In this research, research investigation will be done through the collected facts and figures (Rassenfosse, Jensen and Webster 2011). This section is the important segment, which helps in exploring the evidences collected and relates to the topic (Nonaka and Takeuchi 1995). This section not only explains about the research approach, rather it also discuss about analyzing the research rationale, tools of data collection and data reporting approaches (Nonaka and Takeuchi 1995). Research sampling and methods are applied in this study for examining the primary data (Rassenfosse, Jensen and Webster 2011).
For collecting and analyzing the data, the survey questionnaire will include 10 questions that will be asked from 100 customers for the purpose of analyzing the views of the customers and members of research and development team at Sony. In the survey questionnaire research and development team will be asked 5 questions in order to understand the innovation role in boosting the image of the company in the market. In order to interpret the collected data through the survey method, pie charts will be used. The survey question will include multiple options for the respondents.
Research approach offers the reliability to the research study (Rassenfosse, Jensen and Webster 2011). This research will include the investigation research methods in order to assemble the data related to the customer’s views on Sony innovative features in their products and services (Nonaka and Takeuchi 1995). The research includes the quantitative research method for describing and expressing the research study (Nonaka and Takeuchi 1995). Two set of questionnaire is made in this research, first is for the customers and the other one is for the research and development team, as both perspectives will be collected and analyzed (Rassenfosse, Jensen and Webster 2011).
The most important aspect of the research methodology is the research methods, which are helpful in collecting data through various sources. In this research primary and secondary methods of data collection are selected (Nonaka and Takeuchi 1995). Primary data is the first hand data, which will be collected through the survey questionnaire method by forming the questionnaire that includes 10 questions to be asked from customers, who purchase Sony products and 5 members of the research and development team at Sony, in order to understand the innovative strategy of the company for building brand name and imparting customer satisfaction (Nonaka and Takeuchi 1995).
The survey method is selected as it can be used as it’s the practical method for collecting the different types of information, and this is one of the most popular method for gathering data that too at the low cost (Nonaka and Takeuchi 1995). Through the secondary data collection methods, views of various scholars will be collected through academic journal articles, websites and books (Nonaka and Takeuchi 1995).
Yes
No
Can’t Say
Bravia
Handycam
Playstation
Vaio
Walkman
Bravia
Handycam
Cyber Shot
Playstation
Vaio
Walkman
X-plod
Sony Ericsson
Brand name
Promotion
Product innovative features
Price
Services
Others
Discount
Sales offers
Launch of new products
Other
Yes
No
Can’t Say
Performance
Picture
Quality
Innovative features
Service
Audio
Other
Yes
No
Can’t Say
Yes
No
Can’t Say
Yes
No
Can’t Say
Customer Satisfaction
Increase in revenue
Cost minimization through innovation
Success of new products
Remuneration not connected with innovation
Lack of coordination in company
Lengthy time of product development
Difficulty in commercializing the right idea
Ineffective marketing and communication
Cost
Quality
Timely Delivery
Flexibility
Innovation
New technology
Research and development
Training and skill development
Product Innovation
Process Innovation
The research proposal discusses about the Sony Corporation and innovation as the major aspect of the company, on which it’s expanding its business in the local and global market (Nonaka and Takeuchi 1995). The innovative strategy of the company has enhanced its popularity among the customers (Nonaka and Takeuchi 1995). This method was mainly selected in the research, so that data related to customer views could be collected, and analysis could be done to understand why innovation is more preferred over other factors like promotion, price, etc (Nonaka and Takeuchi 1995). This research topic is also selected because innovation is the USP of the company, and has helped them in building its market position (Nonaka and Takeuchi 1995).
In this research, primary and secondary data collection methods are used for collecting and analyzing the data. In this research data is collected through the survey questionnaire method (Nonaka and Takeuchi 1995). The survey method helped in analyzing the awareness about products among the customers for the Sony products and why they prefer it (Rassenfosse, Jensen and Webster 2011). The questionnaire also helps in understanding the innovative features made used by the company in order to enhance their market performance (Nonaka and Takeuchi 1995). The literature review conducted in this report also analyzes about the innovation for enhancing their performance of the company, and discuss about the innovative approach of company (Nonaka and Takeuchi 1995).
The survey questionnaire includes two section, first section is for customers in which customers are asked whether they know about Sony products and what all products they know about Sony, What all products they are interested in buying like, Bravia, Handycam, Cyber Shot, Playstation, Vaio, Walkman, X-plod and Sony Ericsson (Rassenfosse, Jensen and Webster 2011). The questionnaire also includes the factors that create influence on purchase of Sony products, why do customer prefer Sony products, what all features customers like in Sony products such as, performance, picture, quality, innovative features, service, audio, and other (Rassenfosse, Jensen and Webster 2011).
In the next section, questions are asked from the research and development team of the company, like, how innovation success is measured at Sony, What all barriers come while doing innovation, like, remuneration not connected with innovation, lack of coordination in company, lengthy time of product development, difficulty in commercializing the right idea, and ineffective marketing and communication (Rassenfosse, Jensen and Webster 2011). The members were also asked about the priorities of Sony to achieve competitive advantage like, cost, quality, timely Delivery, flexibility, and innovation. Members were also asked how Sony resource towards innovation, like through new technology, research and development, and training and skill development (Rassenfosse, Jensen and Webster 2011). Members were also asked Sony investment in which innovative activities such as, product Innovation and process Innovation (Rassenfosse, Jensen and Webster 2011).
Figure1: Do you know about Sony products?
Figure 2: Which all products you are aware about Sony?
Figure 3: Which product you are interested in buying or interested to buy?
Figure 4: Mention the factors that influence you to purchase Sony’s products?
Figure 5: When you prefer to purchase Sony products?
Figure 6: Do you prefer Sony’s products above other company’s products?
Figure 7: Which features you like most in Sony’s products?
Figure 8: Are you satisfied with the product and services of Sony?
Figure 9: Do you think product innovation has increase demand for Sony’s products?
Figure 10: Do you prefer innovative features over the price of Sony’s products?
Figure 1: How innovation success is measured at Sony?
Figure 2: What all barriers come while doing innovation?
Figure 3: What are the priorities of Sony to achieve competitive advantage?
Figure 4: How Sony resource innovation?
Figure 5: In last two years, Sony has invested on which innovative activities?
The data collected from the customers and the members of research and development team at Sony Corporation is presented with the help of pie-chart.
The collected data is helped in understanding the perception of customer’s towards the products and services offered by customers (Rassenfosse, Jensen and Webster 2011). It is noted from the results that customers are aware about various products offered by Sony. It is also noted that customers demand more innovative products along with quality items, as these factors are quite significant in attracting the customers (Rassenfosse, Jensen and Webster 2011). This data is also helpful in understanding that new product development through technological advancement leads to innovation. Most of the members from research and development team explained that Sony Corporation focuses on the product innovation instead of process innovation (Rassenfosse, Jensen and Webster 2011).
This research is helpful for future researchers, who want to understand the innovative strategy of Sony Corporation (Rassenfosse, Jensen and Webster 2011). It is recommended that researchers should include other methods like interview and observation in this research, so that more data could be collected (Lincoln and Gerlach 2004). Through interview, it becomes easier to understand the views of any person in more detail, who brings clarity in the response (Lincoln and Gerlach 2004).
It was expected that research will help in exploring the perception of the customers that they purchase Sony products due to its innovative features, quality, brand value and popularity in the market (Rassenfosse, Jensen and Webster 2011). It was also expected that, research and development team of the company is able to collect the demands of the customers and work accordingly, which can be termed as the reason for their success (Rassenfosse, Jensen and Webster 2011). From the results it is analyzed that expected results are derived through the survey method, as most of the customers usually purchase Sony products, as they offer different and unique features in their products (Rassenfosse, Jensen and Webster 2011).
Conclusion
This research was supportive in exploring the important aspect of Sony Corporation, which was its innovative strategy. Through this research it becomes easier in exploring different journal articles and books for understanding the concept of innovation, which is adopted by many companies in order to expand their business in the local and global market, along with gaining competitive advantage. This research used the quantitative approach for collecting the data through survey questionnaire method, through which it was analyzed that Sony products are popular in the market and most of the customers prefer Sony products over products from other companies. It can be concluded from the research that, companies need to focus on product innovation, if they want to build brand name in the market, and also adopt the customer centric approach.
References
Blagdon, J. 2012. Sony Reorganizes into ‘One Sony’, Prioritizes Digital Imaging, Gaming, and Mobile.
Chesbrough, H. and Rosenbloom, R. 2002. ‘The Role of the Business Model in Capturing Value from Innovation: Evidence from Xerox Corporation’s Technology Spin-off Companies’. Industrial and Corporate Change, 11(3), pp.1143-1180.
Feldman, M.P. and Florida, R. 1994. Geographic Sources of Innovation: Technological Infrastructure and Product Innovation in the United States. Annals of Association of American Geographers, 84(2), pp. 210-229
Hague, P. 2002. Market Research. UK: Kogan Page
Hirai. 2012. Sony Accelerates Transformation to Drive Innovation and Growth.
Kotler, P. 1999. Marketing Management: Millennium Edition (10th Edition). Prentice Hall
Kotler, P. and Keller, K.L. 2006. Marketing Management 12e. Pearson Prentice Hall
Lawler, R. (2012). Barriers to Innovation. Sony vs. IPod Case Analysis.
Levitt, T. 1969. The Marketing Mode. New York: McGraw-Hill
Lincoln, J.R. and Gerlach, M. L. 2004. Japan’s network economy: a structure, persistence, and change. New York: Cambridge University Press.
Nonaka, I. and Takeuchi, H. 1995. The knowledge-creating company: how Japanese companies create the dynamics of innovation. New York: Oxford University Press
Rassenfosse, G., Jensen, P. and Webster, E. 2011. Understanding Innovation: The Role of Policy Intervention. Melbourne: Melbourne Institute of Applied Economic and Social Research.
Rogers, E.M. 1995. Diffusion of Innovations (4th Edition). New York: The Free Press
Rubio, J. 2012. How Can Sony Unleash Innovation and Large-Scale Change?
Sadanori, A. 1999. How Matsushita Electric and Sony Manage Global R&D. Research Technology Management, 42 (2), pp. 41-52
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