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Designing a marketing strategy for a new product over time Essay Example

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Designing a marketing strategy for a new product over time

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. 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 product successfully and establish it as one of the prime preferences amid consumers in the next five years. This marketing plan also depicts growth and maturity strategies of this product which the company strategically requires to adopt for the next five years.In terms of research method, it can be stated that in order to present a comprehensive marketing plan various academic sources such as scholarly articles, journals and academic books will be referred. In the context of making a new product launch, it can be argued that for the previously launched product in the same series i. PlayStation 3 had initially accumulated significant amount of revenues, however, in 2012, the sales of the product had dipped. Thus, it needs to the regenerate sales from the gaming console by bringing in a fresh product (Reisinger, 2013).In order to launch PlayStation 4, it is necessary for the company to target certain market segments that would help to identify the needs and the demands of that particular segment. The company should target the consumers whose age group is between 20 to 30 years and belong from higher to middle income family backgrounds. It has been observed that these groups of customers are quite interested regarding video games where the company has already attained huge success from these target market (Simon, 2011).Moreover, the company will be going to launch

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preview essay on Designing a marketing strategy for a new product over time
  • Pages: 8 (2000 words)
  • Document Type: Essay
  • Subject: Marketing
  • Level: Undergraduate
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