Submit the following parks of your Marketing Plan:
– Situation Analysis
– STP Analysis
Objective/Goals- The goal for the Sony corporation is to contribute positively to the natural environment and the dreams of future generations, and to create new business models to reduce our environmental impact and drive forward the move toward sustainable growth.
Situation Analysis- The two biggest strengths for Sony as a whole would be that they have a loyal customer base around the whole world. Another strength would be that they are known for making quality products over quantity which gave them a worldwide rank of #64 of the most valuable brands in the world. The main weakness is Sony’s corporation would be that there are a lot of complaints about how pricey their products are. A major opportunity Sony has would be to diversify its products since they are already a top contender in the gaming community, offering other products under a major name like Sony could give the product all of the exposure needed. The biggest threat to Sony would be its rising competitors like Nintendo and Xbox.
STP Analysis- Sony will use segmentation for the people who desire quality gaming systems over a number of gaming systems. The desired customer base Sony will focus on would be kids and young adults who like to play high-quality gaming systems.
Target is a general merchandise retailer, and their main focuses are to deliver affordability and to provide a convenient, safe experience for their customers whether the purchase is in-store or online. Target accomplishes this by continually developing their team, operations, and technology. Not only does Target continue to add and offer same day fulfillment services, such as drive up or order pickup, but they also team up with their guests favorite leading national brands, like Starbucks or Disney, to create innovative new shopping experiences.
Situation Analysis (SWOT):
Target has many strengths ranging from locational convenience, improving distribution systems, same day fulfillment services, their 45 owned brands offered in store, teaming up with strategic partners, and their mission towards sustainability as well as other charity.
A weakness for Target would be that their prices are slightly higher than their competitors which is a major determining factor when deciding where to shop, although their slogan has remained Expect More. Pay Less. Target also lacks in size and diversity compared to its competitors, such as Walmart.
Target has taken advantage of opportunities by taking the business to all fifty states as well as globally to countries like India and the United Kingdom. Target also renovates stores and teams up with many leading brands and companies to increase their guests shopping experience.
As for threats, Target faces the risk of losing business to other general merchandise retailers nearby whether its due to location, convenience, or price. Theft can also be an issue within stores.
Target uses segmentation for young adults that are looking for convenience and prefer an increased shopping experience over price.
Target corporation mostly targets well educated people with moderate to better income who are searching for convenience, quality products, and ease within their shopping experience.
Target positions themselves by allowing for growth and diversification within their stores. Meaning, the creation of new departments, addition of new products, and even the creation of their own brands. They also position themselves to keep customer loyalty through quality and pricing.