Integrating Management Functions To Innovation
Know the Integrating Management Functions and its Applications
In the present business era, every company is striving hard to perform better than their industry peers and to capture more and more market share as they can. For this purpose, it has become very essentials for the organizations to bring some kind of innovations in products, process or strategies. By bringing innovation in one or all the above stated parameters will facilitate the companies to deliver better products and services to the customers and in turn, the customers will automatically get attracted towards its products and services (Rees and Porter, 2006).
Sony Corporation, popularly known as Sony among its customers is a Japanese multinational conglomerate. The company’s headquarter is situated at Konan Minato, Tokyo, Japan. Sony Corporation is known as electronic giant, and in past few years the company has diversified its business in game entertainment and financial services. In 2012, among the fortune 500 company, it is placed at 87th position.
Sony Corporation uses same brand and brand logo for all of its products. That is, the offers the high end products such as LED and SLR with the same brand name and same brand logo as they use while offering low end products such as digital cameras. This has significantly affected the brand image of the company as many of its customers or potential customers now perceive it as just an electronic brand.
Currently the Sony Corporation is facing two main problems that are hampering its growth. The first one is launching all the products under same brand name or logo. Many of the market analysts regard Sony as arche type of what happens when any company blindly follows same strategies for years for all of its products. The same brand is been used by the Sony for all of its products such as television, camera, computers, mobile phone, music players, laptop, etc. that is, all the products of the company, whether high end or low end are carrying the same brand name and logo.
Thus, after analyzing the performance of Sony Corporation, two main issues have been identified. The first issue that the company is facing is fall in the sales of its products such as play station and mobile phones. This issue is due to its branding and marketing. That is, implementing same marketing strategies for all the products and launching all the products under one name and logo.
The main reason behind the fall in the performance of Sony Corporation and dilution of its brand image is dependency of the company on the same old strategies. The organization launches all of its products under the brand name Sony. Earlier Sony was known for its televisions, music systems and play station. But the company used the same brand name for launching its other products also. Because of this, now Sony is referred to as just electronics retailer rather than known for some more particular product. Apart from this, it’s being long since the company has brought any innovation in its products (Sony Succeeds, 2012).
There exists strong relationship between branding and innovation done by the company. If company focuses on same branding strategies, then there are higher chances that the existing branding strategy may not be able to highlight the new or improved features of the innovative product launched by the company. As Sony implements same branding strategies for all the products, irrespective of the high end or low end product, it is not able to effectively communicate the features of its new or innovative products through the same branding and marketing strategy (Sony Succeeds, 2012).
Here are some of the management ideas that may help Sony to overcome the issue currently faced by the company:
In order to formulate better marketing and branding strategies, Sony must bring structural changes in its departments and divisions. More specifically, it must bring innovation in its design, marketing and research and development departments. In addition to this, the company must conduct a market survey so as to identify the needs and demands of the customers.
It is very important for Sony to focus on design, features and cool quotient of its products as most of its rivals such as Apple, Samsung, etc have strategies that are customer centric.
Among all the available options, Sony must focus on bringing innovation in its products. By bringing innovation and better and improved features, company can attract large number of customers towards it, as in present era people are ready to buy only those things which are unique from the others.
After implementing management functions on Sony Corporation, and analyzing the issue faced by the company, it can be concluded that, to remain competitive in the market, it is very important for the company to bring innovation in its products. Moreover, by just bringing innovation it can attract customers, for this it will have to sync innovation with marketing and branding strategies.
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