The Future Success of Sony Essay Example | Topics and Well Written Essays - 750 words - 5

The Future Success of Sony - Essay Example One of the main market segments, where Sony is still the market leader, is the gaming market. But competitors are soon catching up and it needs to innovate and make its But competitors are soon catching up and it needs to innovate and make its PlayStation better as competitors. Microsoft and Nintendo have already released their next generation consoles and it is high time that Sony releases its and makes the experience far better than the previous ones. The portable music player is another segment that the company has lost its market share, mainly to competitor Apple. In order to regain its market share, it has to come up with a new and innovative product that is more than just a music player. Instead of competing directly with iPod, Sony must try coming up with a product that is going to shake up the segment, like it has done with Walkman years ago or for matter for of fact Apple has done with iPod. It needs to reinvent itself in the television market as dominance in this market will result in an increase in demand for other products also. As it failed to identify the potential in the LCD market, it is now trying to play catch up. Instead, it must try coming up with next-generation televisions which is better than the LCDs. There are other segments to where the company needs to implement product innovation if it has to justice to the brand name it has achieved and replicate the success of the past. One of the major strengths of Sony us that it is considered to be a premium brand by consumers as it has gained the reputation of producing high quality, technically superior, innovative and reliable products. Hence, products coming out of it are generally considered by the consumers to be among the best. Like Apple, it is also a lifestyle brand which means that consumers take pride in owning Sony products. This is a great platform for the company to market and sell its products. The main weakness of the company is the brand image that it has acquired in the recent past. It is now seen as the shadow of its past successes. It has been criticised for not tapping new opportunities and failing to innovate. The company was once a market leader/innovator but now has become a follower. Its overall financial performance has not been encouraging to shareholders.