The Relevance Of Marketing Concept To The 21st Century Business Of Essay

The Relevance Of Marketing Concept To The 21st Century Business Of Sony - Essay Example Sony is the unbeatable name in the sector of electronics and so Sony Group (Sony Electronics in the U.S.) is extremely famous around the entire globe. Thus, after Samsung Electronics and LG Electronics, Sony Corporation is a Japan-based corporate group concentrating mainly on the Electronics (such as AV/IT products and components), Game (such as PlayStation), Entertainment (such as motion pictures and music), and Financial Services (such as insurance and banking) sectors. This helped in enhancement of the total revenue of the Sony in the year to US $ 72.349 billion along with net income to US $ 458 million. Along with this, it also improved the brand image and reputation of the organization within the minds of the customers resulting in amplification of its equity and position in the market among others rivals. Description of the Marketing Concept of Sony The term Marketing is defined as an activity used to present varied types of products and services as per the demands and needs of the customers of the market. Other than this, it is a procedure of presenting the values and benefits of a product or service to its customers, so as to increase their awareness towards the brand or products. It is denoted as one of the most critical business functions entirely utilized for attracting a large array of customers. Other than this, marketing might also be described as a link within the society’s material necessities and its economic patterns of reply. This acts as a technique to satisfy these needs and wants through products and services thereby establishing long term relationships. Thus, in this technological age of 21st century the concept of marketing has changed slightly. In recent times the maximum extent of marketing takes place through online sites mainly through holistic approaches. Holistic approaches means marketing based on relationship with its target group of customers. Holistic marketing concept facilitates and accelerates the level of satisfaction by maintaining high end relationships with its customers through proper selection, distribution, promotion and pricing of goods and services. Therefore, on the basis of such approaches, the entrepreneurs choose the target markets and the type of products to be focused. Hence, such type of marketing helps to select the targeted cu stomers, satisfy them, maintain relationships, stay in front of competitors and enhance its ROI and profitability. So, it may be depicted that, creating and maintaining good relationship with a customers is the most essential factor of today’s era that helps to satisfy targeted customers by enhancing their loyalty and brand image. Only then, all other components such as production concept, the product