Sony is one of the leading electronic companies in the world. It is making many different varieties of electronic devices to meet up the needs of the contemporary global trends. Sony is the industry that was established in Japan and is considered as the best in the domain. It was established in 1946. It was based on the idea of two men engineers with the theme of repairing electronic equipment. Sony is the ramification of two words sound and sonic. There are main factors that are affecting the company. With the passage of time, these factors are directly influencing the marketing strategies of the company. It is therefore always incumbent to consider these factors.
Sony has been one of the leading international brands. It is always best to understand the external as well as the internal factors that affect the company as a whole. The aforementioned factors are the crux of the analysis done for the brand. The political factors include the rules and policies of the government in which the companies like Sony have been working. As the manufacturing company is in Japan so mostly the governmental policies of Japan affect the company very much. Apart from this the several import policies of the regions play a vital role in the success of the Sony. With the advent of globalization, the political factors have a positive role in the business industry like Sony.
The economic factors include the Exchange rates of the state in which the company is working. The recession element is also one of the mainstream elements in the upbringing of the organization like Sony. Apart from these attributes pertaining to the economic factors the Prices for the precious metals in the state also affect the business of Sony. This price of metal varies in different regions. For instance, in few regions, the price of a specific metal is high and so is then the price of that specific style of watch. Moreover, The GDP of the state is the main factor contributing the business of the luxury brands like Sony. The developed states with high Human Development Index and a good economy will be more prone to the business like Sony. The people of such states will be more interested in buying luxurious items like Sony entertainment things, so there will be more chances of the sale and will positively affect the business as a whole.
The social factors encompass the technical trends in the society. Certainly, the modern societies are more interested in the business companies like Sony. The society who has a sense of latest technology and are always eager to adopt the contemporary technical trends will always welcome the innovations by the brands like Sony. There are certainly ethical issues as well for instance the sound range used by Sony types of equipment, some states or the people of society will consider it as holy sin to use such sound range. All these social and ethical pressures and trends play a prominent role in the business of Sony.
Technology has its ramifications in every sphere of life. For the companies like Sony, the technological attributes like innovation have played a great role. The Sony brand is very much prone to innovation and has always followed the contemporary trends. The technology gives it possible to spread the innovation within seconds and the fashionistas are there to purchase the trendy stuff. Therefore, for the luxury equipment brands like Sony innovation is and should be the key feature to follow for the success.
There have been many competitors to Sony. For the company like Sony in order to maintain the graph of success, it is incumbent to fulfill all the legalities of the region in which it is working. The world has now become a global village and people have become very much vigilant about the legal aspects of the products. Sony is the brand of the upper middle class or the elites of every society and they are very much concerned about all the legit stuff. This factor is therefore very important when it comes to brands like Sony.
The environmental factors encompass various global environment safety laws that must abide by the global standards. The World has now taken the vow in making the planet a beautiful and pollution free. In this perspective, all the international brands are playing their role in showing the support to the world. So Sony can also play its part by supporting such campaigns and following the norms of the world. Therefore, it is always a good strategy to consider these factors while determining the policies for the company. In the same way, the future policies of the company could also be made as per the contemporary trends.