The paper "Strategic Marketing Plan of Play Station Vita" is a perfect example of a case study on marketing. The report analyzes the existing product Play Station Vita where both the internal and external factors will be analyzed so that the impact it has on the business prospects can be determined. This is followed by analyzing the market which will look at the segmentation, target market, positioning which will help to identify the marketing strategy which has to be adopted by Play Station Vita. This will help to identify the different areas and directions that have to be worked on so that better performance can be achieved and the objectives of the business can be achieved.
In addition to it, the report also analyzes the different aspects of the marketing mix which will help to develop future strategies based on the target market and will help to ensure that the resources will be used in the most productive manner. The overall analysis will thereby provide useful direction for the future and ensure a platform through which better effectiveness can be achieved. Smart Objective Play Station Vita is a handheld console game that has been developed by Sony Computers Entertainment.
The product was launched in December 2011 and over a decade the organization has managed to sell over 2.2 million consoles all around the world. The organization when looking to launch the product all around the globe and will be aimed at a section of the society that is fond of games (Stephanie & Timothy, 2005). The organization aims at the following Identifying promotional tool and strategies through which the sale of console increases To penetrate deeper in markets where they have a limited presence by focusing on the target market Increasing their presence by developing better software which helps to maximize the experience for the customers Hierarchy of Strategy Play Station Vita has to develop strategies which will focus on Improved marketing mechanism by using the established brand name and distribution of Sony which will help to increase the presence Look to work in markets by retaining customers through the process of better facilities and avenues so that they are able to garner maximum efficiency Porter Five Force Model The external analysis for Play Station Vita is being analyzed through the Porter Five Force Model which will help to understand the manner in which the working of Play Station Vita will be impacted.
According to Walker and Mullins (2011): “ Porter’ s five competitive forces are including five elements which are Threat of entry of new entrants, the threat of substitute products, Bargaining power of buyers, Bargaining power of suppliers and Degree of rivalry among competitors. ” The Threat of Entry of New Entrants: The degree of threat of new players in the market is low because of the fact that the market is highly competitive and requires huge capital investments.
After the popularity of the hand help console game Nintendo and SEGA, only Microsoft and Sony have been able to enter the market.