Sony PlayStation Strategic Brief and SWOT Analysis

Sony PlayStation
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Sony PlayStation strategic brief and SWOT
Sony Corporation is a global player in the entertainment, electronics, gaming, and financial services market. The company specializes in the development, design, production, manufacture, and sale of numerous electronic equipment and instruments such as televisions, mobile phones, video cameras, video and audio players and recorders, and network equipment semiconductors, and most importantly, game hardware and software (Sony, 2020). Also, the corporation participates in the production, supply, accrediting, and management of animation titles. The company's strengths, including strong brand image, history in innovation, global market presence, and technological expertise, have allowed the company to succeed in the competitive marketplace.
Sony launched its first PlayStation brand in 1994, and since then, the organization has released four major consoles, with the latest PS4 launched in 2013 – all of which have achieved a higher customer uptake. Sony PlayStation was produced by the company interactive entertainment department to compete with the X box and Nintendo Switch, after numerous attempts to corporate with these brands failed (Davies et al., 2015). The PlayStation has been a bigger milestone for the growth of the company. Currently, the PlayStation segment accounts for 38% of its profits, with the company selling millions of units every year. For example, in 2019, Sony’s sales for PlayStation console 4 exceeded the 100 million unit mark (Statista, 2020). The high customer uptake can be attributed to lower costs of the product, ease of use, and a modern console's robust game library.
This project will increase brand awareness, sales revenue, and profits of the Sony PlayStation segment. Sony PlayStation consoles offer customers a myriad of entertainment games at affordable prices consistent with its vision “Using our limited passion for technology, content and services to deliver groundbreaking new excitement and entertainment, as only Sony can.” Dominated by quick technological advancement, Sony PlayStation is on the verge of producing higher quality games consoles that meet the diverse needs of the consumers and stands out from those of the computers. The project will provide the major goals and objectives, strategies, and standards that Sony PlayStation can implement to attract new customers and improve their competitive edge.
The consumption and competition of PlayStation games have been on the rise. Driven, mostly by game sales and the PlayStation Network, Sony’s games and network services segment, has made lucrative sales revenue for the organization in the past years. For example, in 2018, the PlayStation segment made revenues over $20.8 billion, representing a 19% rise from the previous financial year. In reality, the cumulative sales for Sony’s PlayStation have maintained a constant growth trend (Statista, 2020). However, the increased entry of new players in the PlayStation and the advancement of PlayStation competitors such as X Box and Nintendo Switch places Sony’s PlayStation at greater risk. However, this year the company has recorded a decline in sales revenues from this ...