Online Custom «Research on Sony Corporation» Essay Sample
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Sony is among the world’s renowned electronics companies. It was founded in Japan from humble roots and has continually grown to be a multinational giant. Sony was founded in 1946 after the World War II in Tokyo. The company started with $ 1500 capital. After continuous research, Sony released its first product in a year which was a power megaphone. Sony has a tradition of making creative innovations, thus, it remains a profitable company for almost 60 years now. In 1950s, the company went global with the name Sony Corp. It started its operation in the United States in 1960, in the United Kingdom in 1968, in Spain and France in 1973, and in Germany in 1986. Today the company is global and is known for introducing new technologies. Sony’s mission is to continue being a company that fulfills and inspires the curiosity of the market. The company has a passion for innovation to create unique new experiences and culture through technology (“Sony Corporate Strategy Meeting FY2013,” 2013).
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Strategies for Internal and External Environment
Taking into account the ever-changing internal and external environment, Sony has to update its strategies in the financial and entertainment business. Good strategies will further strengthen the company’s profitability. The company has to implement corporate strategies and to accelerate transformation initiatives. It is a strategy that will enhance the overall value of Sony Corporation. The electronics giant must adjust its portfolio yearly on the basis of consumer marketing needs for products. The product mix determines the experimental advertising. The marketing strategy aims at enhancing consumer experience through the product integration. Accelerating initiatives will revitalize the electronics business and strengthen the core electronics business. Additionally, the company has to have a strong branding strategy to sustain its competitive advantage (Gillespie & Hennessey, 2011).
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Sony’s Approach to Ethics and Social Responsibility
Compliance with laws and regulations and conducting ethical business are fundamental aspects of the corporate culture of Sony Corporation. Sony has a global compliance network that comprises headquarters and leadership teams around the world. Moreover, the company implements and adopts Sony Code of Conduct that reinforces to maintain its integrity. The Code ensures that resources are available for employees who may seek guidance or raise concerns about ethical and legal matters (The Chartered Institute of Marketing, 2011). Sony Corporation understands that corporate social responsibility impacts its business worldwide. That is the reason Sony activities have to reflect on the company’s ongoing commitment to sound business practices and innovation. Sony actively engages in activities that address the needs of local and global communities. In America, the company helps the local communities by fostering better education systems, supporting art and culture, helping disadvantaged youths, and improving, as well as protecting the environment (“Sony Corporate Strategy Meeting FY2013,” 2013).
Reasons for Sony’s Approach
Sony uses an ethical approach and incorporates corporate social responsibility in their business to attract and to keep employees, investors, and customers. Working in an ethical and responsible manner is important to Sony, as investors prefer a company with moral standards. On the other hand, employees feel themselves comfortable working for Sony, as it has a strong business ethics. Therefore, the company through the approach retains their investors as well as employees (“Sony Corporate Strategy Meeting FY2013,” 2013). Most importantly, customers buy products and service from companies which have the materials of good quality, and responsible labor with ethical practices. Corporate social responsibility is an effort Sony uses to assure stakeholders of the effective communication and accurate disclosure (Gillespie & Hennessey, 2011).
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Recommendations to Enhance Sony’s Approach to Ethics and Corporate Social Responsibility
Sony is the world’s most pervasive and largest corporations; they need to engage in numerous corporate social responsibility actions as a marketing strategy. In their educational involvement programs Sony needs to expand their support for the next generation by having links between the society and the company. Sony must have better relationships with communities through corporate citizenship. Sony employees have to participate more in science, arts, and culture projects in the local communities (The Chartered Institute of Marketing, 2011). Above all, Sony has to embrace the diversity of products and to encourage activities that improve the environment and thus the lives of the society.