Sony

Sony Corporation Case Analysis

Group 6

Patricia Cambel James Johnson Ferda Mehmet

Donya Rerngkasetkit Eric Wu

Professor Derakhshan

BSAD 184: Section 32

21 November 2002

Group 6: Sony Corporation

TABLE OF CONTENTS

Case Analysis Purpose 3

History and Background 3

SWOT Analysis 7

Internal Analysis 7

Strengths 7

Weaknesses 9

External Analysis 9

Opportunities 10

Threats 11

SWOT Summary 12

Financial Analysis 15

Tables 15

Financial Summary 15

Strategy Formulation 18

Action Items and Plan 18

References 21

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CASE ANALYSIS PURPOSE

The following analysis takes into account not only Sony Corporation, but also its

competitors, businesses and the current business environment as well. The incorporated

SWOT analysis is useful to identify ways to minimize the affect of Sony’s weaknesses

while maximizing its strengths and recognize ways to exploit its opportunities and

respond to its threats. Moreover, while examining the analysis, one should acknowledge

Porter's five-force model as a useful tool for analyzing the entire electronics and

entertainment industries because the five competitive forces (i.e., supplier power, buyer

power, potential entrants, substitute products, and rivalry among competitors) affects

Sony’s business strategy. These forces may create threats or opportunities relative to the

specific business-level strategies (i.e., differentiation, low cost, focus) being

implemented. This analysis takes into account competitors' current strategies, strategic

intent, strategic mission, capabilities, and core competencies. This information is useful

to Sony Corporation in formulating an appropriate strategy and in predicting competitors'

probable responses.

HISTORY AND BACKGROUND

Sony Corporation, the ultimate parent company of the Sony group, was

established in Japan in May of 1946 by Akio Morita and Masaru Ibuka. First known as

Tokyo Tsushin Kogyo Kabushiki Kisha translated to Tokyo Telecommunications

Engineering Corporation, it changed its name to Sony Kabushiki Kiasha (“Sony

Corporation” translated in English) in December 1958 (Hoover 490). The company

changed its name to Sony taking it from “sonus,” the Latin word for “sound” (Craft

1214).

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Morita and Ibuka’s first product for the consumer market was a rice cooker (Craft

1213). After the failure of the rice cooker, however, the two quickly decided to switch to

developing electronic products. Determined to innovate and create new markets, the

company produced the first Japanese tape recorder in 1950 (Hoover 450). In 1953,

Morita acquired transistor technology licenses from Western Electric (Hoover 450). This

was the first step into a consumer electronics revolution in Japan. By 1955, Morita and

Ibuka introduced the first transistor radio. In 1957, the first Sony-trademarked product

was introduced - pocket-sized radio (Craft 1214). Quickly following, the first transistor

TV and first solid-state videotape recorder were introduced in 1959 and 1961 respectively

(Craft 1214). Sony usurped the competition, becoming a leader in these newly emerging

markets.

While already a giant in Tokyo, Sony wanted to expand its horizons to the United

States. In 1960, Morita made a big move to New York City to oversee US expansion.

He established an office in the Big Apple which marked the beginning of Sony

Corporation of America. Today, Sony Corporation of America (Sony America) is one of

almost 1,000 subsidiaries of Sony Corporation (Craft 1212).

The establishment of Sony America was the beginning of a decade of explosive

growth. In 1964, Sony launched the first home video recorder (Craft 1214). A year later,

Sony invented the solid-state condenser microphone. The integrated circuit-based radio

was introduced in 1966. The sixties ended with the introduction of the Trinitron color

TV in 1968 (Craft 1214).

Along with its many success, Sony has also encountered specific failures. In

1976, Sony thought it had produced the world’s next big thing. The Betamax VCR was

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the first home videocassette recorder using a 1-½ inch tape. Nonetheless, Sony

introduced the Betamax VCR before standard for that technology had been set. Sony

failed to cooperate with competitors to assure that the Betamax format would become the

industry standard. Consequently, its competitors developed other technologies and

Sony’s Betamax was made obsolete by rival Matsushita’s VHS technology (Hoover 490).

Although Sony lost its investment with the Betamax, it quickly regained stability with the

introduction of the highly successful Walkman personal stereo in 1979 (Hoover 490).

By 1980 Sony faced an appreciating yen and intense price and quality

competition, especially from developing Far Eastern countries (Hoover 490). The

company used its technology to diversify outside consumer electronics, and it began to

move production to other countries to reduce the effects of currency fluctuations. Later

in the 80’s Sony introduced Japan’s first 32-bit workstation and became a major producer

of computer chips and floppy disk drives. It also developed compact-disc technology in

partnership with Dutch electronics innovator Philips.

In 1988, Sony bought CBS Records (Hoover 490). The following year it acquired

Columbia Pictures from Coca-Cola. With these purchases, Sony entered into rapidly

growing entertainment industry. It could now produce films, videotapes, and recorded

music. Its greatest successes in this industry came in the late 1990s with Jerry Maguire

and the albums of pop superstar Celine Dion (Craft 1215). Its Columbia/TriStar division

also released hit films Men in Black and My Best Friend’s Wedding (Craft 1215).

In 1992, Sony penetrated into yet another booming industry. Sony allied with

SEGA to develop CD video games. Soon after, Sony introduced the Playstation. The

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Playstation, and its other forms, have become the video game industry’s best selling

game system.

In 1995 it entered the crowded computer market with software maker Intel to

develop a line of PC desktop systems. In 1996 the company announced an agreement

with electronics firm Sharp Corporation to jointly develop a 40-inch flat panel display

that combines liquid crystal and plasma technologies (Hoover 490). In 1996, Sony

introduced the DVD (digital video disk). The DVD player is quickly becoming the

industry standard for video technology. In addition, the spring of 1998 allowed Sony to

introduce the HiFD, which offers 200 megabytes of disk space, in contrast to the 1.44

megabytes available on the traditional floppy disk (Craft 1215).

Today Sony has become the leading manufacturer of audio, video,

communications, and information technology products for the consumer and professional

markets. Its music, motion picture, television, computer entertainment, and online

businesses also make Sony one of the most comprehensive entertainment companies in

the world. Sony wisely positioned itself as one the few multinational companies that

both manufactured consumer electronics and produced entertainment merchandise.

With its variety of different electronic and entertainment products, Sony must

maintain an overwhelming global presence to keep successful. Sony sells its electronic

products in 190 countries and territories (Craft 1215). In addition to its headquarters in

Tokyo and its Sony America office in New York City, Sony maintains a key office in

London and manufacturing facilities in numerous countries including Australia, Austria,

Brazil, Canada, France, Hong Kong, Indonesia, Malaysia, Mexico, the Netherlands,

Spain, and Singapore (Craft 1215). Sony’s feature-length films produced in the US by

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Sony America are also distributed worldwide. With all this, it is no surprise that Sony

will continue to strive to be a pioneer in the development of new technology.

SWOT ANALYSIS

INTERNAL ANALYSIS

Sony’s internal environment is similar to the electronics industry. Its strengths

and weakness are vital to potential business and marketing strategies. Sony’s strengths

can relate to the organization, to the environment, to public relations and perceptions, to

market shares, and to people. This provides Sony a competitive edge, as well as reasons

for past successes. Other elements like customer loyalty, capital investment and a strong

balance sheet will be highlighted in the subsequent internal analysis. Although seldom

do weaknesses occur in isolation, Sony’s strengths outweigh its weakness.

STRENGTHS

Sony has evident internal strengths, and the remainder of businesses in its

industry takes notice as well. One must recall that SWOT analyses must be customer

focused to gain maximum benefit, a strength is really meaningful only when it is useful in

satisfying the needs of a customer because the strength becomes a capability (Marketing

Strategy, 1998). First of all, Sony has valuable physical assets, a clear market advantage,

priceless organizational assets, good intangible assets, and low production costs in

general. The following descriptions are only a small demonstration of its strengths.

In physical assets, one cannot ignore that Sony is involved in electronics,

entertainment, and insurance and financing. Consider its broad contribution to digital

cameras and camcorders, computers and peripherals, handhelds and PDAs, televisions,

portable audio, home audio and video, games, movies and DVDs, musical artists, live and

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recorded music, and it myriad of online and offline services. In the market, Sony has an

advantage, especially with its Sony Playstation product. Sony’s organizational assets are

impressive as well. In 1998, Sony showed record profits at $3.4 billion. Since then, their

earnings have been noticeably steady. Other than physical and organizational asses, Sony

has strength in their intangible assets. It high brand name recognition and dominate share

of the market is an indispensable and invaluable facet of Sony. Besides, Sony’s clever

use of CDs causes low production costs, and production costs are can typically be high in

the electronics industry. Also, Sony is fast catching, especially in the area of

miniaturizing technology. The Walkman is one example of Sony’s ability to make a

bulky product smaller.

Another underlying strength for Sony is its history. Sony, for example, has a

great deal of experience in designing, manufacturing, and selling miniaturized electronic

technology (newschool.edu). Sony has used these resources to exploit numerous market

opportunities, including portable tape players, portable disc players, portable televisions,

and easy-to-hold 8mm video cameras. Sony's resources—including their specific

technological skills and their creative organizational cultures—made it possible for them

to respond to, and even create, new environmental opportunities. Sony also has strong

product development. Recollections of how often Sony was first with a type of product

only proves its strong innovation and creativity traits.

After reviewing Sony’s strengths and weaknesses, one should notice its relative

standing and astute business efforts. Sony’s diversification into other ventures besides

the electronics and video game industries have spread out its risk factors. Of course,

Sony Playstation clearly gives Sony the competitive edge in the video game industry

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because of its technological capabilities and qualities. However, the financial

performance of Sony it its other product lines exemplifies the company’s strengths and it

success.

WEAKNESSES

Strengths are chosen to prevent any serious environmental threat from affecting

negatively the firm's performance. Sony’s weakness are common, but critical. One detail

in Sony’s internal analysis that cannot be ignored is its contradictory business

(sheridanc.on.ca). Sony owns movies and music, yet also makes the equipment that can

duplicate them illegally. Another noticeable difficult facet of Sony business is its weak

financial sheets, marketing skills and narrow product line (agecon.ksu.edu). As of the

mid-2001, sources show Sony’s pre-tax loss of 9.2 billion yen on sales of 343 billion yen.

Although Sony is generally improving in sales, its proportion of sales losses can be

advanced. Also, Sony has shown some poor marketing skills. Several years ago, Sony

had a very mediocre marketing launch for its Saturn Product. Additionally, Sony’s

product line seems too narrow in that it seems primarily focused on the video game

industry rather than the entire electronics industry including home and commercial

products.

EXTERNAL ANALYSIS

Additional to strengths and weaknesses is the analysis of the external

environment. This section is especially important because changes in the external

environment prohibit the firm’s ability to deliver value to its targeted customer segments.

These changes can occur in the rate of overall market growth and in the competitive,

economic, political/legal, technological, or sociocultural environments (Marketing

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Strategy, 1998). The combined information can be extremely beneficial to the managers

of Sony.

OPPORTUNITIES

Sony Electronics Company is the world’s second largest consumer electronics

maker. It has a lot of opportunities ahead of them compared to some of their competitors.

Unlike its competitors, Sony does not emphasize components and price as much as how

its PCs can be used for digital photography and music. The company creates and bundles

its PCs for digital music management and for recording television shows. The

Screenblast is a relatively new product from Sony. This is a software program that lets

people edit, enhance, and share digital videos, photos, or music files. These are

opportunities for Sony due to the fact that their new products are in accordance with

modern trends. Digital photography, for example, is an emerging trend, although the

concept has been around for nearly two decades. Sony took this trend as an opportunity to

sell more products.

Another opportunity for Sony is that video games are expected to be hot for

Christmas. This is an opportunity for Sony because of their Play Station 2, which is a

popular system right now. Sony’s high-profit Playstation home video game systems

account for over 10% of the electronics and entertainment giant’s sales (Sony

Electronics, 2002). Another reason why Sony is in good shape for the holidays is because

of its games that consumers are buying nowadays. Many people are buying the

Playstation 2 just to play Vice City and GTA 3. Although many video games are

simultaneously released for multiple systems, Sony has an exclusive deal with GTA: Vice

City Publisher Rockstar Games (Sony Electronics, 2002). This is definitely a good

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opportunity for Sony because this way other systems cannot use the same game and can

then bring in more sales profit to the company. This is an opportunity for Sony to

maintain its sales lead against aggressive competition from Microsoft’s X Box and

Nintendo’s Game Cube while going into the holiday season. This also gives Sony an

opportunity to sell more of its strategy guides, as well as maintains the company’s brand

name.

Another opportunity for Sony regarding video games is that Blockbusters are

taking more than their fair share of video games into their stores (Sony Phasing, 2002).

This gives the company more places to sell their product in the market and can make their

products more recognizable. Since video game consumers will many times not buy a

game because they have never played it before, Sony’s sales can increase if the

consumers rent the games first and decide to buy it after they like it.

Aside from Blockbusters, Sony can also advertise their products online. Sony has

a number of online games coming out. Sony stands a better chance than X-Box’s online

games because of its big-name title, as opposed to Microsoft’s product (Sony Electronics,

2002). Since Sony already has an already-established brand name, it has a lot of potential

to rise for the holiday season opportunity as well as through the internet.

THREATS

Although the video game industry has defied economic gravity as industry sales

have held up during the high-tech downturn, some observers say that the industry will

have a hard time hitting its goal of 25% sales growth (Sony Phasing, 2002). This is a

threat to Sony Electronics Company because it means that the market may separate the

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video game makers into winners and losers. The video game niche for Sony may look

good now, but some are worried about it in regards to the future.

Competitors, of course, are a major threat to Sony. Matsushita Electronic

Industrial Co., Ltd. It is the world’s largest consumer electronics maker (Sony

Electronics, 2002). Some of its popular brand names include Panasonic, Quasar, and

JVC. Not only are its brands recognizable, but its products are sold worldwide. The other

major competitor is Koninklijke Philips Electronics N.V., the worlds largest consumer

electronics maker after Matsushita and Sony (Sony Electronics, 2002). Its brands include

Norelco, Magnavox, and Philips. Both companies sell products such as TVs, VCRs, CD

and DVD Players, and cellular phones. One of the products that Sony came out with was

the Pen-tablet PC. This was a computer with a touch screen that allowed people to draw

images directly onto the monitor (Sony Phasing, 2002). This was a good product, but the

computer was expensive. It was several hundred dollars more than other computers.

After Panasonic was the first to sell a HDTV rear projection in the United States.

This is a 34- inch direct view television that uses a cathode ray tube to display

programming and resembles a traditional television set. The only exception is its price

(Sony Phasing, 2002). Sony followed Panasonic in creating this product as well, although

problems and threats with it existed. One threat about this product is that it was difficult

to figure out how to get the HDTV signals to new, expensive digital television sets.

While many consumers got their signals from a television set-top box, first generation

HDTV sets do not yet have a way to receive a digital signal from those boxes. The

federal government called on the consumer electronics and cable industries to ensure the

transition from analog to digital technology (Sony Electronics, 2002). Getting these two

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industries to link up, however, is not easy. The issue is how to connect cable set-top

boxes to digital televisions and receive the type of high quality images that the

technology affords. This is a threat to Sony because consumers will not be very willing to

buy their product because, although it is high-tech, it brings problems with it. The extra

money paid for this product is not worth the problems, from the perspective of the

consumers.

Another threat for Sony was its new DVD sets, costing upwards of $5,000. The

DVD sets could not directly receive digital signals from the cable set-top converter boxes

now found in 65% of U.S. homes. Due to this, consumers will have to rely on antennas

hooked up to their television sets to get DTV signals. Again, this is a threat to Sony. Its

products are not making life simple for the consumers.

SWOT SUMMARY

Strengths Weaknesses

1. valuable physical assets

2. a clear market advantage

3. priceless organizational assets

4. good intangible assets

5. low production costs

6. experience in miniaturization

7. resources

8. diversification

1. weak financial sheets

2. specific weak product launch

3. narrow product line

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Opportunities Threats

1. software capabilities

2. upcoming holiday season

3. joint venture with Blockbuster

1. industry sales drop

2. competitors

3. necessity for expensive technology

FINANCIAL ANAYLSIS

TABLES

2002 2001 1999 1997 current ratio 1.31 1.3 1.58 1.43 quick ratio 0.95 1.04 1.12 0.99 inventory turnover 10.48 7.24 7.3 6.19 days sales outstanding 69.55 51.46 63.72 71.3 total asset turnover 0.86 0.87 1.02 0.95 total debt to asset 0.395 0.364 0.38 0.379 times interest charged 3.69 5.24 7.21 5.22 profit margin on sales 0.22% 0.24% 2.79 2.59 Return on assets 0.19% 0.21% 2.84 2.46 return on equity 0.65% 0.72% 9.82 9.56 Valuation Ratios Company Industry Sector S&P 500P/E Ratio (TTM) 32.28 40.27 18.78 25.58P/E High - Last 5 Yrs. NA 37.82 42.96 49.52P/E Low - Last 5 Yrs. NA 11.24 9.47 16.64 Beta 1.12 1.39 1.00 1.00 Price to Sales (TTM) 0.66 1.71 1.01 3.09Price to Book (MRQ) 2.02 2.57 2.67 4.51

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Price to Tangible Book (MRQ) 2.65 4.24 4.57 7.26Price to Cash Flow (TTM) 6.08 26.31 12.11 17.55Price to Free Cash Flow (TTM) 6.50 19.56 13.73 26.60 % Owned Institutions 4.50 33.53 49.54 62.13

FINANCIAL SUMMARY

The overall financial situation of Sony seems to be steady with a little of

improvement from 1997 through 2002. While most ratios form the 97 and 2002 are very

similar, the figures that stand out the most, are the profitability ratios. They decreased in

an extreme manner. Profit margin went form 2.5% to just .22%and other profitability

ratios are similar. The biggest reason for the decrease is the decrease in net income. Net

income has fallen since 97 from 139,460 million yen to 15,310 million yen. People not

investing largely affected this decrease. In previous years Sony received up to 40,000

million yen from sales of securities where in 2002 only received 1,398 million yen. In

2001 there were similar sales numbers as in the past, but because of an accounting change

the company had to swallow a 104,473 million yen loss. Another factor that affected net

income was the company’s costs and expenses were higher than previous years. While

sales did increase from previous years, the rise in costs and expenses was not

proportionate to the rise in sales. Sony was paying much more for goods this year than

any other year. Other than the fact the company has a huge decrease in net income, Sony

was holding steady of everything else. Although the current ratio was looking good

holding steady at 1.3 it was slightly down form 1.41 in 97. Still, the ratio was strong.

The problem came in the quick ratio. With little change from 97 the ratio was still under


1, coming above one only slightly in 2001 and 99. With the current ratio being good and

the quick not being good means there is something wrong with inventory. In 2001 and

99, the two years the ratio was over 1, inventory was well below that of 940,000 million

yen. A decrease in inventory will help get this ratio back to where it needs to belongs,

above 1. Inventory turnover has steadily increased though. This tells us that even though

Sony has had more inventory sales has gone up, which is always good. Asset turnover is

close to ideal. At 86% it is able to turnover almost all its assets in a year. The only

problem is it has decreased a great deal from 95%. Sony’s total debt to asset ratio is

impressive. Sony does not have much debt compared to its assets and has been able to

keep it that way for a number of years. With the ration only at .395, this company has

nearly triple the amount of assets than debt. Along with keeping their debt down, they

are able it keep the cost of interest charges down also. Not only have they kept the cost

low, but they have been steadily improving since 97. In 99 it did go up to 7.21, but Sony

was able to bring it down to 3.69 in 2002. Sony seems to be holding more and more cash

as the years have gone on. It has rose more than 200,000 million yen in the past 5 years.

The fact that it is holding more cash makes it a little more risky of a company. They may

be looking to expand or buy new equipment or a number of things. That is why it is

risky, you cant tell why they are holding the money.

Sony doe seem to be growing at quite a large rate. The number of total assets has

increased by more than 50% in the last five years. The company seems to be growing

very fast as far as assets are concerned. 10% a year is a very large number. Along with

steady growth in liabilities is very steady growth in stockholders equity. It has gone up

about 70% in the last five years which is remarkable.

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One strange thing about Sonly is they have been deferring their taxes. Since 2000

the amount of taxes being deferred has doubled. This is most likely cause they wanted to

increase the cash in the company. For what reason they are doing this I do not know.

But it does bring up the question again of what do they plan on doing with that extra

cash.

As far as the companies ratios go when compared internally the company is not

doing as well as it could be, but has held steady for the past five years in almost all

aspects of the company. When compared to the industry the company is doing similar.

While some ratios are outstanding compared to that of the industry norms, others are

lower. While most companies are having a return on assets that is negative, every year

Sonly has come out with a positive number. Return on Equity was outstanding compared

to the industry norm of .12%. At 9% it was much larger. Even with the accounting

change and overall loss the return on equity in 2002 is still larger at .65%. But in other

instances, such as the quick and the current ratio, Sony seems to be doing worse than the

industry. The current is 1.3 compared to the much higher 2.3 of the industry. The quick

is no better. With Sonly at .95, the industry is way higher at 1.5. The quick ratio shows

that most companies in the industry not only have less current liabilities and more current

assets, but it also shows that these companies have much more inventory than Sony does.

The difference between the two is greater for the industry than it is for Sony. This is a

good reason why Sony’s inventory turnover is much higher at 10.48, than the industry

norm at 4.51

Overall Sony is an industry leader and is very strong. Even though some of its

ratios do not match up to the industry norms, the numbers are still good for a regular

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company. Sony has stayed steady for the past five years and will continue to stay that

way in the future because of quality brand recognition. It has seen steady growth in all

aspects of the company except for net income, but that is due to a large part, an

accounting change. Right now Sony is in strong financial health and has no signs of

getting worse any time soon.

STRATEGY FORMULATION

ACTION ITEMS AND PLAN

Sony Electronic Inc., specifically, has been around since the 1940’s, making the

company a leader in history and experience in the electronics industry. Sony Electronic

Inc. is very stable and has a large portion of the electronics market. They are strong in

innovation and creativity, so they will persist through the coming years. But to be ready

for the new millennium, Sony needs to implement a few strategies. The strategies that

Sony Electronic Inc. need to implement is that they need to accelerate their net business,

they need to reorganize their electronics department, and use IT technology to improve

business.

To accelerate Sony’s net business for the Internet era, Sony has established SCN

(Sony Communications Network) as an Internet service provider. To make SCN a

success, Sony will need to emphasize flexible and speedy management, and actively

pursue partnerships and investment opportunities. They will need to hire outstanding and

innovative personnel for SCN and nurture strong leadership.

Sony already has several websites up that will be their driving force on the

Internet. A few examples are Playstation.com, and Sonystyle.com. Playstation.com

provides information on upcoming games, console sales, and customer service. This site

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is a success because Playstation is the leading video game console. Sonystyle.com will

create a new consumer lifestyle through a network combination of Sony products,

content, and services.

To be successful in the Internet era, Sony needs to create net business through

enhanced content, and entertainment of site. To achieve this Sony will establish SBE

(Sony Broadband Entertainment), which will connect Sony’s music, television, movies,

and other media onto Sony’s websites creating high valued content and rich

entertainment.

Restructuring of electronic business is needed in the new era. This was due to

poor planning on such items as HDTV and the decisions and management on pricing of

several products. The reorganizing plan should include consolidation of manufacturing

plants and a reduction of staff. Reorganizing also includes creating a new “Engineering

Manufacturing and Customer Services” system, which will more directly link Sony to

their market. This will also assist in improving productivity in the manufacturing units,

and in building an effective supply chain. Using the new system Networking companies

will concentrate on business planning, research & development, product planning and

design, while the production part will be responsible for product design, product testing,

materials, parts, production technology, quality control, orders, manufacturing, inventory

management, and customer service.

Sony wants to create a new lifestyle in the net era based on their digital

electronics in connection with new IT technology. This means using Sony products such

as Digital TV/Set Top Boxes, VAIO Personal Computers, Mobile Terminals and Play

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Station2, and then connecting application and services to it. This would change the value

of their electronic product.

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Ferrell, O., Hartline, M., Lucas, G., Luck, D. 1998. Marketing Strategy. Orlando, FL:

Dryden Press.

Hoover’s Global 250. 1997. Austin: Hoover’s Inc.

hoovnews.hoovers.com

Ferrell, O., Hartline, M., Lucas, G., Luck, D. 1998. Marketing Strategy. Orlando, FL:

Dryden Press.

“Sony Electronics.” <news.com/2100_1001_214619.html>

“Sony Phasing Out Pen-tablet PCs.” <news.com/2100_1040_816422.html>

"SWOT Analysis- Strengths, Weaknesses, Opportunities, Threats." PMI- Plus, Minus,

Interesting. 1999. http://www.mindtools.com/swot.html. (5 Dec. 1999).

www.agecon.ksu.edu

www.albany.edu

www.hoovers.com

www.newschool.edu

www.sec.gov

www.sheridanc.on.ca

www.sony.com

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http://www.agecon.ksu.edu/

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Documents

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