Walkman, Vaio, Bravia, XPeria are just few names of this tradition changing brand – SONY. Their music system has literally thrilled our college life & those having their products were seen walking with so much proud & arrogance. But this decade doesn’t seems so promising for their brands & especially in Indian markets they are counting their last breath. PS4 alone counting 78% of their whole profits, their smartphones & laptops are almost in the coffin of dead products.
Founded by Masaru Ibuka & Akio Morita in Tokyo after World War 2, company’s first product “Electric Rice Cooker” was a massive failure. Their 2nd product “Electric Blanket Heater” was again a failure and all of a sudden their reputation was at stake. But a will to bring a change in the world didn’t stop them & their third product “Tape Recorder” which becomes a massive hit in Japan. later along with Western Electronics they got access of Transistors & made first Walkman which becomes a worldwide hit product & Sony entered in Global Market.
They also entered in Insurance company , music industry, cassettes & CD’s & with the strating of 90’s Internet Age & 21st century Digital Age, they entered in home theatres, DSLR’s cameras, smartphones & laptops. Among Indian consumers they were the first choice of electronics gadgets & many people including me bought Sony-Vaio & Sony Xperia. With stylish look & tough hardware they were well settled brand among us.
But with time they gradually fell. There were hardly any innovation in their products & design of all their smartphones were look alike. There were hardly any changes in their products. They stopped making something new & failed to present some new technologies in front of us. While on other hand Samsung & Apple were making constant progress in their technologies. Then comes the Chinese brands MI,1+, oppo etc which were good as well as cheap and very rapidly they set up their market & replaced all those brands who refused to change their strategies.
Once I was looking for a laptop & I wanted to replace my Sony Vaio with new one but then I come to know that Sony has stopped production of Vaio. It was hard for me as a Sony lover because then I didn’t know anything about business & globalization.
When 1 reporter asked their CEO about their failure He said “Sony is too big company. We were just unable to bring change among all 1 lakhs of employees.” Along with it, in my opinion Japanese business culture is also responsible for their failure. In their culture they don’t suspend who are not productive & they tend to continue their partnership with their old partners for long time because of which almost all Japanese brand including Kawasaki, Toshiba etc had failed to bring something new.
As Lord Krishna said in Bhagwad Gita “Change is the law of Nature” . & even Darwin’s theory stated ” It’s not the biggest or strongest who survived,it’s that species who is fast enough to adapt the changing condition is the one which survives” . & Sony just failed to adapt the fast changing marketing environment of 21st century.
Here’s a link where you can get more info
Attached is the stock market performance of Sony since they entered in global market in 1970. 1998-2000 was their peak time but suddenly they fall drastically & now they are trying hard to gain profits (all because of their Play Station & Insurance sector).