Any product’s commercial value that is derived from the consumer perception of the brand name is known as brand equity. It is positive as well as the negative value of the brand’s product. There are five components of the band equity, and these are:
• Brand Awareness
• Brand loyalty
• Brand Associations
• Perceived Quality
• Other Proprietary Assets
Sony is aware to the need of the marketing in the modern world, where competition is high so, it takes steps towards publicizing the brand through digital marketing, advertisements, and traditional methods to stay in the limelight. Sony’s official account on website Pinterest has 47.7k total followers in 2017, and it creates boards’ advertisements for its products. Sony Corporation is an old and already familiar brand among consumers, but it always tries to be different from others. It spent $3.7 billion on brand marketing and digital advertisements in 2016.
Brand loyalty is the ultimate goal of Sony to achieve its brand equity. Sony Corporation is the name of reliability for ages. One of the most influencing consumer electronics brands in the world. Consumers are loyal to the products like PS4 line of consoles and Electronics. Sony has faced some drastic downfall in their sales in the era of early 2000s, but loyal consumers didn’t switch to any other brand and stick with their first preference. It is charged at a high price, and this shows the positive image of the brand like Apple and other big brand names.
Sony triggered Brand association, which is a consistent set of attributes that the targeted consumers enjoy. The current slogan of the Sony is BE MOVED, which is different yet easily get remembered. Brand extensions will be trusted and known if the brand association is favorable. Sony Corporation Inc. already introduced a vast range of products and people always think about Sony whenever they want to buy Televisions, Electronics, and PlayStations specifically. With Electronic products, Sony Ericsson was also really popular as telecommunications product brand.
No doubt that Sony’s products are one of the best in designs and quality whether it was a first Walkman or video game PlayStations, telecommunications products or electronics. Sony Corporation introduced a variety of products like Android Xperia series of smartphones and tablets in 2012. It also offers various products like HD Digital cameras and camcorders, which is why it is the third largest manufacturer in the world. It launched first PlayStation in 1994, which gained 61% global console sale, and since then it has released PS2, PS3, and PS4.
Other Proprietary Assets
It is a part of umbrella branding, and produce different products under different subsidiaries so, Sony knows that proprietary assets (patents and copyrights) for its brand are necessary to save it from direct competitors or to minimize the possibility of producing similar but low-quality products from newbies/rivals. Major trademarks of Sony Corporation are WALKMAN, VAIO, HANDYCAM, BRAVIA, MICRO VAULT, InfoLITHIUM, Xplod, Memory Stick, CycleEnergy, and Cyber-shot.