Choose a multinational company,and Selecting one new market and one Essay - 1

Choose a multinational company,and Selecting one new market and one product, detail and justify a marketing plan for the launch of this product into this, hither too, new market segment - Essay Example In 2012, Sony reported a net loss of 67.3 billion yen (Hirai 2012). In 2011, Sony reported a loss of 199.8 billion yen, indicating a significant problem attaining revenue growth which is attributable to increased competition in the electronics industry and changing consumer preferences throughout the globe. Sony, to combat these significant financial losses, is to launch the new Sony HMZ-T1 Personal 3D Viewer, a head-mounted display device allowing consumers to enjoy three-dimensional video content that is akin to the three dimensional movie theatre experiences. This product, already accepted as a revolutionary product in a variety of international markets, fits snugly and comfortably around the users’ brow, offering an unparalleled, horizontal viewing range of 45 degrees. The device offers supplementary high-quality Surround Sound capabilities to enhance viewing experience. The objective of this new launch is to recapture revenue losses, disrupt the personal electronics market, and improve Sony’s brand image in the new Serbian market, a developing nation that can provide new profit opportunities for Sony. Serbia scores low on Geert Hofstede’s Cultural Dimensions Framework in masculinity, a cultural propensity to value achievement and personal success as primary lifestyle-centric drivers (Hofstede Centre 2012; Hofstede and Hofstede 2005). This makes Serbia a feminine society, one where citizens seek solidarity, consensus, and a cultural set of values about promoting equality for all peoples. These values are inherent in the luxury buyer segment, which is representative of upper- and middle-class consumers. Serbia maintains cultural characteristics that have many collectivist values, in which loss of face (reputational) is a significant consideration from a social perspective (Cheung et al. 2008). This collectivist mentality