Sony

Sony

Introduction

Sony Corporation is a Japanese multinational company based in Tokyo, japan. Sony is one of the Leading manufacturers of different electronic products, which cater to individual, as well as professional use. Currently Sony is ranked 87th on Fortune Global 500. Sony has been on a rough patch since quite some time now. Once known for its power of vision and innovation, Sony has found it very difficult to compete in today's challenging market. It was not long ago when Sony was considered to be “creme de la crème” of consumer electronics.

Changes in Sony

The first step that was taken to bring about a revival in their company was to change the CEO. On 1st April, 2012, Howard Stringer resigned from the post of CEO and a new CEO, Kazuo Hirai was hired to help the troubled conglomerate. On April 14, 2012, the new firm witted CEO announced his plan, known famously as the “One Sony plan” .

In the financial year up to march 2012, Sony accounted sales up to $7.9 billion. Sony hopes to make sales worth $10.5 billion by the end of the financial year, March 2015 and also a profit margin of 5% in the financial year 2015. For all this to happen, a considerable amount of money, which will be spend on reorganization, which will cost up to $ 926 million.

With the help of his shrewd determination, Hirai convinced everyone that he will prove to the integral figure with will help revive a company, which was once known as the best in what they do. According to Hirai, the key to resurgence is to strengthen the company's core business units. The pillars of Sony according to Hirai are the business units of, mobile, digital imaging, gaming and television. Over the years, digital imaging has been a significant part of the structure of Sony. Given the steady rise in the market of smart phones one can say that point and shoot sector can't be projected to develop, Hirai thinks by using the strength of Sony in interchangeable lens cameras will allow the company to reap stable profit for years to come and grow faster than the market.

Recently announced future CEO of Sony, Kunimasa Suzuki, has been made the head of the R&D, and design. Under the wide umbrella of R&D, and design comes tablets, cell phones and Vaio computers. Sony has planned to cut back by half on the time of inception and release so as to compete in the challenging markets. Hirai is also planning to increase compatible devices of PlayStation Suite, and the number of downloadable items for it's on of a kind consoles.

By 2014, Sony have targeted to make the sales of mobile devices worth $22.2 billion, the sales of gaming unit worth $12.3 billion and they also look to convert the current losses into profits. Over the years there has been a considerable rise in the demand of Sony's items in the new emerging markets and, Sony already has a market power in countries ...