Background
Identifying the consumer market is one of the most imperative tasks when introducing a new product. The Sony TV market is quite diverse and can cater to different audience groups, from budget users to more financially stable buyers who can afford flagship models. To determine demographic characteristics, it is necessary to clarify the needs of different people. The company’s target market is the general population, as it offers a range of products at different prices. A more detailed analysis can identify specific groups of people who may be interested in purchasing a specific 65″ Ultra HD TV model priced at $10,000.
Initial Target Market
Audience demographics can be divided into several categories based on key needs. Age may range from the younger generation, which understands the product’s technical data, to the more mature generation, which has sufficient financial resources. Given specific technical characteristics, such as a prominent diagonal, the product is designed for placement in spacious rooms, which may indicate a target audience of homeowners.
Regarding occupation, potential targets in this category may be in management positions or other high-paying professions. Since one key indicator is the ability to display high-quality images, the targeted population is likely to be people with streaming service subscriptions (Snyman & Gilliard, 2019). This is due to the provided access to content in a resolution of at least 4K.
The psychographic data for the product’s target audience may vary depending on use cases and key features. Thus, the main customers are technical enthusiasts who can compare and study the characteristics of different products to find the optimal solution for their needs (Kuzmin et al., 2022). Upscaling the broadcast image to 8K Ultra HD may become a sought-after feature for customers who want the maximum viewing experience for digital content.
Another category that overlaps with the previous one could be people interested in premium home entertainment. The matrix’s increased refresh rate and high resolution enable connecting new-generation game consoles to the TV. Content creators may also be interested in purchasing the product because a realistic color rendition is important to them. Video editing can be much more accurate when using a high-quality, modern OLED matrix.
Innovators
Identifying innovators for a product that could become a technological breakthrough involves finding specialists who must think through the details to make it as progressive as possible. Engineers and designers can be divided into several categories to work on a product (Suchek et al., 2021). First of all, they must develop sustainable innovations that can consolidate and maintain their relevance and significance. Otherwise, the product may not be popular because customers do not understand the innovative implementation of the 4K matrix in Sony phones (Petrov et al., 2021). A clear indication of consumer need for a product plays a decisive role in how the technology will be sold.
Another challenge for innovators could be new-market disruption, which is essential for a new TV that should set the standard for premium products in this segment. Innovators must therefore ensure that the final product achieves the highest possible quality so that all groups within the target audience can respond positively to the TV.
Type of Innovation
To determine the type of innovation in a new Sony TV, it is necessary to fully assess the level of changes introduced into the product and the breakthroughs it offers compared to existing TVs on the market. In the modern TV market, brands other than Sony hold strong positions, such as Samsung, LG, and Philips (Pauna, 2019). Each brand has product lines ranging from entry-level, cheaper TVs to flagship, expensive TVs. At the same time, Sony does not have the highest price for its flagship model among its competitors.
However, each brand offers unique features that do not significantly alter the overall user experience. We can say that the new Sony TV is a dynamically continuous innovation, since users will need to get used to it and possibly adapt their behavior. This is evident in the transition from simpler models that have less functionality. Changing the resolution from 4K to 8K can spark curiosity about new content, opening new areas of search for users (Shishikui & Sawahata, 2021). In addition, new gesture or voice control capabilities can significantly change customer behavior patterns, indicating that the model belongs to dynamic, continuous innovation.
Five Product Features
Influencing the introduction of a new product is a critical task that must be tracked and determined to obtain full feedback. The process of distributing a new model can be driven by relative advantage, which should emphasize the new TV’s qualities, making it superior to the company’s existing models and competitors’ models. This can primarily happen through advertising campaigns that should highlight aspects of innovation that differ (Schiffman & Wisenblit, 2019).
For example, a company can focus on technologies implemented in the matrix to improve its image. This can be enhanced by comparing models to highlight the differences. The upscaling function can also be considered a significant innovation, as in the new generation, it can make the picture more transparent and of higher quality thanks to artificial intelligence.
Another critical element is compatibility, in which developers must assess how their new model fits into the existing technical ecosystem. This product feature can help accelerate product adoption by demonstrating how the TV can act as a player for existing content applications. Compatibility with smart home features, gaming consoles, and streaming services can significantly increase buyer interest (Shishikui & Sawahata, 2021). Managers must also ensure the solution is not overly complex, as overly complex solutions may turn off potential customers who do not understand the new technology. This can be done in part by providing sufficient explanatory documentation and instructions.
The trialability function can be implemented at specialized points of sale where buyers can test the TV by interacting with it. People will need to interact with the new model to understand how it suits them and how it can meet their needs. Through personal interaction, people can access an enhanced user experience, which can contribute to a more positive perception of the innovation (Schiffman & Wisenblit, 2019).
Effective marketing campaigns can help Sony increase the new model’s observability so that as many customers as possible can learn about the product. Increasing awareness can be achieved by maintaining social networks and actively posting product information to the key audience identified earlier. More excellent representation in retail stores can also lead to improved product recognition and increased customer interest.
References
Kuzmin, E. A., Faminskaya, M. V., Rodionova, E. A., & Zinatullina, E. R. (2022). Digital Effect: Relationship between Brand Media Image and Company Performance. Jurnal Ilmiah Peuradeun, 10(2), 491-508.
Pauna, D. (Ed.). (2019). Quality of domotic goods. DanubiusUniversity.
Petrov, N., Khromov, M., & Sokolov, Y. (2021). Multi-view 3D integral imaging systems using projectors and mobile devices. Photonics, 8(8), 1-14.
Schiffman, L. & Wisenblit, J. (2019). Consumer behavior(12th Ed.). Pearson.
Shishikui, Y., & Sawahata, Y. (2021). Quality of 8k ultra-high-definition television viewing experience in practical viewing conditions. IEEE Transactions on Broadcasting, 68(1), 2–12.
Snyman, J. H., & Gilliard, D. J. (2019). The streaming television industry: mature or still growing?. Journal of Marketing Development and Competitiveness, 13(4), 94-105.
Suchek, N., Fernandes, C. I., Kraus, S., Filser, M., & Sjögrén, H. (2021). Innovation and the circular economy: A systematic literature review. Business Strategy and the Environment, 30(8), 3686-3702.