Published by MBA Skool Team, Last Updated: December 06, 2016
Marketing Strategy of Softbank analyses the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). There are several marketing strategies like product innovation, pricing approach, promotion planning etc. These business strategies, based on Softbank marketing mix, help the brand succeed.
Softbank marketing strategy helps the brand/company to position itself competitively in the market and achieve its business goals & objectives.
Let us start the Softbank Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
Softbank Product Strategy:
The product strategy and mix in Softbank marketing strategy can be explained as follows:
SoftBank deals in finance, broadband, semiconductor designs, technological services, broadband etc. Softbank has its notable presence wind power plants, mega solar power plants etc. It is a prominent player in the domestic telecom market in japan which includes sale of mobiles in japan, fixed line up telephone services and data communication. It also provides services in association with Yahoo Japan and “IBM Watson” which is a smartphone application developed jointly with IBM Japan. In internet services Softbank offers various options such as internet through optical fibres, Softbank Air which is an internet data service. Before the launch of iphone 4s, SoftBank was official and the only iphone carrier in the Japan. This gives an overview on Softbank's marketing mix product strategy.
Softbank Price/Pricing Strategy:
Below is the pricing strategy in Softbank marketing strategy:
SoftBank offers various value added pricing policies as they always strive to serve its consumers at its best.
Softbank has wide scope to use these policies specially in the telecom and internet market when it has various other competitors such as NTT, AU etc. Since it faces very intensive competition from its competitors, its pricing depends upon the relative pricing in the market. Softbank uses bundling strategy to price its services higher. This extracts most of the buyer’s surplus. It also uses value pricing and has introduced value packs that are charged for the value they deliver.
Softbank Place & Distribution Strategy:
Following is the distribution strategy in the Softbank marketing mix:
SoftBank operates through distributors and retailers widespread across the country. Through its wide chain of exclusive stores in the malls and marketplaces it attracts the consumers. Being a 35 year old company, it has wide reach to the consumer base. It also reaches to its consumers through online store and smartphone applications.
Softbank also locates certain stores on its website which employs English speaking staff for its international customers.
Softbank Promotion & Advertising Strategy:
The promotional and advertising strategy in the Softbank marketing strategy is as follows:
SoftBank has intense strategies in promotion in its marketing mix to reach out to its consumers especially with respect to mobiles. It timely offers lucrative deals and value added services to increase the share of wallet maintaining its customer loyalty. It provides free wifi at various cafes, railway stations increasing its visibility in the market. It gives huge emphasis on advertisements published in newspapers, magazines, social media and television.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of Softbank.
The Softbank group is highly dependent on its employees since they are the driving force of the company. They have employed 69154 employees as of 2016. The primary focus is on employee engagement because they communicated directly to the customers through the customer care. Since the health and safety of the employees directly influence their performance, company ensures the same.
Processes in Softbank are carried out in the most hassle-free manner. The website assists the customer to buy the services the customer is willing to buy. The detailed instruction guide makes it easier to buy the process. Apart from that, there is a customer care that assists the customer to solve all its doubts and difficulties. There is a list of FAQs that is available on website to make the process easy for the customer.
Softbank has a wide physical presence worldwide through its offices. Physical evidence is created through sim cards of the brand. The registration forms, customer accounts are another means by which the company provides physical serve the customers. It also serves through free wifi at cafes. Another greater means of physical service is the website. It also has Digital connections. Hence, this covers the marketing mix of Softbank.
Softbank is multinational company of Japanese origin dealing with telecommunication and internet services. In the year 2015 it was the third largest corporation in japan with Toyota being the top in the list. It was ranked as 62nd largest public company in the world by Forbes Global 2000. Softbank has grown at the fastest pace from year 2009 brining about the relative growth that is fourth largest in the world.
It also includes various other companies under its group such as IDC Frontier which is a data centre company, GungHo Online Entertainment which is a gaming company etc. It also operates in financial services through SoftBank Capital which is an American venture capital company.
This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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