Marketing Nintendo Wii I Believe It Prudent Essay

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Marketing Nintendo Wii

I believe it prudent to reiterate the importance of a global economy and the implications this has on American marketing tactics. It also showcases indirectly, how America is no longer the world leader in regards to economic activity but now must share that title with emerging nations including China and Japan. In fact, with the next 20 years, American could potentially be the third largest economy behind both India and China (1). This indicates the inevitable balance of power that is bound to shape the methods in which business and in particular, marketing is conducted. In addition, the world we currently live in is becoming more interrelated. What affects one nation now has global consequences and implications elsewhere. We need not look any further than our current economic conditions to see the results. As time goes on, a coordinated effort in regards to standards and quality of marketing behavior will be needed by multinational organizations to effective market its products.

Marketing is now focused on various factors including brand, purpose, culture, and opportunity (2). All of which are necessary for successful international operations. None of these factors are any more important than the other. Instead they are all interrelated within the overarching web of international business and marketing. Below is short description of each and how they relate to international operations

1) Brand- The brand is essential to any international franchise. The brand allows companies to differentiate themselves relative to similar product offerings. In addition, the brand is a symbol of the company values which are directly correlated to human capital retention. A brand such as Apple or Google signifies innovation. Likewise, many individuals who believe they have the required skillset or mindset are thus attracted to that brand. Is it by any coincidence that many of the early adopters of IPhones are individuals who are very tech savvy with innovative mindsets? I think not.

2) The purpose of the organization is key to international marketing as well. In fact, the purpose of the organization dictates its area of expansion and subsequent business operations. For example, an organization that has a purpose of manufacturing cost efficient products may be interested in a joint venture in China. Here, China has historically keep its currency cheap relative to the U.S. To enable the country to export more goods. In addition, the cost of labor is very low which allows cost savings to be transferred to the end user. As such effective marketing will be needed to showcase the low cost component to Chinese consumers

3) The culture of the organization is key in how successful the operations of the marketing program can be. Culture provides an identity to the business. It allows individuals to be aligned with certain goals, objectives and characteristics. In a multinational firm, this factor can not be overlooked as many different personalities are in constant interaction. As such, it is important to align all stakeholder groups involved with one common culture and vision. I will detail in depth why the aspect of culture is so important and how marketing mangers can be better served by not overlooking this important concept.

4) Opportunity abounds in our current economic climate. Interest rates are so abysmal that companies can undertake innovative projects with very little costs. In fact, in our current environment 74% of the S&P 500 recorded earnings that beat analyst expectations in Q3. Most of the extra earnings came not in the U.S. But from abroad where demand is soaring. This is a direct result of opportunity. Marketing products effectively can help prolong this current trend of exceptional business profits.

Now that we have discussed the broader global implications on marketing, we now turn our focus the exact art of marketing and provide examples of its implementation. To begin, marketing is the art of showcasing the value proposition of various products to a target market. In some instances the benefits that the consumer desires are not known to them initially. Marketing bridges the gap between what the consumer desires in terms of products and what the company's value proposition is. Marketing can be used to alter the perceptions of the values places on certain products. For example before the advent of the personal computer, many consumers did not demand such convenience and personal experience with their computing needs. However, through effective marketing, the value proposition of convenience, security, and personal satisfaction help create demand for the personal computer.

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The same can be applied to Apple's IPod or even to social networking sites such as twitter and Facebook (3).

Likewise, marketing can be utilized to help alter consumer perceptions regarding a particular product. For example, below is a basic diagram depicting consumer preferences in video game attributes. As you can see the Wii console is high on one attribute, while the PlayStation 3 console is high on another.

1 represents the lowest rating while 10 represent the highest

Attribute

Wii

PlayStation 3

Weight for attribute (Wii)

Weight for attribute (PS3)

Total

Number of Games

1

9

3

5

43 (WII)

Price

10

3

4

3

54 (PS3)

In regards to the WII, they are ahead in the pricing preference but lagging in both total points and the number of games. To help the console become more desirable, Nintendo could elect to alter consumer preferences by altering the weight placed on the price attribute. By electing the make consumers demand a more efficiently price console, the WII will be more favorable in the eyes of the consumer. This is depicted in the diagram below.

Attribute

Wii

PlayStation 3

Weight for attribute (Wii)

Weight for attribute (PS3)

Total

Number of Games

1

9

3

5

103 (WII)

Price

10

3

10

3

54 (PS3)

By altering the weight placed on a particular, preference marketing can create more desirable products for a particular target market.

Now in regards to the marketing mix, Nintendo does an amazing job a differentiating itself relative to competitors. The video game industry is dominated by three major players which include Microsoft and Sony in addition to Nintendo. Recently, many online games featured are Facebook are beginning to gain market share as well such as Zyunga. However, in regards to console gaming the three mentioned above dominate. The console gaming industry is one in which pricing is somewhat inelastic. Consumers are indeed willing to pay more for a high value proposition. Likewise, pricing competition only arises when the systems have similar value propositions. Otherwise the lower priced item is often deemed as inferior relative to its peers. Depending on the target market, gamers are especially willing to pay more for a corresponding increase in performance of the console. This phenomenon is similar to Apple's IPod and MacBook merchandise. Many competitors offer MP3 players and laptops similar to those of Apple, but the specifications of the IPod and MacBook warrant the higher price point. As such, consumers are willing to pay a premium relative to Apple's peers. What Nintendo has done in regards to its product and marketing, is to position the brand in a niche relative to its peers. Below we briefly discuss the marketing mix and how Nintendo utilizes it to perform well in the video game market.

Product- First, in relation to its competitors, the Nintendo Wii is completely different in regards to product specifications. While the Xbox 360 and the PlayStation 3 have similar product specification in terms of graphics, online play, features, and gaming titles, Nintendo deviated from the norm. The Wii does not have the powerful graphically engine of its competitors. It does not have a Blu-ray player, nor does it have extensive features. What it does have however, is a genuinely worthwhile gaming experience that is easy to grasp for all age groups. The Wii utilizes motion sensors to immerse the individual within the gaming experience. Players can hack, slash, bowl, shoot, and hit with a seamless flick of the wrist. The sensors pick up any motion from the controller which creates a real life experience as opposed to simply sitting down and watching the action unfold.

In addition to the controller, the console was also very simple to grasp relative to its peers which appealed to an entirely different market segment. While Xbox and PlayStation were becoming more technical, Nintendo was becoming simpler. This allowed a new generation of gamers to enter the market that many thought would not even venture into the industry. Older individual now were interested in the product as it was a seamless way to have fun and relate to both their children and grandchildren on a more personal level. The simplicity also allowed very young gamers to have a favorable experience as well.

Further, both Xbox and PlayStation were competing for business from the same gamer. Both consoles had similar titles, nearly identical graphics engines, and nearly the same features.....

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