Please see full case in attached file.
This is a master level report and case study analysis of Bose Corporation discussing about the company's marketing strategies and business philosophies.
Harvard referencing is crucial and effective application of diagram to show understanding is necessary for this report. Fair number of referencing is needed as well.
Bose: Competing By Being Truly Different
(Please read the case as per attached)
The Bose Corporation has been around since the 1960s. It has come to be known for its high-end speakers and headphones. It is a brand with very high level of equity and is the most trusted brand of 22 best-known consumer technology brands. As the brainchild of its founder, the Bose Corporation has been very successful financially as well.
Yet Bose the company and Bose the man are very much intertwined. Amar Bose founded the company in the 1960s. He has kept it private in order to control the degree to which the company invests in and conducts research. This he considers the lifeblood of the company. Time and time again, he has ignored existing technologies and started entirely from scratch.
It is this philosophy that has lead to truly groundbreaking innovations. Bose Corporation has marketed speakers and headphones and will soon release an automotive suspension system that unlike anything else on the market.
1. Based on the business philosophies of Amar Bose, how do you think the Bose Corporation goes about analyzing its competition?
- Describe Bose's competitor analysis i.e. identify competitors, accessing competitor's objectives, strategies, strengths and weaknesses and reaction patterns.
- Bose is product-focused company use competitors as channel to understand customer needs.
- Actually Bose is customer focus without knowing it.
2. Which of the three approaches to marketing strategy best describe Bose's approach? (800 words)
- Entrepreneurial, Formulated and Interpreneurial
- Bose is using Entrepreneurial and Intrepreneurial marketing strategy.
- Bose definitely not formulated marketing strategy
- Describe accordingly
3. Using Michael Porter and Treacy and Wieserma frameworks presented in the text, which basic competitive marketing strategies does Bose pursue?
- Under Michael Porter, Bose could be adopting cost leadership or differentiation strategies. Use references to argue.
- Bose should be product leadership based on Treacy and Wieserma philosophy in competitive marketing strategy.
4. What is Bose's competitive position in its industry? Do its marketing strategies match this position?
- Bose is market leader
i. Customer focused
ii. Product leadership
iii. Larger market share
- Market leader strategies:
i. Expand total market - use Ansoff model to expand to different markets.
ii. Protect market share - promotions, sampling, free trial
iii. Expand market share
- Explain Bose using which strategy based on the market leader strategies after explaining all three
5. In your opinion, is Bose a customer-centric company?
- Define customer-centric
- Bose is not a customer-centric company due to its function focus in R&D and as market leader.
- But in fact Bose is focusing on customer without knowing it. In a way, Bose could also be considered as customer centric.
- This is a tricky question; a smart way of writing the argument will be needed. Use references as an argument for your statement. Avoid contradict statements.
PS: Throughout the report, diagram is very important and the relevant use of diagram is the ultimate determination of this report.
The document in APA essay format with Harvard style referencing to assist you with your studies. Charts are included to assist you further in finishing your report. Not knowing your true writing style, the last section needs your imput to achieve your true word count.
Bose Competition Analysis
Bose knows what its competition is doing but Bose seems uninterested. He knows who his competitors are had what they have to offer but he consistently focuses on his products and his dreams. (Harkness p: 349) To truly understand the client base and the competition, Bose hired a new IS manager in 1998, Harkness, and he concentrated on the cultural implementation of the business through market share. "While establishing a set of proven process improvement techniques represented an important step, a major managerial challenge loomed in progressing beyond localized experimentation into more formal and wide-spread programs of process management. It became evident that wide-spread TQ implementation could not take place unless there was cultural readiness. To reinforce cultural commitment as well as build confidence for taking on greater improvement challenges." (Harkness p: 354) This revelation led to better understand the competitions that are.
The competition is vast, as the company has many divisions. There is the personal home system, headphones, home theater, Ipod systems and speakers. (Bose 2009) The main competitors are Sony, Mitsubishi and Zenith. All of these companies manufacture the same items but Bose is ahead of the group with its research and ability to take the time needed to get the product right without a "board" breathing down its back, as Bose is privately owned and Mr. Bose is the main decision maker. If he wants a product scrapped and started over, he does it. Bose's competition can only follow. All three are for profit public corporations that must adhere to the shareholders and board's directive. All three companies have a significant larger product line than Bose and that is due to the individual company's product cost. Bose's products are significantly higher than its competition but it appears that Bose's clients do not seem to mind.
Bose's strengths are it privately held factor and research capabilities. Its weaknesses are its privately held factor and its minimal product line and costs. Its opportunities are to produce more products for less of a cost. Its threats are the economy. If a consumer has $500 to spend on a home theatre and Sony has one for that price over Bose's $2,000 product, the consumer will purchase the theatre in his or her budget.
The company is product focused and its research dictates this. The company's idea structure is simple. An idea is discussed. A team is put in place. Research is performed. Changes are made to the product. The product is tested. The test results dictate changes or implementation. If changes need to be made, the process starts again. If no changes are needed, the product is set forth for production.
The company's client base is strong as shown in the products, the dollars spent in advertising and the innovation and dedication on behalf of the company to produce an excellent product. Bose focuses on perfection and with perfection comes loyalty and the loyalty is shown in the ability for the company to remain private.
Bose's Approaches to Marketing Strategy
Bose's approaches to marketing strategy are entrepreneurial, formulated and interpreneurial. ""Intrapreneur" is the name given to employees who come up with their own ideas and then bring those ideas to life with the assistance and resources offered by their employers. Intrapreneurs can also be found in service industries, creating innovations that draw customers away from the competition." (Pinchot p:142) Pinchot is correct here and none of Bose's competitors fit into this description. Influence within is Bose's biggest asset.
The company decides to implement a product. The product is uncertain as all new products have uncertainty. Bose knows it will be taking a chance on the new product but the determination makes the decision an easy one. The function ability of the product is discussed, the chance the public will not received the produce well is also discussed. The value of the product to the company and the value the company feels the product will have on the public is the determination factor to move forward.
Entrepreneurship is what brings innovation. Thomas Edison, Alexander Graham Bell, Bill Gates and Steve Jobs are all entrepreneurs who had an idea and took that idea to the public. Bose is no different than these giants of their respective fields. In 2007, Mr. Bose was inducted into the Consumer Electronics Hall of Fame. "We are pleased to honor Dr. Bose through election to our industry's Hall of Fame," said CEA President and CEO Gary Shapiro. "He is an innovator, inventor and masterful marketer." (Business Wire) What else can be said? Plenty.
Being an innovator is an integral part of being an entrepreneur. In addition the company's first products and patents, "Dr. Bose's electronic patents formed the basis for the research and development that Bose Corp. undertook for the Armed Forces, NASA, Department of Transportation and Atomic Energy Commission. His acoustical and electronic patents provided the foundation for the entrance of his company into the consumer hi-fi and later the automobile sound markets." (Business ...
The solution discusses the Bose Corporation through an analysis, strategy and its philosphy as well as marketing management.