Free Bose Corporation Essay Sample
Dr. Amar Bose, an electrical engineering at the Institute of Technology in Massachusetts, founded Bose Corporation in 1964. It is a privately owned company, which manufactures and markets home-audio products, and other technological gadgets. The case describes the marketing strategies, which makes the company unique including its products, pricing, distribution, and marketing strategies. It attempts to understand the reasons for the company's success, and details some of the criticisms leveled against the company.
Ways in which Bose Corporation goes about analyzing its competition
Marketing strategies in Bose's company plays an essential role in Bose's growth and competition in the market. The strategy primarily focuses on the product, and Bose ensures all its innovative products are unsophisticated and user friendly. Bose started a system of research and worked around certain core principles that have guided the philosophy of the company. Amar Bose ignored existing technologies and started entirely from scratch, something not common in development of product strategies He carries research on privately held company's profits, which enables him to analyze competition in the corporate. The research encourages him to produce the highest quality products and he cares more about the interest of making the best products than maximizing profits.
Marketing strategies that best describes Bose's approach
Bose uses entrepreneurial, formulated, and intrapreneural marketing strategy approaches in marketing his products. In his marketing system, more than one technology is usually the reason for his success or failure of entrepreneurial ventures. He carries research and understands the market position, plan, and objectives. Through his unique selling proposition, he manages to avoid direct competition thus a key success factor and targeting of customers far better.
Bose uses intrapreneural marketing strategy in that he works through the challenges of communicating the virtues of 901 series to customers through innovative display and demonstrations tactics. This has led to success of the products that he now credits the 901 series for building the company.
Bose uses formulated marketing strategy since he understands the environment thus enabling him to choose the strategy out of a wide variety of options. His practices reflect his belief in producing the highest quality products. He prefers not to take his company publicly because of numerous constraints that may arise. Bose takes an interest in research, and he is committed to development that has led to the high level of customer's trust to his company.
Bose's pursuance of Basic competitive marketing strategies
Under Michael Porter, Bose could be adopting cost leadership or differentiation strategies. Porte argues that strategy is all about the position of competition. It is also about differentiating one's self in the presence of the customer, and about adding value through a mixture of various activities different from those of other competitors companies. Porte defines competitive strategy as a combination of goals whereby an industry strives, and policies in which an industry seeks to get there. Therefore, Porter seems to embrace strategy as both positioning and planning.
Bose should be product leadership based on Treacy and Wieserma philosophy in competitive marketing strategy. In Treacy and Wieserma's strategies, the idea of restricting the basis on formulated policy is carried one-step further. Treacy and Wiersema in their book of The Discipline of Market Leaders asserts that corporate achieve leadership positions through narrowing, and not broadening focus on their business. Treacy and Wiersema take into considerations three "value-disciplines" since it serves as the basis for strategy. These value disciplines include excellence in operation, intimacy of customers, and product leadership that suggests different requirements.
Bose's competitive position in its industry and reasons for marketing strategy not or matches this position
Bose is customer focused because he predicates on developing, researching, and shaping on products and services. This is to ensure them fit into an increasingly proper position of attracting and winning more customers into the company. Bose's objective is long-term customer loyalty and profitability of customers. He is the product leadership in that he uses this strategy in producing a continuous stream of state-of-the-art product and services. The faster commercialization of new ideas is one of his objectives. He aims at larger market share through leading the firm in terms of price and convenience. His plans to collaborate with one of the automotive manufacturer company in the near future reveal him as a leader who wants to invest in a large market share.
Bose's marketing strategies matches this position because of the following; He aims at expansion of total market to portray alternative corporate growth strategies. He presents a matrix that focuses on the present of firms and their potential products and customers. He considers means of growing through existing products and new products that Bose is practicing in his company. Bose's protection of market share through free trial, promotions, and sampling lead to competition in the market thus led him to win more customers to his company. Expansion of market share is another marketing strategy that matches with Bose's competitive position in an industry. Bose could only compete with other competitors in the market through determining sales on a value basis or on a nut basis. Market shares reflect changes in the market size or changes in economic conditions hence, the strategy matches in this position.
A customer-centric is an approach to practicing business where a company aims on developing experience on the positive consumer at the sale point and post sale. This approach can add value to an industry through differentiating themselves from competitors who do not provide the same experience. In another way, Bose is a customer-centric company without knowing it. He is a customer centric-company because of his company's unique philosophy. His attempt to outdo the competition by differentiating product lines with features and attributes that other companies do not have is a way of creating a positive consumer experience at the sale point. His keen interest in research and product innovation and other unique corporate market strategy philosophies makes him in a position of being a customer-centric.
When Amar Bose leaves the company, many things will change because Bose is a mysterious, elusive, and an obsessive philosopher. It will be difficult for those who will remain to run the company since his ideological skills is unchallengeable, and no one can compete with him. The company may either lead to disclosure or operate at a high cost. It will also not outdo other companies in the competitive market. He is a man who has things that are the company's secrets thus making his company different from others. His tremendous research on products makes his company different from others. If incase he moves out of the company then the company will no longer operate the same as it used to do.
Bose's company is one of the unique companies that try to compete by being different from other companies in order to be the world leading company in the competitive market. In the first year in business, the company corporation engaged in sponsored research. This led to improvement on products, and attracted many customers into the market. Despite the decline in trust for most technology companies, Bose Corporation shows a higher ride in the American companies.