Bose Marketing Mix (4Ps) & Marketing Strategy
Here is the marketing strategy of Bose which analyzes the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion).
Bose Product Strategy:
The product strategy and mix in Bose marketing strategy can be explained as follows:
Bose is a world leader in making sound systems, speakers, headphones and other audio equipment as a part of its marketing mix product strategy. Bose has been known to be protective of its patents, trademarks and brands. Car audio system was pioneered in a customized way by Bose in 1983. It embedded each speaker and adjusted the frequency response according to the vehicle type. Later with the technological advancements, Bose incorporated stereo, navigation and hands-free calling. The noise cancellation technology has received appreciation from across the geographies and it is also manufactures noise cancelling aviation headphones used by NASA astronauts. They have wide range of home speakers evolving from being a wired to Bluetooth enabled devices over time, also available in different sizes. They have options of multi-vibrant colors in audio systems along with built in Wi-Fi facilities in them. Bose professional designs and manufactures for Audio/Visual system integrators. They also install sound systems for commercial and portable settings such as stadiums, houses of worship, performance theatres, auditoriums, retail stores, restaurants and meeting rooms. It provides assistance to the U.S. military and NASA.
Image: Wikimedia
Bose Price/Pricing Strategy:
Below is the pricing strategy in Bose marketing mix strategy:
Bose being a product focused brand has second most expensive average shelf price in the speaker’s category behind Onkyo. The average price of Bose is approximately $120.
The price range does not decline over time as generally seen in other electronic devices like mobile phones. The products are highly priced than its closest competitor SONY. The components of the speaker also come with a high price range. Hence it follows a premium pricing strategy in its marketing mix. The Bose Bluetooth speaker available in the Indian market has the maximum price of Rs 18000, SONY marginally less at Rs 17700. At times the price difference is significant due to their brand image and quality.
Bose Place & Distribution Strategy:
Following is the distribution strategy in the Bose marketing mix:
Bose, based in the USA has its presence across the globe including technologically advanced countries like Japan and South Korea. It has its products available across various types of stores: Bose Stores, Bose Factory Outlet, Bose Airport Kiosks, Bose Personal Audio Store and Bose Showcase Stores. The types of products available in the stores depend upon on what type of store it is. For example, the airport store will majorly endorse wireless earphones, whereas Bose Showcase Stores will aim at showcasing latest Bose products and innovative products. Bose tries to cut down on middlemen to make their products reach the consumers. They have expanded their distribution channel by choosing partner Almo Professional Audio/Visual, based in Philadelphia, PA, and AVAD LLC, based in Sherman Oaks, CA. Though they have directly employed Territory managers who will be key players in working closely with existing dealers, integrators and new partners to ensure premium service to the customers. They have their products available for purchase on online portals like BestBuy, Targert, Walmart and many more. Realizing the threat of brand image damage from its counterfeit products Bose promotes the buyers to buy from the Bose stores directly or else demand a full proof invoice from the sellers. The counterfeit products are similar in look and design but does not match the sound quality that of Bose’s original products.
Hence this completes the Bose marketing mix.
Bose Promotion & Advertising Strategy:
The promotional and advertising strategy in the Bose marketing mix is as follows:
Bose applies product focused approach in reaching target audiences. Bose markets its products through premium brand reputation. It follows a low key advertising policy compared to its competitors in the industry. This is derived by the company’s believe in targeting a niche market and holding people’s attention with its innovative and atypical products. Bose’s creative segment advertises through videos that intensify emotions, serenity and how the brand’s headphones can help you. Also it markets online via E-commerce sites like Amazon. Despite all these promotions, the amount spent on advertising is minimal and Bose is said to reinvest all its revenues into production and development. Bose adopted a direct sales model to distribute the 901. Bose salesmen went door to door demonstrating the speaker. Customers appreciated the sound reproduction capabilities of the speaker, and the model sold well. On the digital front Bose is present on every renowned social network platforms where they update regularly about the latest products and innovations. They have roped in celebrities Nicki Minaj, P. Diddy, Lil Wayne to endorse their products.
About Bose:
Bose Corporation is a privately held American Corporation, headquartered at Framingham, Massachsetts, that designs, develops and sells audio equipment. The founder Amar Bose is a PhD in Sound engineering, and Forbes estimated the revenue of Bose in 2016 to be $ 3.8 billion.
Bose is known for its audio systems/ speakers, noise cancelling headphones, professional audio systems and automobile sound system. It operates in the Electronic sector.
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