`boAt` Lifestyle- Can it Sail in Choppy Waters?
| Case Code: MKTG446 Case Length: 8 Pages Period: - Pub Date: 2023 Teaching Note: Available |
Price: Rs.200 Organization : Imagine Marketing Limited (boAt) Industry :Electrical & Electronics Countries : India Themes: Marketing Strategy, Brand Strategy, Product Strategy & Design,Branding Strategy |
Abstract Case Intro 1 Case Intro 2 Excerpts
Excerpts
The Mobile Accessories Market In India
The increased growth of smartphones in the Indian market had led to an increase in the demand for accessories such as earphones and accessories. There were numerous brands that catered to the audio accessories segment like JBL , Apple , Sennheiser , Sony , and Bose along with the availability of cheap Chinese audio products..
Marketing Strategy Pays Off
The success of boAt was due to a combination of factors. It identified a gap in the market, came up with innovations, focused on quality, positioned the product well, and paid increased focus on customer requirements. It also went in for celebrity endorsements and online marketing..
Catering To The Needs of The Young Generation
boAt sold electronic products as fashion accessories and that caught the attention of the millennial. The company also partnered with fashion designers from the fashion industry to launch new products that catered to the younger generation. Product durability was one of the reasons for boAt’s success and that combined with the right pricing, helped the company clinch its share in a market dominated by foreign brands..
Road Ahead
The major part of boAt’s business was online and comprised 60 to 70 percent of its total sales. Most of offline sales of boAt were from the top ten to 20 cities and the company was keen to focus on the smaller towns and rural market..
Exhibits
Exhibit I: boAt’s Revenue from Different Segments in FY 2021 and FY 2022
Exhibit II: boAt’s Investors and the Funds Invested from 2018 to 2022
Exhibit III: Revenues of boAt from 2017 to 2022
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