Question.3570 - Which type of competitive strategy is this company using, and what is the evidence for the case you are making? Is the company’s competitive strategy appropriate or could it be improved? Why? Is the company’s competitive position relative to others in the industry strong? Why?
Answer Below:
Hello everyone, I recently bought a pair of earphones based on its affordability, and realized that the product's origin is China and they are predominantly manufactured in developed countries like India, the name of the company is BoAt, and its potential competitive strategy is that the company is focused on differentiation if you can google the products accessible to us, there varied / multiple options to choose from, it's underlying crux is around cost leadership, but our market is very competitive with brand conscious target customer segment, which demands BoAt to consider utilizing differentiation strategy by involving targeting a specific niche with the US market, while simultaneously offer products with unique features so that the target market gets a sense of uniqueness when compared to the competitors (Bhargava & Gupta, 2022). In terms of potential differentiation strategies, BoAt can utilize unique design and aesthetics by having locally produced distinctive designs, materials, or aesthetics that appeal to US consumers that speak and implies a sense of America, Secondly, invest in advanced audio technologies to offer superior sound without compromising their quality and also sustaining their affordable pricing strategy, and thirdly, take advantage of lifestyle branding to position itself as a lifestyle brand by associating it's products with specific activities wherein values resonate with US consumers making ties made with NFL or WWE using the existing trend of major leagues to position its affordable product with sports editions will attract more customers and also will make the BoAt brand aware of the target audience and even use leading YouTubers to review the product for more online traction (Bhargava & Gupta, 2022). There are several challenges: First is brand awareness - boAt is not known to many, especially when leading market players are in the competition. Although boAt's pricing is impressive, the product does not depict America in any sense. Secondly, product placement is only online without any offline store, while the distribution network in the US is also bleak since the product isn't produced domestically; make in America will give a more cultural and emotional connection to the product for deep penetration into the market. References Bhargava, S., & Gupta, P. (2022). Boat: The Indian startup scripts a revolutionizing growth strategy.?Emerald Emerging Markets Case Studies,?12(2), 1-40.More Articles From Business Management
.ico)
.ico)
.ico)
.ico)
