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MFSA - boAT Final Submission
MFSA - boAT Final Submission
Direct Competition........................................................................................................... 10
About boAt........................................................................................................................... 11
Ansoff Matrix................................................................................................................... 15
Vertical Competition:....................................................................................................... 17
Bargaining Power............................................................................................................. 20
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Kurt-Lewin Force Field Analysis .................................................................................... 27
Recommendation ................................................................................................................. 28
References ................................................................................................................................ 29
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Introduction
The global headphones and earphones market size was valued at $80 billion in 2019. It has a
very healthy growth of a compound annual growth rate (CAGR) of 9% from 2020 to 2027
(Wadhwani & Gankar, 2020). The reasons for this growth are manifold:
1. Digital native – The young population of millennials and Generation-Z are increasingly
being born with digital or smart devices in their hands. The smartphone is probably the
most popular device, making it the go-to device for communication, entertainment and
gaming. Most consumers want a pair of earphones or headphones to consume or
participate in such transactions with their smartphones.
2. Habit – As the younger generation adopt smart devices faster, these devices also
become more personal to an individual. This means that a family of four will own their
own devices for different activities. The overall smart device ownership of a household
has been rising, resulting in the rise of earphones and headphones.
3. Technology – Technological development has also been surging. Newer technologies
such as active noise-cancellation (ANC), Bluetooth, wireless, near field communication
(NFC), water-proof (IPX1) have constantly fueled the market growth.
4. Internet penetration – Increasing access to the internet and its increased adoption, many
companies have started moving their businesses online, particularly content and
networking companies. This has given rise to Over the Top (OTT) platforms such as
Netflix that necessitate the use of personal audio devices to provide consumers the best
experience on their personal smart devices.
5. Covid-19 pandemic - Unlike for many other industries, the pandemic was a boon for
the personal audio market because of the increased usage of headsets for business
communication, listening to music, and other recreational activities as a result of the
work from home circumstances. Consumers were compelled to buy personal audio
devices to enable them to work from their homes.
6. De-bundling by Smartphone companies – When smartphone brands arrived on the
scene, they would include a set of earphones along with each purchase a consumer
made. A couple of years ago, this trend fell out of fashion as manufacturers realised
that consumers preferred using their own earphones and headphones instead of the
headsets they provided.
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Asia Pacific is one of the largest regions that accounted for over 40% of the earphone &
headphone market shipments in 2019 and is forecasted to grow at a CAGR of 7% from 2020
to 2026 (Grand View Research, 2019). Countries like India, China, Singapore and other
developing nations in the region are fuelling the growth of this industry. In fact, some of the
largest manufacturers also reside in these regions. Some of the prominent global players are
LG Electronics, Xiaomi Corporation, Sony and Samsung. These companies are able to
commercialise newer technologies in two key ways:
1. Economies of scope – The earphones and headphone market typically see incremental
innovations such as water-proof that do not demand radical shifts in manufacturing.
Therefore, many of these manufacturers are able to provide consumers with a plethora
of options (new) as per their preference without incurring high additional costs.
Manufacturers are therefore able to maximise from economies of scope.
2. Economics of scale – The surging demand, adoption of newer manufacturing
technology, and optimising existing processes allow manufacturers to produce in
volume, thereby capitalising on economies of scale.
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Indian Market
Despite the fast growth globally or in the Asia-Pacific region, the Indian market is forecasted
to grow at a slower CAGR of 4.7 to 5% from 2021 to 2027 (Research and Markets, 2021).
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While the growth of the Indian market is due to similar factors such as digital adoption, habit,
technology etc. three key events were unique and significant to India:
1. Reliance Jio – Popularly known as ‘Jio-fication’ or ‘Jio-effect’, Jio brought many of
India’s masses into the internet fold. Its strategy to give services and sometimes
smartphones for free rapidly accelerated the internet adoption of millions of Indians
who had neither access to the internet or smartphones. The ‘Jio-effect’ made data
affordable, costing as little as INR 15 ($0.21) per GB and boosting the averaging per
user data from 700MB per month to over 11GB, a 1500% increase (Ghosh, 2019). It is
estimated that Reliance Jio added over 300 million users (Mathur, 2019).
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2. Make in India – In recent years, India has seen a significant increase in demand for
electronic items, owing to India’s position as the world’s second-largest mobile phone
manufacturer. A large part of this is because of the government’s Make in India drive,
to produce locally than import, which is expected to double the consumer electronics
industry to reach USD 21.18 billion by 2025 (IBEF, 2021).
3. Rise of eCommerce Players and eCommerce penetration – Due to the penetration of the
internet in India, eCommerce players have been able to tap into newer markets outside
the metros and tier-1 cities, laying the foundation for many companies who have an
eCommerce and/or a Direct-to-Consumer marketing approach. eCommerce has
witnessed a growth of 36% year on year in the last quarter of 2020. Tier 2 and Tier 3
cities accounted for a 90% year over year increase in volume and value growth in
particular. In fact, these cities registered a growth of 14% and value share growth of
43% in the last quarter of 2020. (Gartner, 2021). Besides Amazon and Flipkart, the
Indian eCommerce marketplace ecosystem has grown with companies such as Tata’s
Croma and Cliq, Vijay Sales, Reliance Digital, PayTM Mall and many others entering
the fray.
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4. Funding of Start-up within the category - (Team Inc42, 2019)
According to industry reports, in 2017, the Indian Appliances and Consumer Electronics (ACE)
industry reached $31.48 billion, thus making India one of the largest electronics markets in the
world. This sector was also expected to grow at 41% CAGR and to reach $400 billion by 2020.
As far as funding goes, in just one year, from 2018 to 2019, there have been a total of 27 deals
amounting to $111 Million in the consumer electronics space. Along with this, the rise in the
number of start-ups such as boAt, GenRobotics, SectorQube etc., make the consumer
electronics industry look very promising
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Other factors that are contributing to the growth of this market are rising disposable incomes,
growth of the IT/BPO services, gaming industry with players such as Dream11, rising number
of OTT players such as Hotstar and access to more affordable smartphones (Micromax) than
five years (6W Research, 2021).
Direct Competition
There are more than 100+ registered audio accessory companies in India with 12-15 main
players, making it a relatively competitive market with no apparent market leader (Ken
Research, 2019). Most of the market sales happen through the internet, with physical retail
sales declining YoY. Unlike the premium segments that use Multi-Brand Outlets (MBO) and
Exclusive-Brand Outlets (EBO) as experience centres, boAt and its competitors rely majorly
on digital channels. Some of the main players in this segment are MiVi, Skull Candy,
Zebronics, Infinity, Intex and Portronics. The market caters to three types of consumer
segments – low, value-driven and premium.
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boAt Lifestyle
About boAt
The brand started up in 2016 with the singular aim of bringing affordable, durable and
fashionable audio products and accessories to millennials across the country. The company
entered the market with its charging cable that was sturdy as they are made out of Kevlar fibre.
The cables aimed to solve the common issue of consumers’ charging cables being flimsy or
susceptible to breakage. Over the years, they have expanded their product portfolio to
encompass products such as soundbars, headphones, earphones, home theatre systems and
many more wearables. However, their strategy has been consistent – tap the existing market
with commonly available products that plug the market gap they identified.
The approach boAt follow is one that is outside-in; boAt’s philosophy is not to create products
that consumers have to fit into their lives but the other way round. boAt intently listens to its
audience and communities to draw insights for its products and addresses them. Another aspect
is that boAt does not consider itself an audio accessory company but rather a global tech-
lifestyle company. As per the International Data Corporation (IDC), boAt is the no.1 earwear
brand and True Wireless Stereo (TWS) in India and no.5 wearable globally, competing with
brands like Apple, Samsung etc. (boAt Lifestyle).
The company, financially, has grown from strength to strength and has securedSD $100
million in funding from Warburg Pincus (YourStory, 2021). boAt’s parent firm, Imagine
Marketing Services, is backed by Innoven Capital, Navi Technologies, and Fireside Ventures,
has received INR 67 crore thus far. Recording steady growth until the pandemic, boAt’s
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revenue was recorded to be INR 701 (USD $100 million) crores for FY2019-20 with a profit
of INR 50 crores, a YoY jump of 196% and 470%, respectively.
(Fintrackr, 2021)
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The original cables had very low durability and posed as a problem to most iPhone users since
the replacement was very expensive.
Aman Gupta
The co-founder and Chief Marketing Officer of boAt, Aman comes with almost two years of
experience as the Director of sales at Harmon International. He oversaw consumer electronics
brands including JBL, Harmon Kardon and AKG. He was also the co-founder and CEO of
Advanced Telemedia Pvt. Ltd., which helped launch international brands such as Beats Audio,
Sennheiser and Telex in India.
Sameer Mehta
He is the co-founder and Chief Product Officer at boAt. Sameer comes with prior
entrepreneurial experience in the computer gaming hardware industry, where he is the owner
of Redwood Interactive. Sameer is also the Executive Director of his family-owned business
Kores India, into business supplies and equipment.
The prior experiences of the founders are one of the reasons why boAt is now a force to be
reckoned with in the consumer durables industry.
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Industry Analysis – boAt Lifestyle
Based on the information above, below is the industry analysis.
SWOT Analysis
SWOT is a strategic planning tool that helps firms identify their strengths, weaknesses, existing
opportunities, and threats. It helps organisations assess their current position to plan their next
strategic move better or overcome any business challenges that might arise.
STRENGTHS WEAKNESSES
OPPORTUNITIES THREATS
Ansoff Matrix
Named after and developed by Igor Ansoff in 1960, the Ansoff Matrix is a business strategy
tool popularly used for marketing. It is used to identify which corporate strategy a firm should
employ for future business growth (Oxford College of Marketing, n.d.).
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In the case of boAt; the organisation has evolved over time, starting with sturdy cables that
aimed to serve the need of millennials’ whose phone charger cables kept breaking to transform
into a consumer electronics company with the aim of providing durable, affordable and
fashionable audio products.
boAt
Lifestyle has predominantly focussed on Existing Markets. Their strategy has been to make
audio products accessible in the most fashionable way. eCommerce players and ‘Jio’-fication
unlocked markets in India beyond the metros and T-15 cities. Therefore, boAt uses a two-
pronged approach as per the Ansoff Matrix:
1. Market Penetration - Its cables, wires, earphones and headphones are aimed to gain
customers into their brand by reaching far more consumers in existing markets. This
continues to be a potential and profitable approach as these markets are continuing to
grow.
2. Product Development - To not limit itself and expand the business, boAt turned towards
newer audio products such as soundbars, Bluetooth speakers and home theatre systems
that coincided with the increasing penetration of complementary products such as
televisions and audio streaming platforms. Their target consumer remained the same.
However, these products were positioned to be affordable yet aspirational. They
continue to invest in this quadrant of the Ansoff Matrix as boAt is able to effectively
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respond and identify their target customers and market needs by leveraging their own
capabilities and competencies for product development.
Horizontal Competition:
1. Threat of New Entrants - High
a. Rise in social network and digital marketing is giving rise to many new entrants
into the sound electronics industry. Ex - Mivi, Zebronics, etc.
b. Rise in music streaming apps and growth in smart devices (from the demand
side), and low costs of manufacturing (supply side) are key motivators for new
entrants
2. Threat of Substitutes - Low
a. boAt
b. is into a wide assortment of consumer electronics; from wireless headphones
to home theatre systems (Ahaskar, 2020)
Vertical Competition:
1. Bargaining power of Buyers - High
a. A lot of boAt sales take place via e-commerce giants such as Amazon, Flipkart.
Hence, Amazon and Flipkart have high negotiation power w.r.t. margins
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b. Low brand loyalty and relatively new brand makes boAt vulnerable to a high
churn rate
HEIGHT OF
MOBILITY BARRIER MOBILITY IMPLICATION FOR BOAT
BARRIER
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electronics retailer, it’s low on
differentiation in the customer’s eyes.
Since it’s a relatively new player, brand
identification by their target segment is
also low.
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so boAt has stiff competition. So
customers have no brand loyalty to boAt
Exit Costs Low boAt does not have many fixed assets,
so exiting the market will be relatively
easy for the company. But labour
contracts, if any or other supplier
agreements, might pose a problem in
case of immediate exit
Bargaining Power
This refers to the power of a firm’s strategic group, boAt, with customers and suppliers. Though
boAt lifestyle is a company that is able to reach a considerable Economies of Scope, i.e. their
speakers, microphones and wires can be used across the product portfolio, most players in the
$1.7 billion revenue-generating speakers Indian market are competing with one another. Some
are resorting to even importing components from countries like China. This competition has
swung the bargaining power in favour of the suppliers who cater to a number of audio devices
strategic groups and mobile phone manufacturers that are increasing their accessories line. A
similar trend on the customer front is observed as choices are available across price-points and
product quality. Therefore, customers are more easily swayed through many other brands’
promotions, giving customers an upper hand on the bargaining front too.
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Exposure of rivalry
Is the extent to which a business or strategic group is exposed to its competitors. In the case of
boAt and many other competitors do not enjoy favourable bargaining power. This results in a
situation where another brand could, with far greater capital, throw boAt off its game. The
positive of this is that many players sometimes create and expose more markets, creating
further opportunities; however, in this case, boAt will be under constant duress from other
brands.
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Parameter MIVI Zebronics Skull Candy
Distribution Amazon & Flipkart 31 retail stores, website Retail stores & e-
Channels commerce sites
Many smartphone manufacturers and other The Indian government has had an enormous
consumer electronics manufacturers have influence by promoting “Make in India”. This
or are entering the audio accessories market has benefitted the start-up ecosystem across
industries, including audio accessory player
Many existing players such as JBL are With the Covid-19 pandemic, most of the
creating sub-brands, Infinity, to cater to the audio accessories companies are relooking at
same market that boAt caters to with a their supply chain as most of them were
product portfolio similar to boAt’s. sourcing from China
Increasingly, there are other brands that Over the past 5 years, there have been a few
following the marketing and advertising companies that have received various kinds of
footsteps of boAt funding
(Inray, 2020)
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The various stages of the industry lifecycle are given below:
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According to Michael Porter, once an industry has reached the maturity stage, the following
strategies can be adopted (Sabol, Sander, & Fuckan, 2013):
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Currently, boAt is following the Cost leadership and Segmentation strategy by launching
affordable budget-friendly consumer electronics to price-sensitive millennials. This has been a
strategy that has worked well for them since they are now the fifth-largest wearable brand in
the world.
While there is no business inflection point or identifiable S-curve for boAt due to its nascency,
the company has constantly innovated and released new products as per industry trends. This
new product launch strategy at every trend inflection point has helped the business clock a
healthy CAGR of over 90% over the last five years. It has seen a shift in revenue contributions
over the years. Once dominated by the cables & wires category, the company does not receive
any significant contribution from this product line anymore and now reaps its revenues from
personal wireless audio devices.
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Kurt-Lewin Force Field Analysis
Using Kurt Lewin’s Force Fiel Analysis (Morrison, 2014) we analysed the recent changes that
boAt is embarking upon over the next couple of years. Their vision is to be a top global brand
in wearables. To achieve this, the following were Forces that were identified to substantiate
their shift.
• Unfreeze – At the moment boAt has achieved tremendous success over the five years
that they have been in operations. One of the key aspects to unfreeze is their existing
inertia of success. Companies that attain high brand equity and market share typically
become complacent, which boAt should unfreeze.
• Moving – boAt has a strong view on two keys facets. One, the economics of their
product which they are very conscious about. This allows them to innovate rapidly and
in a profitable manner. The second is their organisational drive to be a top global player.
The organisation is constantly motivated by this goal that it continues to succeed in a
very competitive market.
• Refreeze – With their organisational values and strong fundamentals, their move of
bringing R&D, design and manufacturing to India will strengthen their current market
position. Therefore, some organisational changes will occur. However, it only stands to
improve, something that they are already accustomed to.
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Red Ocean Strategy
boAt is a case of a company that competes in a Red Ocean and does well. This is because it
competes in an existing and cluttered wearable audio market that is highly fragmented. It can
beat the competition and attain its top market share position due to a combination of well-
designed products at affordable pricing (addressing a need-gap or opportunity of millennials)
coupled with marketing activites that make the brands aspirational.
Recommendation
The following are the recommendations we would suggest:
1. Follow the Differentiation strategy
Currently, boAt does not manufacture innovative products; instead, they manufacture products
that already exist in the market at affordable prices. The Differentiation strategy will benefit
boAt in the following ways:
• Reduce price competition
• Improve profit margins
• Manufacturing
• unique products which will be hard to imitate will reduce competition
2. Create a Blue Ocean Strategy
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boAt should identify new market segments they can tap into and create innovative products to
serve that segment’s demands
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