KHWAJA MOINUDDIN CHISHTI LANGUAGE

UNIVERSITY, LUCKNOW,
2023-24
Department of Masters of business Aadministration

SUBMITTED TO: SUBMITED BY:

Prof.(Dr.) Syed Hadier Ali Sajjad Khan

Head of Department MBA 1st sem

KMCLU, Lucknow
 Introduction
The Industry:
Wearable technology, also commonly referred to as "wearables," is an electronics
category that can be used as daily accessories, have them embedded in clothes,
or even implanted in the user's body. These are intended to be hands-free
gadgets with a variety of useful applications. They have game-
changing potential in medicine and other allied sectors. They derive their power
through microprocessors and have the capability of sending and receiving data
through the Internet.The expansion of mobile networks facilitated the
development of wearable technologies. Fitness activity trackers were the first
significant wearable technology to gain popularity with consumers. The
wristwatch was then transformed into a screen, and more complex mobile apps
were added. Bluetooth headphones, wristbands, and web-enabled glasses also
receive data from Wi-Fi networks. With augmented reality and virtual
reality headsets, the gaming industry is introducing more accessories in
wearable technology.
About BoAt:
Aman Gupta and Sameer Mehta launched their direct-to-consumer electronics
company, boAt, in2016. Moreover, in 2014, they established Boat's parent
business, Imagine Marketing India, with whom they are closely affiliated. BoAt
was founded with a bootstrapped capital of INR 30 lakhs.The wide variety of
products that the firm offers has attracted a large customer base.
These products range from speakers to wireless earbuds and earphones to smart
watches and homeaudio devices and smartphone accessories. According to the
company's own description, they area "lifestyle brand." Customers may
obtain the latest and greatest products from them at a price that won't
break the bank. According to International Data Corporation (IDC), boAt
Marketing Strategy
BoAt's marketing strategy:
“You are plugged into Nirvana”
. When you take a boat, you leave everything behind, you plug i n t o a
new zone, says co-founder Aman Gupta. Prior to the brand's
r e v o l u t i o n , e a r b u d s a n d headphones were merely accessories that came
with mobile phones. In recent years, demand for Boat's products has skyrocketed.
In order to build a solid customer base, the firm prioritized the following three
market tactics:
●Customer’s Needs
●Customer’s Desires
●Customer’s Behavior Pattern

Target Audience:
From the start, BoAt has been focused on young people who are interested in
fitness. All of their products are made with this audience in mind. They saw that
the demand for products that can't be broken was growing, so they started
making them. Plus, they tried to get the attention of their target audience with
different ads.
Product positioning
boAt's marketing strategy has been to pay closer attention to customer needs an
d build arelationship with them. The corporation dubbed its loyal
consumers
'boAt heads,'
and they had their own community. Any requests for changes to existing items,
as well as the introduction of new products, were met with enthusiastic responses
from these devoted boat head communities.These customer approaches helped
the company's customer base grow.

Marketing Mix
4P Analysis Product
When they saw that iPhone charging cords were easily broken owing to low
quality, they set out to solve this problem by manufacturing and marketing
replacement cables that were indestructible. They quickly grew to include a wide
variety of earbuds and headphones designed s p e c i f i c a l l y f o r u s e w h i l e
exercise. This was a very important way to reach young
p e o p l e , especially since fitness is more important than ever. Making custom
commercials or posters that show people working out or running while wearing
BoAt earbuds also helped show how useful the products are.
Promotion
BoAt's products are only advertised and sold through digital marketing
and social media. The company has avoided advertising on TV and in
newspapers. Instead, you might find BoAt ads where all the young people
hang out, like on Facebook and Google.
Pricing
BoAt is not as expensive as high-end brands but also not as cheap as Chinese
brands. The c o m p a n y i s i n t h e b e s t p l a c e i n t h e m a r k e t . T h e p r i c e
p o i n t o f a p r o d u c t m a k e s i t e a s i e r f o r people to buy it, and BoAt users
can also get big discounts on products. It's
popular with most people. And by focusing on fashion, it attracts the group it w
ants to reach, which is young people.
People
Getting the brand's target audience right is undoubtedly one of the most essential
parts of making the brand successful. Thanks to social media, fitness is getting
more attention than ever before, and for many people, audibles are becoming
more of a must than a choice. People's habits did start to change because of the
trend. BoAt knew this, so they made things that young people liked. During the
2019 Lakme fashion week, BoAt teamed up with Masaba Gupta and quietly
stopped being an audio and electronics company to become a lifestyle brand. This
makes it different fro mother brands like JBL and Skullcandy. It could also help
the company keep making products that are meant to make people's lives easier.
Along with earbuds, the company has made a number of sound bars, speakers,
and sound systems over time. Being called a lifestyle brand opens the door for
BoAt to make more of these kinds of things in the near future.
 SWOT Analysis
Strengths
●Profitability: The selling of customised boats provides boat manufacturers with
healthy profit margins. They can slow down their expansion at any moment, and
there are significant obstacles for new competitors to overcome in this market.
●Although there are few barriers to entry into the boat manufacturing sector, a
successful company venture requires a leader with extensive knowledge and
expertise in the field.
●Those who are up to the challenge of boat manufacturing can reap the rewards
of large gross margins while working for themselves in a very complicated
industry.
●In order to get various parts of a boat made, the firms that make boats have to
keep good ties with one another.
Weaknesses
●Political and economic instability: these companies are more vulnerable to
down turns in the economy.
●T h e r e f o r e , i t i s c r u c i a l t h a t t h e e n t r e p r e n e u r f i n d s t r a t e g i e s t o
k e e p a l l f i x e d a n d underlying costs under control to maintain a profit margin
through economic downturns.
Opportunities
●Companies may grow rapidly by creating standardised templates for their most
common processes.
●Some boat builders may sell licences to other businesses so that they can
produce boats based on their blueprints and designs.
●Expansion: Moreover, by expanding the basic facilities, additional orders may
be processed at any given moment.
●Danger The possibility of a monetary downturn, which would reduce
consumers'spending power.
Threat:
●Boat faces a significant challenge due to the unbalanced nature of the market
caused by the breadth of its competitors' product offerings.
Competition Rivalry:
BoAt's main competitor in the speakers and other accessories market is JBL,
which has the largest share of the Indian market. BoAt and JBL's
competition is fought with supply chains,data, business analytics, and an
internet front.
Potential for new companies to join the market:
BoAt is a pretty new company, so there is a lot of room for new companies to
join the market. Even though BoAt just came out, companies
l i k e M i V i ,N o i s e ,e t c .a r e a l r e a d y t a k i n g i ts
m a r k e t s h a r e . A f t e r B o A t c a m e a l o n g , t h e s e companies started to get
a bigger share of the Indian market, but they still have a big piece of it.
Power of Suppliers
: BoAt has been able to fight against the power of suppliers. Most of the BoAt
suppliers, people say, are from China. We all know that China brags about making
things at low cost. So, we can say that BoAt's products come at a low price.
Power of Customers:
BoAt still can't stand up to customer pressure, which could hurt their ability to
make money. Still, compared to competitors like JBL, BoAt's price is very low.
BoAt has improved its supply chain so that its products are available in most
places, whether they are in the country or in the city. This gives customers even
more options.
Threat from Similar Products
: Price match is another thing that BoAt has done to make
customers choose them. JBL is a good alternative to BoAt, but BoAt is still
growing in the Indian market even though other brands are showing up.

Ultra-premium (costs 15k+) Apple, Bose

Premium (costs 10-15k) JBL

Sub-Premium (costs 5-10k) Sennheiser

Economy/Affordable (costs 1-5k) BoAt, Mivi

Cheap (costs 50-500) Mostly Imported from China and

Vietnam
Challenges/ bottlenecks:
●
Constant Innovation:
The company faces a challenge to constantly innovate to be able to retain its
millennial customer base while providing quality products at affordable prices.
●Highly Competitive market:
There are many new firms in this field, and even established traditional
companies are moving ahead in this category creating even more competition in
the market.
●No Warranty Service:
Even if a consumer is willing to pay the extra money if a product has problems
after the warranty period has expired, boAt presently does not provide post-
warranty servicing.
●Imported products:
The majority of BoAt products are manufactured in China by third- party
manufacturers, but this has become a problem due to to the India-China dispute
andCovid-19. The firms may have significant challenges in importing
products from China since 2020.
The way forward
The majority of boAt's business was conducted online, accounting for 60 to
70% of total revenues. The majority of boAt's offline sales came from the top
ten to twenty cities, and the company wanted to focus on smaller towns
and rural areas. Through agreements with retail chains such as Croma, the
company hopes to reach more offline customers.The company also intended to
expand into the international market and extend its range to include gaming-
related devices such as keyboards, mice, and headphones. With the
trend
of purchasing headphones along with smartphones on the rise, most smartphon
e firms have partnered with audio providers to offer combination bargains on
phones and earphones.Apple has partnered with Beats, while Samsung
has partnered with Harman and JBL. Boat has also been looking for a
partnership with smartphone manufacturers to help sell its audio equipment. In
the future, it hopes to supply Indian clients with audio items that use cutting-
edge technology, eliminating the need for them to rely on imported goods
.●To address the issue of importing from China, they have formed a
50:50 joint venture with Dixon Technologies under a plan
to manufacture some boAt products in India. As the 'Make in India'
campaign gains strength in the country, the company is enabled to
launch more items quickly and at an affordable cost.
●It is expected that Imagine Marketing will IPO before the end of this
year
Conclusion
Even in a hyper-competitive space of wearable technology in today's age, boAt
has managed to sail through successfully. One of the key reasons for boAt's
success was product durability,which, when paired with competitive price,
enabled the company to secure a market share in a market- driven
majorly by international brands. Digital marketing plays an important
role in building the brand. It partnered with Celebs like Kartik
Aryan, Jacqueline Fernandes, and Kiara Advani, social media content creators
like Bhuvan Bam, Harsh Beniwal, etc. A major hype was created by partnering
with sports stars like Hardik Pandya, Shikhar Dhawan, KL Rahul.

Limitations
In this study, only aspects that were connected to the strategy
marketing communication were e v a l u a t e d . T h e p u r p o s e o f t h i s
s t u d y w a s t o p r e se n t a n o v e r v i e w o f t h e s t r a t e g y m a r k e t i n g
communication that the organisation uses. The material contained in the study
pertaining to other areas may provide a general overview of those topics;
however, we did not conduct in-depth research on other topics. For the
purposes of this study, only BoAt was investigated in great detail. The other
companies in the industry and the industry as a whole weren't
investigated to the same extent.