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Enhancing Multi-Media Car Stereos: Bose's Strategy for Consumer Engagement and Value Perception

In a competitive landscape dominated by brands like Pioneer, Bose positions itself by prioritizing multi-media connectivity features in car stereos for the tech-savvy, music-loving demographic aged 18-35. Despite challenges like high prices, our mission focuses on improving brand perception through customization options, a CSR strategy donating proceeds to clean energy initiatives, and engaging promotions like a $50 iTunes gift card with purchases. Our strategic pricing will appeal to consumers, as we aim for 100% improved value perception within two years by co-creating and collaborating with our customers.

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Enhancing Multi-Media Car Stereos: Bose's Strategy for Consumer Engagement and Value Perception

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Presentation Transcript

  1. 12 points Industry trend: our target market's desire for multi-media capable receivers in car stereos Mission: mobile entertainment Top competitor: Pioneer The primary reason our brand is chosen: multi-media connectivity features The primary reason our brand is rejected: high prices Key marketing objective: after one year in the market, 100% of consumers will perceive the value of the brand as improved.

  2. 12 points conitnued We can add value by: allowing customization in-store and online Our CSR strategy is: donate a portion of the proceeds to non-profit organizations that invest in clean energy. Key distribution tactic: ? Key promotion tactic: includea $50 iTunes giftcard with every stereo purchase Key pricing tactic: price lining-elaborate?? Use of technology to advance our key marketing objective: ?

  3. SWOT Analysis • High prices • Consumers’ perception that prices are not justified • Lack of features • No aftermarket presence • Innovative products • Commitment to research • Prestige of established brand name • Contracts • Online markets • Prevalence of a wide variety of media devices • Competition • Economic downturn • Less spending on luxury goods

  4. Why consumers..too redundant? Choose our brand Reject our brand

  5. Main objective and how we are going to get there In two years, 100% of consumers will have an improved perception of Bose product value

  6. Main industry trend

  7. Collaborating with our customers Co-creating value by allowing customers to customize their stereos

  8. How our competition compares

  9. Proposed Target Market • Demographic: 18-35 year old Males • Geographic: Urban/Sub-urban regions; near major U.S. cities • Lifestyle: Music enthusiast; brand conscious; technology-savvy; individualistic

  10. Perceptual map?

  11. Pricing Strategy • Adopting a competitor-based pricing strategy will indicate to our customers that we offer the greatest features and the best quality. • The price lining tactic will offer our consumers the choice between our entry level SKU and premier-level SKU.

  12. Distribution • The development of an online retail website will allow customers to select their desired car stereo system from the comfort of their houses. • Customers may also elect to shop for their personalized stereo systems through Bose retail stores.

  13. Q&A Session

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