MINOR PROJECT REPORT SUBMITTED TOWARDS THE

PARTIAL FULFILLMENT OF
BACHELOR OF BUSINESS ADMINISTRATION

A PROJECT REPORT

ON BoAt

LIFESTYLE
Batch: 2021-2024

Submitted by: PROJECT GUIDE

(UDI BHUGRA) (MS. ASHA MISHRA)
(01727901721)

Trinity Institute of Innovations in Professional Studies

(Affiliated to Guru Gobind Singh Indraprastha University)
 ACKNOWLEDGEMENT

It is in particular that I am acknowledging my sincere feeling towards my mentors who

graciously gave me their time and expertise.

They have provided me with the valuable guidance, sustained efforts and friendly
approach. It would have been difficult to achieve the results in such a short span of
time without their help.

I deem it my duty to record my gratitude towards the Project Supervisor (MS ASHA
MISHRA) who devoted his/her precious time to interact, guide and gave me the right
approach to accomplish the task and also helped me to enhance my knowledge and
understanding of the project.

(UDI BHUGRA)
(Enrolment No. 01727901721)
BBA (General)

4th semester
 DECLARATION
I hereby declare that the following documented project report titled “BoAt lifestyle” is
an original and authentic work done by me for the partial fulfilment of Bachelors of
Business Administration degree program.

I hereby certify that all the Endeavour put in the fulfilment of the task are genuine and
original to the best of my knowledge & I have not submitted it earlier elsewhere.

(UDI BHUGRA)

(01727901721)
BBA (General)

4th semester
CHAPTER-1
Introduction
boAt was founded by Sameer Mehta and Aman Gupta. Sameer Mehta owns
Redwood Interactive, which computer gaming peripherals under the brand Red
Gear. Aman Gupta, being the CMO who was fascinated by electronics and gadgets,
has also worked at JBL for two years. He has completed his MBA (Masters in
Business) from the Indian School of Business (ISB). boAt began its journey with
being a cable manufacturer and now it has leveraged its brand into also selling
men's grooming products, too. boAt has a wide range of product categories which
includes speakers, wireless earphones, earphones, smartwatches, home audio
devices, mobile accessories, and more. boAt is creating a strong position in the
market from being the home-grown product established since 2016. boAt has
become a well-known brand now. It is globally the fifth largest wearable brand and
India's number one earwear brand.
The brand has headquarters in Delhi India and offices across Delhi and
Mumbai. The size of the company is now 201-500. Falls under the
Industry of manufacturing computers and electronics. Competitors of boAt
include JBL, Realme, OnePlus, Noise, and Mivi.

boAt is a leading consumer electronics brand founded by Sameer Mehta

and Aman Gupta. With keeping in mind these three goals, the brand to
bring: affordable, durable and fashionable audio products and accessories
to the millennials.

These two understood the need and the gap in the Indian market and
decided to find a solution to the problem in an effective way. They found
that consumers in the Indian market needed long-lasting and tangle-free
earphones which were of good quality as well as affordable. boAt is one of
the leading brands in the earwear category in India. Let's look at marketing
strategies employed by boAt.

boAt is a consumer electronics company that specialises in the

manufacturing of audio and wearables. Incorporated on November 1,
2013,
CHAPTER-2
Background and History of BoAt

The history of boat Lifestyle isn't particularly illustrious. It is a Delhi-

based firm founded by Aman Gupta and Sameer Mehta in 2016. The
business describes itself as a lifestyle brand that sells trendy consumer
electronics. boAt Lifestyle was founded with the express purpose of
providing millennials with inexpensive, durable, and, most importantly,
"fashionable" audio devices and accessories

It began as a cable producer and marketer, but has since expanded its
product line. It now sells a wide range of trendy electronic items,
including portable chargers and luxury cables, as well as headphones,
earphones, and speakers. The company is quickly expanding, and its
services are now available to millions of 'boAtheads' (A term the company
uses for all its consumers and brand ambassadors). Despite the fact that
the voyage took only four years, the company now has over 800,000
satisfied consumers. Aman Gupta, one of the company's founders, was
familiar with the electronics industry. He worked in his family's business
for three years (2007-2010). He completed his Chartered.
CHAPTER-3

Business Model of boAt

BoAt has a flexible business strategy that focuses on customer needs,

desires, and behaviour patterns, giving it a competitive advantage in its
capacity to listen and react in real time to provide customers with what
they want. Most importantly, the company is always innovating and
expanding its portfolio in order to provide technology solutions that are in
sync with changing consumer preferences and consumption habits. In
terms of customer acquisition, we take a two-pronged strategy. The first is
to create the category of 'hearables' by converting traditional users to a
better way of life based solely on the strength of the product and the user
experience. The second is to continue to grow this category by converting
traditional users to a better way of life based solely on the strength of the
product and the user experience. BoAt is available in both physical and
online stores like as Amazon, Flipkart, and others, and is now extending
its offline presence.

Our main competitors are Bose, JBL, and Sennheiser, but we are confident
since we are always linked to our dedicated community and listen to their
wants and desires in order to give consumer-focused product
advancements. We are dedicated to providing a great experience
throughout the product's life cycle, as well as completely hassle-free
customer care.
CHAPTER-4

Key challenges (china dependent)

Headphones, for example, have significantly benefited from the expanding

smartphone ecosystem. While Bose Corporation, Sony Corporation, and
Bang & Olufsen are the go-to brands for affordable premium headphones,
boAt lifestyle, a Delhi-based start-up, has captivated millennials with its
appealing pricing, cool-looking products, and grassroots understanding of
what young consumers want

Almost 99% of the headphones market in India, which incorporates

headphones higher than *500 is created outside, chiefly in China. If spread
of coronavirus continues for additional time, it'll ultimately result in
development lag and impact production. BoAt tend to had an acquisition
planned in Feb 21, and that they have to cancel it, so they've enough
product for next month. Boat tend to closely observe what's happening
there. They've got products in a buffer until March 2022

The ecosystem is still being created. In India, Xiaomi Global and Samsung
have begun production. As the mobile device industry embraces Make in
India, we believe that the ecosystem device market will begin to expand as
well.
We don't believe it will be long before boAt begins manufacturing items in
India. India already produces its chargers and cables; They're also heading
in that way since things are becoming more tough owing to the trade war
between China and the United States, as well as the coronavirus. The
market as a whole is looking outside China.
CHAPTER-5
Marketing strategies

Marketing Strategy of BoAt

Influencer marketing

Influencer marketing is a form of social media marketing involving endorsements

and product placement from influencers, people and organizations who have a
purported expert level of knowledge or social influence in their field.
Influencer Marketing is a hybrid of old and new marketing tools. It takes the idea
of celebrity endorsement and places it into a modern-day content-driven marketing
campaign. The main differentiator in the case of influencer marketing is that the
results of the campaign are collaborations between brands and influencers.
But influencer marketing doesn't just involve celebrities. Instead, it revolves
around influencers, many of whom would never consider themselves famous in an
offline setting. Influencers, unlike celebrities, can be anywhere. They can be
anyone. What makes them influential is their large followings on the web and
social media.
boAt left no stone left unturned regarding influencing people with influencer
marketing. boAt has not struck the deal only with influencers but also with
celebrity endorsements, cricketers, content creators, and even, stylists.
Celebs like Jacqueline Fernandes, Kartik Aryan, Kiara Advani, as well as
content creators like Prajakta Koli, Harsh Beniwal, and Bhuvan Bam are on
board to promote the products of boAt.

Musicians like Harry Sandhu, Neha Kakkar and Diljit Dosanjh also
endorse their products.

Apart from that cricketers like Shikhar Dhawan, Hardik Pandya, KL

Rahul and Shreyas Iyer have long been endorsing their products.

Digital Marketing

Digital marketing is a big player in the marketing strategy of the company. All
the marketing strategies employed by boAt are listed below:

Mobile marketing
Using this multichannel online marketing technique. boAt reaches out to
its consumers through its mobile application, emails, and SMS marketing.

Email marketing
boAt sends personalized messages to its existing and potential customers
who agree to share their email to receive updates from them. They send
quirky, catchy, and crisp emails. Whether it is updating the audience about
a new product, offers and discounts, or communicating their message
across.

Social media marketing (SMM)

boAt sails swiftly navigating the digital realm and is an expert at social
media marketing. The company has a presence on Instagram, Facebook,
Twitter, YouTube, and LinkedIn.

Hashtag Marketing with Unique hashtags

-#whatfloatsyourboat

-#boatheads
-#trebelwithboat

-#levelupwithboat

-#raisethebar

These are just some of the hashtags that have made the rounds on social
media platforms. Making the audience chime in on the conversation.

Illustrations have been made and shared on Instagram stories under the
name boAt adventures to charm and get the attention of comic lovers and
the audience.

In a video from the most recent campaign you always do what floats your
boat run by the name and hashtag do what makes your boat float.

The most recent one that is derived from the idiom, do what floats your
boat caters to the gen-z the most and is getting a niche audience of its own
to integrate the product with the culture and lives of skaters, street artists,
and more.

Another campaign features Kiana Advani, Bani J, Raja Kumari and other
strong women with an upbeat music video with the title "I am a rebel"
The range of TRebel has a direct link to the campaign.

Digital campaigns have helped connect the right type of content with the
right people in real-time.

Moment marketing and Collaborations

IPL
boAt Collaboration

This is a big shot for boAt. Their exclusive collections include earbuds. Made
available in all different colours and for the teams of the IPL cricket team.
The company seized the moment to grab the attention of cricket fans and
persuade them to get the product fit for their favourite teams.

The Marvel collection

Marvel Collaboration
The most recent collection was launched by them or for the Marvel
fan base. Collections for characters like Iron man, Captain America
and Black Panther. Which features a special collection of earbuds,
headphones, and speakers for Marvel fans. Independence day
boAt Made in India

They seized the perfect moment to announce the launch of the following
products which are Bassheads 100, Bassheads 152 and Rockerz 255 Pro
starting from 27th January 2021. To fulfil the vision of 'make in India' and
manufacture other mobile accessories as well in the country itself.
Focusing on the mission of Atma Nirbhar Bharat.

The Masaba collection

boAt Masaba Collaboration

When the web series Masaba Masaba was rolling out, they were quick to grab the
opportunity and release an exclusive collection. This included their signature
sound with the vibrant style of Masaba Gupta. Also integrating the theme of
fashion from the web series.

Experiential marketing
boAt Sunburn Collaboration
boAt gives an experience to the people that they can't forget through
concerts. Engaging the audiences in two-way communication, the most
common elements found in all these partnerships, concerts, and tours were
photo booths, nirvana zones. All where the audience was encouraged to
participate. The brand shared the stories of their audiences on their official
page on Instagram, making an emotional connection and building a loyal
The takeover tour - 2020

boAt The Takeover Tour Collaboration

Concerts are with musicians like AP Dillon, with the takeover tour.
It has so far completed 5 chapters in different cities around India
including Mumbai, Chandigarh, Goa, Gurugram, and Hyderabad.
community from A-Z to give the clan a sense of belongingness and
being a part of it.

The brand started with the category of sound devices which includes wireless
earbuds, Wireless Headphones, wired headphones, wireless speakers. Now the
brand is expanding its empire, aiming at men's personal grooming - misfit,
audio wear for fierce women and girls - with TRebel. Which sounds like a
fashion item as well, and the most recently launched collections of
smartwatches.
The brand has now launched a smartwatch, trimmers and continues to innovate
its products by launching many limited edition collections. The brand is not
what it is today without funding.
Navi technologies, Fireside Ventures Warburg Pincus investing a hundred
million, InnoVen Capital invested 16 crores in 2019, Sachin Bansal's BAC
acquisitions also pledged 20 crores. boAt is now the fifth-largest wearable
brand globally and the most recent news on funding involves Qualcomm
investing in boat.

Personalized marketing
boAt sends out targeted emails, makes short videos that resonate with the
consumers and interacts with their customers on their social media platforms
consistently, which increases the consumer's satisfaction and loyalty towards the
brand. They keep track of consumers behaviour, purchasing habits, preferences,
email open rates, and more tactics.
Print and offline marketing
Targeting the Right Audience
Affordable yet with great product quality that enhances the user experience, listens
to the feedback from their customers. They are also tech disruptors. Constant
innovation of products and understanding their audiences is a great advantage that
boAt has. It has something for everyone from millennials, the misfits, Gen-Z,
skaters to gamers.

Meme Marketing - Keeping it relevant with memes and language

boAt Meme Marketing

Having a very deep understanding of its audience, boAt has tagged its products to
the internet language of lifestyle choices like sports, travel, WFH (work from
home) and fashion.
Portrayal as a lifestyle product
Right from the start, boAt as a brand has been portrayed as a lifestyle brand. In
fact, so much so that the word "lifestyle" is followed on their website. And not as a
brand that manufactures computers and electronics that which it really is. So as to
occupy the space in the consumer's mind-set that the products of boAt are
something that we use daily and also that makes a fashion statement. The models at
the Lakme Fashion Week walked on the ramp wearing boAt's products when boAt
collaborated with them.

Covid-19 Marketing Strategy of BoAt

The following changes were seen in the marketing strategy of the brand during the
pandemic:

Fixing the core of SEO:

The brand focused on SEO to stand out from the clutter, using this tactic for better
reach in the digital space.

Giving value to the consumer:

They not only focus on the brand but also what the consumers look for in a
product. For. e.g., There is always some quality that the consumer is looking for
while using a product to satisfy their need or want. boAt makes it a priority to
identify that.

Data and research:

Keeping a close eye on customer feedback and tracking repetitive patterns, if any,
were found to evaluate the overall effectiveness of their products.

Using YouTube:
They created short videos on YouTube with display ads that were short, crisp, and
on point. Which also included video sequencing with display ads.

Fulfilling the promise of the product:

Their products deliver the value that the consumer is looking for.

Data-oriented approach:
Building personas of their target audience and narrowing it down to every trait
helps them know who exactly they are targeting Storytelling:
Showing the brand as part of the story gets their audience emotionally invested and
feel like a part of their growing tribe.
CHAPTER-6

Marketing mix
1) Product

The product strategy and mix in BoAt marketing strategy can be explained as follows.
Boat is the world's 5th wearable brand in the market, having a great specialty in
earphones, speakers, etc. BoAt has established a wide market for itself & and has
challenged the established market. The original product was earphones, later the
company extended the product range. Other specialties of boAt are wireless earbuds,
tethered wireless earbuds, wireless headphones, wired headphones and earbuds, portable
wireless speakers, home audio equipment, mobile accessories. BoAt has optimized its
product offerings as per change in customer need & requirements & with changing
trends.

2) Price

The product range offered at boAt is at affordable prices and they have adopted inventive
strategies to compete in various markets. The main target segment for boAt are young
people in urban and semi urban locations belonging to upper middle class or middle
class, who love trendy electronics with good quality. When it entered the market, the
prices were higher which were gradually reduced later on to target lower income groups.
The price is also comparable to the competitors.

3) Place

The founder of boat identified the importance of online presence and established a strong
online presence for boat. They developed a strong delivery system, making deliveries to
the remote areas as well. Later on, the company adapted to a strong distribution system
& made the products available to all the electronic stores which shows its strong place
strategy in its marketing mix. It is one of the first Indian brands with such a presence

4) Promotion
Boat has identified a unique strategy of promotion; the company sells its
product more as a fashion item rather than electronic items. The company
has identified it and has created a wide range of products with very unique
designs. Other than this the company uses all possible events and
situations to promote its products, they conduct celebrity endorsements,
and promote themselves at events like IPL, Lakme Fashion Week,
Sunburn & many more.

Brand Exploratory

We can assess brand associations of Boat lifestyle by looking at the

company's core values and missions and how the consumers perceive
them. We'll use the Brand Resonance model to analyse the brand
knowledge of the consumers about the company. The basic concept
behind Brand Resonance Model is to make the brands understand how
their consumers perceive the brand and consequently map a customer
journey in a way that it leads to positive experiences 1. Brand Salience:

The brand is one of the most widely known audio brands in India. It is
famously known among its customers for its affordable prices, premium
and stylish looks, quality, and durability. It is an Indian brand and the
products are designed based on the customer preferences and styles.

2. Brand Meaning:

There are two subcategories to this phase, Brand imagery and Brand
performance. Brand Imagery focuses on emotional factors and Brand
performance focuses on the rational factors of customer satisfaction. The
image boat lifestyle wants its customers to associate themselves with
terms like Go-getters, Trend setters, Slayers, Young, Ever-loving, Rule
breakers, Wild, Optimistic, and Free spirits. The brand creates emotions of
being free and disconnected from the world, being in a state of Nirvana.
The brand's performance has also always been excellent with not even one
failed product in the market. It is the biggest TWS brand in India and it
fulfils its promise to provide fashionable and aspirational products at
affordable prices.

3. Brand response:
This phase also has two categories, Judgement and Feelings. It shows the
consumers' reactions towards the brand. The consumers judge the brand to be
stylish and a trend setter. The products are perceived as affordable, innovative, and
durable. The consumers of this brand get a sense of being free and disconnected
from the world, being in a state of Nirvana from its products. 4. Brand
Resonance: The brand is immensely popular among the generation of millennials
and Gen Z. The company has a cult following of about 3 million and they play a
crucial part in brand growth. These members, or "boAtheads', get early access to
limited-edition products and discounts, among other benefits. The brand gets most
of its repeat customers from this user community. The boAtheads also function as
beta users and provide early feedback on products before these are publicly
launched.

The brand has a strong hold on its customers. It understands the behaviours and
needs of its target segment and creates products based on their needs. It has
realized the product gap in the market and appropriately provided products in that
category. The brand's Salience is strong and dominant as it has become immensely
popular in a short period of time. Their target segment and product offerings are
unique from other brands. The consumer's feelings of it being an affordable,
durable, and yet aspirational brand is unique and this is what differentiates it from
its competitions. Its target customers are Gen Z and millennials and for these
communities’ fashion is a lifestyle. The Brand image of having aspirational and
stylish products resonates with its target segments.

Boat lifestyle has a customer community that is loyal to the company. They are
named as boɅtheads. We can consider them as extreme users of this brand. Some
basic characteristics of this segment are:

1. Most of the community is either from the millennial generation or from Gen Z
2. These people see fashion as a lifestyle choice and want to keep updated with
current

trends and innovations while also seeking style and affordability. 3. The customers
mostly lie between the 18-24 age group and belong to the middle class.

They are generally fun loving and wild and seek thrill and entertainment in life.
4. They associate themselves with words like rebel, trend-setter, go-getter,
bold, optimistic, and free spirits.
Consumers get a sense of fulfilment and satisfaction while buying a Boat lifestyle
product. They like the product quality and find its features attractive. They find it
joyful and exciting to add a boat product to their lifestyle. The consumers like the
sound quality the brand provides on consumption of their products. They also
accept it as a fashionable wearable and feel like they're up to the modern trends.
They feel as if the product(s) has added value to their life and as if the product is
made to keep in mind their problems. The products enhance their lifestyle.
Chapter-7
Reflections and Recommendations
We floated a survey form to understand the brand perception of boAt among a
sample of population. Following were the questions asked in this survey:
1. Age group?
2. Your city?
What type of wearable technology do you use?

3. Which of these brands do you recognize? (Showed logos for determining

brand recall)

4. Which of the brands below do you prefer the most?

5. Which of the following brands do you think are reliable?

6. Have you ever used any boat products?

7. On a scale of 1 to 5 how much will you rate boat products?

8. From where did you buy boat products?

As per the responses received to the above questions, we could make the following
interpretations:
8 of every 10 surveyed people has used a boat product 90% surveyed population is
young (15 to 35 Yrs of Age)

Demographic Distribution of Surveyed Population includes maximum people from

Tierl and Tier2 cities, while least 3.1% from rural areas

Wired earphones are the most used wearable technology used by the sample
population boat and OnePlus are the most preferred brand in wearable technology

boat has brand recall of 65.7% with Xiaomi leading with 84.4% and Fitbit with
least brand recall at 15%.
The brand has well penetrated the market of major cities but lacks rural
exposure boat is one of the top brands for wearable technology, where
earphones or TWS category.
is highly competitive

boAt has excellent brand recall which is at par with most Indian
techwearable brands and comparable to smartphone giants like Oneplus &
Xiaomi

The brand, boat is perceived most reliable in its segment and enjoys
maximum product flow through online distribution channels, specifically
Amazon.com.
CHAPTER-8

Case study

boAt Case Study and Marketing Strategy

boAt is often regarded as India’s fastest growing audio & wearables brand.
The company has become really popular in the last few years and gained
further recognition when one of its co-founders, Aman Gupta, appeared as
a “shark” in Sony TV’s smash hit show “Shark Tank India”. Reports
suggest that the sales of boAt headphones have gone further up a notch,
courtesy of the investment raising show that had rocked the TRP charts
and social media trends in early 2022.
I this post, we will ‘dive’ into boAt and take a detailed look at the company
and its marketing strategies through a thorough case study.
Table of Contents

• A Brief History of boAt

• boAt Funding
• boAt Revenue and Marketing Performance
• boAt Marketing Strategies
• 1) Presenting itself as a lifestyle brand
• 2) Digital Marketing
• 3) Expanding Range of Products
• 4) The Perfect Targeting
• Conclusion
A Brief History of boAt
boAt began its journey in the year 2016 when co-founders Aman Gupta
and Sameer Mehta decided to offer fashionable audio products at a price
never seen or heard before. The two co-founders started out with a capital
of INR 30 crore. BoAt wanted to create value for the users so they started
looking to solve common problems reported by the youth. It was the time
when Apple users were suffering because of their charger getting damaged
without any apparent reason. So they decided to make Apple charger that
could withstand wear and tear for long, and they were quite successful at
that.
Later, the company went on to add a number of quality products such as
earbuds, headphones, smart watches, wireless speakers, etc to its product
range. As of December 2020, boAt was already selling 14,000+ products
in India every single day. BoAt’s both audio and wearable range offer top-
notch quality whilst keeping the price affordable. Established audio
electronics brands like JBL had to drop down their prices in order to stay
relevant in the target industry.

boAt Funding
• Kanwaljit Singh of Fireside Ventures invested INR 60 crore in boAt

in the year 2018

• Warburg Pincus, a New York-based private equity fund invested

$100 million in boAt for a significant minority stake

• The company raised INR 50 crore from Qualcomm Ventures at a

valuation of INR 2,200 crore

boAt Revenue and Marketing Performance

The company struggled in the first two years of its operation (2016-2018),
mainly because of the lack of funding. However, once the company raised
INR 6 crores from Fireside ventures, there was no looking back.
According to filings with the Registrar of Companies, boAt’s FY2018
revenues grew by 4 times to INR 108 crore. Fast forward FY-2019, boAt
became the leading ear wear brand with a 27.3% market share. In FY
2020, the fashionable audio brand generated revenue of INR 500 crore.
This was a staggering 108% increase from 239 crores in FY 2019.
When boAt started off, it was just available on popular E-commerce stores
like Amazon and Flipkart.
CHAPTER-9

Swot analysis

Boat Manufacturer SWOT Analysis will provide you with the

comprehensive documentation that you will need in order to determine the
strengths, weaknesses, opportunities, and threats that your business will
face as yours develop or expand your business operations. Our product
also includes a full business plan specific for a Boat Manufacturer. This
business plan has been developed in MS Word/Excel and is appropriate
for seeking start up or expansion capital from an investor, bank, SBA
program, or grant company. The MS Excel and MS Word components can
be completely customized for your needs. The business plan also features
a completely automated table of contents as well as industry research that
is specific for a Boat Manufacturer

The Boat Manufacturer Business Plan and Business Development toolkit

features 18 different documents that you can use for capital raising or
general business planning purposes. Our product line also features
comprehensive information regarding to how to start a Boat Manufacturer
business. All business planning packages come with easy to-use
instructions so that you can reduce the time needed to create a
professional business plan and presentation Boat manufacturing is a
highly complex business that can produce very strong gross margins for a
qualified
owner operator. Although these businesses do face some downward
pricing pressure during an economic recession, a qualified entrepreneur
can very quickly manage all underlying expenses while ensuring that the
business is able to generate a moderate amount of revenue at any given
time. There’s nothing about this industry that is going to change moving
forward, although continued increases in technology have made the
production of boats and much more streamlined process.
People love water activities and boating. As such, there are a number of
boat manufacturers within the United States produce standard sized
vessels as well as a tremendous number of customizable options. For the
purposes of this business plan, this is a type of business that produces one-
of-a-kind boats specific for the customer specifications. One of the
reasons why many people get into the boat manufacturing industry in this
capacity is that they are able to provide a number of different designs and
customization features for each client. Rather than taking the capital risk
of producing a boat that may not sell, boat manufacturers that operate in
this fashion are able to limit their financial risk by only engaging in a
manufacturing process once an order is received from the client. Usually,
a deposit is made which usually covers all the underlying materials and
labour costs prior to the sale of the boat. Usually, the start-up costs
associated with the new boat manufacturing firm run about $100,000 to
$500,000 depending on the size of the facility that will be used to develop
the boat. In some cases, a boat manufacturing business must be located on
a body of water or very close to it in order to test each vessel is produced
by the business. The gross margins from sales for these businesses is
typically around 50% although these figures can be higher in the event
that a number of specialized customizations are provided to the customer.
Given the fact that this business produces boats on a one-off basis in a
specific to a client’s specifications, most financial institutions are willing
to provide a working capital line of credit or small business loan in order
to get these operations off the ground. Of course, a boat manufacturer
business plan is going to be required. This document should feature a
three-year profit and loss statement, cash flow analysis, balance sheet,
breakeven analysis, and business ratios page. As it relates to industry
research, there are approximately 2,000 independently owned and
operated boat manufacturing companies within the United States and each
year these businesses produce about $15 billion revenue per year.
One of the things that should be mentioned within the business plan is that
these businesses are highly subject to negative changes in the economy.
The acquisition of a new boat or similar marine vessel is an expensive
purchase, and as such during deleterious economic conditions some
people will reduce their expenditures on nonessential items. However, the
vast majority of people that are able to buy a custom boat are relatively
immune from negative changes in the economy given their substantial
income and net worth. A demographic analysis discussing the types of
buyers for boats should be included as well.

A boat manufacturer SWOT analysis should be produced in conjunction

with both a marketing plan and business plan. This document outlines
those strengths, opportunities, weaknesses, and threats faced by these
businesses. As it relates to strengths, boat manufacturing businesses are
able to produce strong gross margins from the sale of customized boats.
They are able to reduce their development to any given time, and the
barriers to entry for this business are extremely high. Although it doesn’t
take much to start this business, and entrepreneur looking to start their
own boat manufacturing firm does need to have a substantial amount in of
experience in the marine vessel industry.
For weaknesses, these businesses are again highly subject to negative
changes in the economy. As such, it is imperative that the entrepreneur
develop ways to control all underlying and fixed expenses in order to
ensure that the business can remain profitable even during recession.

For opportunities, one of the ways that these businesses readily expand is
by developing a number of preset plans that are used for mass production.
Some boat manufacturing companies will license their designs and plans
to other third-party boat manufacturing companies. Additionally,
additional orders can be handled at any given time via the expansion of
the initial facilities.

As stated above, the biggest threat faced by these businesses is the risk of
an economic recession which would crimp the ability of buyers.

A boat manufacturing company marketing plan also needs to be

developed. Most importantly, and expansive online presence should be
maintained in order to ensure that people can see previously developed
boats while also taking a look at the experience of the founders and the
production staff. This website should feature content rich images as well
as text discussing all aspects of the company’s manufacturing process and
operations. This website should be mobile friendly and listed among all
major search engines.

One of the other ways that these businesses market their operations is by
frequently attending fairs that are geared towards boating and yachting
enthusiasts. This is one of the quickest ways to develop a strong brand
name given that sales literature can be distributed to interested buyers as
well as third-party companies that may work with the business on a
subcontracted basis. Many boat manufacturing companies often maintain
strong relationships with one another in order to have certain aspects of a
boat produced. Frequently, once a business establishes itself a little bit
more they will take out full-size print advertisements in boating and
yachting magazines as well as distributed circulars that showcase boats
for sale.
CONCLUSION
boAt, in short, has been leveraging its brand with creative, crisp, short and
smart marketing campaigns. Their marketing strategy is very smart. Since
most of the marketing plan includes selling their products online. They
have taken the advantage of grabbing the opportunity to connect with
their audience at the right time and listen to their feedback, which is made
possible through digital platforms.

Another major advantage includes making the target audience remember

the brand by establishing a unique position in their minds by giving them
something valuable; that is experienced with the help of experiential
marketing.

Moreover, they have employed different tactics during the pandemic to

stay relevant in the market and have come out even stronger. Being the
leading audio wearable brand in India.
 BIBLIOGRAPHY

Websites:
• https://marqueex.com/marketing-strategy-of-boat-making-the-sound-of-
success/
• https://www.marketingmind.in/marketing-strategies-of-boat-by-which-it-
iseyeing-to-become-rs-500-crore-company
• https://www.marketing360.in/boat-plug-into-nirvana/
• https://www.socialbeat.in/work/how-we-created-an-integrated-digital
marketingstrategy-for-boat-during-ipl/