2022-23

PROJECT REPORT

"A STUDY ON MARKETING STRATEGY FOLLOWED BY BOAT"

Submitted to

Affiliated to

Rashtrasant Tukadoji Maharaj Nagpur University, Nagpur

In partial fulfillment for the award of the degree of

Bachelor of Business Administration

Submitted by

RAHUL RAJBHAR

Under the Guidance of

Prof. ASHIMA VARGHESE

Academic Year 2022 23

2022-23

Academic Year 2022 23

CERTIFICATE

This is to certify that RAHUL RAJBHAR has submitted the project report titled A STUDY
ON

MARKETING STRATEGY FOLLOWED BY BOAT, towards partial fulfillment of BACHELOR

OF

BUSINESS ADMINISTRATION degree examination. This has not been submitted for any other

examination and does not

form part of any other course undergone by the candidate.

It is further certified that he/she has ingeniously completed his/her project as prescribed by

Rashtrasant Tukadoji Maharaj

Nagpur University, Nagpur.

PROF. ASHIMA VARGHESE DR. AFSAR SHEIKH

( PROJECT GUIDE ) ( Co-ORDINATO R

)
PLACE: Nagpur

DATE:

2022-23

G.S. College Of Commerce & Economics, Nagpur

Academic Year 2022 23

I here-by declare that the project with title A STUDY ON MARKETING STRATEGY

FOLLOWED BY BOAT has been completed by me in partial fulfillment of BACHELOR OF

BUSINESS

ADMINISTRATION degree examination as prescribed by Rashtrasant Tukadoji Maharaj Nagpur

University, Nagpur and

this has not been submitted for any other examination and does not form the part of any other

course undertaken by me.

Place:Nagpur

Date:

2022-23

G.S. College of Commerce & Economics, Nagpur

Academic Year 2022 23

With immense pride and sense of gratitude, I take this golden opportunity to express my sincere

regards to DR. SWATI KATHALEY, Principal, G.S. College of Commerce & Economics, Nagpur.

I am extremely thankful to my Project Guide PROF. ASHIMA VARGHESE for his/her guideline

throughout the project. I tender my sincere regards to Co-Ordinator, PROF. AFSAR SHAIKH for

giving me outstanding guidance, enthusiastic suggestions and invaluable encouragement which

helped

me in the completion of the project.

I will fail in my duty if I do not thank the non-Teaching staff of the college for their Co-operation.

I would like to thank all those who helped me in making this project complete and successful.
 RAHUL RAJBHAR

Place: Nagpur

Date:

2022-23

INDEX

SR. No. PARTICULARS PAGE No.

1 Introduction 1-7

2 Company Profile 8-12

3 Literature Review 13-15

4 Problem Definition 16-17

5 Objective of Study 18-23

5.1 Scope of Study

5.3 Hypothesis

6 Research Methodology 24-25

Research Design

Primary Data

Secondary Data

8 Data Analysis & Interpretation. 29-33

9 Findings 34-35

10 Suggestions 36-37

11 Conclusion 38-42

Bibliography

Annexture

Questionnaire

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INTRODUCTION

2022-23

CHAPTER 1

INTRODUCTION

BoAt is an India-based consumer electronics brand established in 2015 that markets

earphones, headphones stereos, travel chargers and premium rugged cables. Imagine

Marketing Services Private Limited, which does business as Boat, was incorporated in

November 2013 by co-founders Sameer Ashok Mehta and Aman Gupta

BoAt (legal name "Imagine Marketing Services Pvt. Ltd.") is an India-based company

which was incorporated in November 2013. BoAt markets earphones, headphones

stereos, travel chargers, and premium rugged cables.

D2C consumer electronics startup boAt continues to lead India's wearables market,

according to a report by International Data Corporation (IDC). The Aman Gupta-led

startup secured a 32.1% share in Q3 2022, aided mostly by earwear devices.

Boat was founded with the "sole aim of bringing affordable, durable, and more

importantly, 'fashionable' audio products and accessories to millennials", which can be

termed the mission and vision of Boat company.

Imagine Marketing (boAt) ranks among the top 5 global wearable companies.
 boAt found flaws in the longevity of mobile charging cables used in the market. The

founders witnessed frequent damage caused to such cables due to internal and external

factors and thought of finding out solutions to such problems. So they focused on

launching indestructible cables. Soon they launched water and sweat-resistant hearable

products.

2022-23

WHAT IS MARKETING?

Marketing refers to any actions a company takes to attract an audience to the company's

product or services through high-quality messaging. Marketing aims to deliver standalone

value for prospects and consumers through content, with the long-term goal of demonstrating

product value, strengthening brand loyalty, and ultimately increasing sales.

WHAT IS MARKETING STRATEGY?

A marketing strategy refers to a businesss overall game plan for reaching prospective

consumers and turning them into customers of their products or services. A marketing

strategy contains the companys value proposition, key brand messaging, data on target

customer demographics, and other high-level elements.

HOW WAS BOAT STARTED?

One of its founders Aman Gupta was familiar with the electronics trade. He worked for three
years (2007-10) in his family business. Before joining the business, he had completed his

Chartered Accountancy and worked in Citibank between 2003 and 2006.

In 2010, he enrolled for a MBA at the Indian School of Business (ISB) which led to his

placement at KPMG, the auditing firm. He worked there for a brief period of six months but

those were enough to affect him. He was fascinated by electronics and gadgets and applied at

JBL. The company signed him for two years. Gupta managed the start-ups offline distribution

through stores such as Croma and Reliance Digital. A little later, he also got into product

management. His job was to identify the right products for the Indian market. His learnings

while working for JBL came in handy during product developments at boAt.

2022-23

boAt Lifestyle is a company that has just started to sail in the deep sea of audio devices

market. However, the numbers are promising for them as they continuously rise amidst all the

competition. The company struggled in its initial two years. Aman and Sameer had started

with a capital of around 3 million, coming from the two founders.

In 2018, Kanwaljit Singh of Fireside Ventures invested 60 million in the company. Singh was

impressed with the founders ability to white spots, the product quality, and right targeting.

The company is continuously performing in the market. It has clocked more than Rs 100 crore

in domestic sales alone. From just two founders, the company is now a 35-member team and

has its offices in the top two metro cities- Mumbai and Delhi.

BOAT - NAME, TAGLINE & LOGO

When you take a boat, you leave everything behind.

2022-23

BOAT - BUSINESS MODEL & REVENUE MODEL

The company aims to satisfy the needs of users and developing products by closely observing

their requirements. The first-ever product of the company was an indestructible Apple

charging-cable and charger. After the founders sensed its urgency, the product was developed.

boAt company has modified its approach since the beginning and has till date kept on

improvising.

The company believes that Boat is a lifestyle brand and not a consumer electronics brand. The

company is well-aware of its target audience. It presents stylish and affordable products that

attract the youth. Keeping that in mind, Boat company has appointed all the young faces in the
industry as its brand ambassadors. These ambassadors represent Indias most-followed

passions (and obsessions) Bollywood and cricket.

Boat lifestyle has a market share of 27.3% in the earwear category & it is the leading brand in

this category.

Moving into its revenue streams, Boat is now available both online and offline. They already

touched upon its online partners while they serve their offline customers through the

distribution model. It got more than 20 distributors that supply Boats products to offline

retailers.

2022-23

THE BIGGEST CHALLENGE FACED WHILE SETTING BOAT UP WHILE TAKING IT

OVERSEAS

Seasonal demand: The demand for boats tends to be seasonal, with peak demand during the

summer months. This can create challenges for boat companies in terms of managing

inventory, staffing, and cash flow.

Economic downturns: Boat sales tend to be discretionary purchases, which means that during

economic downturns, consumers may choose to delay or forgo buying a boat. This can create
challenges for boat companies in terms of maintaining revenue and profitability.

Competition: The boat industry is highly competitive, with many players vying for market

share. Boat companies must differentiate themselves from competitors by offering unique

products, superior customer service, and innovative marketing strategies.

Cost of materials: The cost of materials used to build boats, such as fiberglass, wood, and

metal, can be volatile and subject to fluctuations in global markets. Boat companies must

manage their supply chains carefully to minimize the impact of these fluctuations on their

costs and pricing.

Environmental regulations: Boat companies must comply with a range of environmental

regulations, including those related to emissions, waste disposal, and water quality.

Compliance with these regulations can be costly and time-consuming, and failure to comply

can result in fines and legal liabilities.

2022-23

THE FORMULA OF BOAT SUCCESS

The founders of boat, Aman Gupta and Sameer Mehta consider that hiring the correct persons

is the primary reason for their company's startling growth and moreover, it was also the

greatest hurdle encountered by them while building boat. Now, they have a squad who are

vital in bricking their dream project.

BOAT - STRATEGIES

SEO STRATEGY :-
BOAT has a strong SEO strategy. We have already discussed that BOAT gets approx 66% of

its traffic from searches made online. With their SEO efforts, they manage to get 99.44% of

organic traffic from its search ratio whereas their paid searches are just 0.56%. This explains

why they have a strong SEO [Link] an uprising metrics is because of the SEO strategy

of boat.

SOCIAL MEDIA STRATEGY :-

An app that targets the customers of the 18-35 age group, cannot miss social media marketing.

boat understands that most of its target groups are active social media users. So, it focuses on

creating social media ads and creates engaging posts to connect with the audience.

TARGETED AUDIENCE :-

Ever since its inception, boAt always targeted the youth who were into fitness. All their

products were manufactured keeping their target audience in mind. The demand for these

indestructible audio products has always been on the rise.

2022-23

COMPANY PROFILE
8

2022-23

CHAPTER 2

COMPANY PROFILE

Overview boAt (also known as Imagine Marketing) is a lifestyle brand that creates and sells

consumers

electronics. Its product range includes earbuds, headphones, earphones, and wireless

speakers with

contemporary designs. The company addresses the audio needs of millennials and Gen Z.

Type Private

Status Active

Founded 2016

HQ Mumbai, IN | view all locations

Website [Link]

Sectors Retail audio consumer electronics ecommerce lifestyle wearables

2022-23

After the launch, the public loved the products offered by the companys Boat, admiring its

quality right from the beginning.

As per reports, the companys revenues in 2019-20 were around 500 crore rupees. The

company intends to increase its revenue by 2024.

In 2020, the company was ranked as the fifth most popular wearable brand worldwide. In

addition, it has become the only Indian company to reach this level.

The vessel has raised an estimated $100 million in funding from the Pincus company. The

money will fund research and development facilities and Boat manufacturing in India.

The earphones and headphones for boats are designed entirely in India. According to news

reports, certain boat products are produced in India. However, Boat headphones are

manufactured in China, part of the greater Asia Pacific Economic Cooperation.

The manufacturing process for Boat headphones is extremely efficient and straightforward;

raw materials are delivered to a factory where theyre assembled, tested for quality assurance,

and shipped. The team behind Boat headphones work hard to ensure fast and consistent

production so that its customers can easily enjoy high-quality audio products.

Moreover, Chinese labour standards are among the highest in the world, which guarantees

customers of boat headphones a product made with the utmost care and attention. Its no

wonder why Boat has been able to gain global recognition for its audio devices through such
consistent and reliable production.

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2022-23

SWOT ANALYSIS

Strengths:

Expertise in boat manufacturing and design

High-quality products and services

Strong brand reputation and recognition

Experienced and knowledgeable staff

Strong distribution and sales network

Ability to customize boats to meet customer requirements

Strong financial position

Weaknesses:

Dependence on specific suppliers for materials

Limited production capacity

Limited geographic reach

Limited product line

High operating costs

Dependence on seasonal demand

Vulnerability to fluctuations in the economy

2022-23

Opportunities:

Expansion into new markets

Introduction of new product lines

Strategic partnerships and alliances

Diversification into related industries

Developing eco-friendly and sustainable products

Capitalizing on the trend towards outdoor recreation and leisure activities

Investment in research and development

Threats:

Intense competition from other boat manufacturers

Increasing regulatory requirements and environmental regulations

Fluctuations in raw material prices

Economic downturns and uncertainty

Technological advancements that disrupt the industry

Unpredictable weather patterns and natural disasters

Changes in consumer preferences and buying behaviours.

2022-23

LITERATURE REVIEW

13

2022-23

CHAPTER 3

LITERATURE REVIEW
According to T.S. Chia and H.C. Wong: This research article discusses the design and

development of a Bluetooth headset for use with motorcycle helmets. The article notes that the

headset is similar in design to Boat earphones and includes features such as noise-cancelling

technology and water resistance. The article highlights the importance of designing audio

products that are specifically tailored to outdoor and active environments.

According to K.V. Varghese et al: This research article examines the potential hearing risks

associated with the use of personal audio devices, including earphones. The study found that

many medical students were unaware of the risks associated with high-volume earphone use

and recommends that educational interventions be implemented to increase awareness and

promote safe listening practices.

According to S. Koikeand et al: This research article evaluates the sound quality and

comfort of in-ear headphones, including Boat earphones. The study found that the sound

quality of Boat earphones was comparable to more expensive options, and that users generally

found them comfortable to wear.

14

2022-23

According to by P. Mishra et al: This research article compares consumer behavior and

preferences for Boat and JBL earphones in India. The study found that while JBL was more
popular overall, Boat had a loyal customer base who appreciated the brand's affordability and

quality.

According to L.C. Delgado et al: This research article evaluates the sound quality, reliability,

and waterproofness of various waterproof headphones, including Boat earphones. The study

found that while some waterproof headphones had issues with sound quality and reliability,

Boat earphones performed well in all categories and were a good choice for water-based

activities.

15

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PROBLEM DEFINITIONS
16

2022-23

CHAPTER 4

PROBLEM DEFINITION

A boat company may face different problems depending on its operations, but a general

problem definition could be: "A boat company is facing challenges in operating profitably due

to factors such as high overhead costs, limited customer demand, intense competition,

changing market trends, and regulatory compliance requirements."

To address this problem, the boat company may need to evaluate its business strategy,

streamline its operations, improve its marketing and sales efforts, expand its product

offerings, and invest in technology and innovation to stay ahead of the competition.

Additionally, the company may need to seek professional advice or consult with experts in the

industry to find solutions to its specific challenges.

2022-23

OBJECTIVES OF STUDY

18

2022-23

CHAPTER 5

OBJECTIVES OF STUDY

[Link] UNDERSTAND RELATIONSHIP OF BOATS CUSTOMER

[Link] ANALYSE EFFECTIVENESS OF BOAT MARKETING CAMPAIGNS

19

2022-23

SCOPE OF STUDY
20

2022-23

5.2

SCOPE OF STUDY

Boat Design: The company may conduct research and development to design new boats or

improve existing ones. This would involve considering factors such as performance, safety,

comfort, and aesthetics.

Boat Manufacturing: Once the boat design is finalized, the company would need to

manufacture the boats. This would involve selecting appropriate materials, designing

production processes, and managing the supply chain.

Sales and Marketing: The boat company would need to identify potential customers and

develop sales and marketing strategies to reach them. This may involve advertising, attending

trade shows, or partnering with dealers and distributors.

Customer Support: The company would need to provide ongoing customer support,

including warranty services, technical assistance, and maintenance support.

Regulatory Compliance: The boat company would need to comply with various regulations

related to boat design, manufacturing, and sale, such as safety standards, environmental

regulations, and licensing requirements.

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2022-23
LIMITATIONS OF STUDY

22

2022-23

5.3

LIMITATION OF STUDY

Limited data: Depending on the boat company's size and transparency, there may be limited

publicly available data or information about the company's operations, financial performance,

and customer base.

Seasonal fluctuations: The boat industry is often seasonal, with demand for boats and related

products varying throughout the year. This can make it challenging to gather accurate and

representative data and make valid comparisons between different time periods.

Market volatility: The boat industry is subject to market volatility, which can impact sales,

prices, and profitability. These fluctuations can make it difficult to predict future trends and

outcomes.

Environmental factors: The performance of a boat company can be influenced by various

environmental factors, such as weather patterns, natural disasters, and climate change. These

factors can affect the availability of resources, impact customer demand, and disrupt supply
chains.

Regulatory changes: The boat industry is subject to various regulations and compliance

requirements, which can change over time. These changes can impact the company's

operations, financial performance, and overall strategy.

23

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HYPOTHESIS
24

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CHAPTER 7

HYPOTHESIS

HYPOTHESIS

Hypothesis is usually considered as the principal instrument in research. Its main function is to

suggest new

experiments and observations. In fact, many experiments are carried out with the deliberate objects

of testing

hypothesis.-

Null Hypothesis (H0):- Boat do not uses numerous approaches to promote products.

Alternate Hypothesis (H1):-Boat uses numerous approaches to promote products.

HYPOTHESIS TESTING

Null Hypothesis (H0):- Boat do not uses numerous approaches to promote products.

Alternate Hypothesis (H1):- Boat uses numerous approaches to promote products.

From this study it is significant that number of boat companies use multiple

approaches to promote their products, therefore we support the alternative hypothesis (H1) and

reject the null hypothesis (H0).

2022-23

RESEARCH METHODOLOGY

26

2022-23

CHAPTER 6

RESEARCH METHODOLOGY

Steps or techniques used to identify, select, process, and analyse information so as to

clearly understanding the research problem with the help of data or information. In this

study both primary and secondary data has been used for carrying out the result.

MODE OF DATA COLLECTION:

There are two types of data:

Secondary Data: Secondary research is also known as desk research. This type of

research relies on pre-existing data sources such as company websites, articles and market

research reports. It is generally carried out at a desk, either offline (via books, research

documents, etc) or online (via websites, pdf reports, etc).

This study is based on secondary data which collected using different websites available

on the internet.

We also collected data from various websites available on the internet including the

official website of the company and other survey conducting websites.

27

2022-23
DATA ANALYSIS &

INTERPRETATION

28

2022-23

CHAPTER 8

DATA ANALYSIS & INTERPRETATION

Q.1) Which marketing mode does boat prefer?

Interpretation:

In this study boat company prefer online mode for their marketing.
29

2022-23

Q.2) Which age group prefer boat products?

Age of groups Response

14-20 27

20-30 33

30-40 5

40+ 8

All 7

Interpretation:

In this study 20-30 age group has given more preference to boat product..

30
2022-23

Q.3) Do you like boat products?

Interpretation:

In this study 88.6% has like boat products.

31

2022-23

Q.4) Do you think that boat customer care provide good service?

Interpretation:

In this study most people think boat provide good customer service.

32
2022-23

FINDINGS

33

2022-23

CHAPTER 10

FINDING'S

Market Size: The global boat industry is valued at around $30 billion, with the US and

Europe being the largest markets.

Boat Types: There are various types of boats, including recreational boats, fishing

boats, sailboats, yachts, and commercial boats.

Industry Trends: The boat industry is experiencing growth due to increased consumer

interest in outdoor recreational activities, rising disposable incomes, and an aging

boating population. There is also a trend towards eco-friendly boats and electric
propulsion systems.

Competitors: The boat industry is highly competitive, with many established players

and new entrants. Some of the major players in the industry include Brunswick

Corporation, Groupe Beneteau, and Yamaha Motor Co.

Challenges: The boat industry faces various challenges, including fluctuating fuel

prices, regulatory compliance, and changing consumer preferences. The COVID-19

pandemic has also had an impact on the industry, causing disruptions to manufacturing

and supply chains.

34

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SUGGESTIONS
35

2022-23

CHAPTER 11

SUGGESTION

JL Audio - JL Audio is a leading manufacturer of marine audio equipment, known for their

high-quality speakers, amplifiers, and subwoofers. They are constantly pushing the boundaries

of what is possible in marine audio, and their products are designed to deliver exceptional

sound quality even in harsh marine environments.

Fusion Entertainment - Fusion is a company that specializes in marine audio and

entertainment systems. Their products are designed to withstand the rigors of life on the water,

and they offer a range of innovative features such as wireless connectivity, Bluetooth

streaming, and multi-zone control.

Wet Sounds - Wet Sounds is a company that focuses on high-performance marine audio

systems. They offer a range of speakers, amplifiers, and subwoofers that are designed to

deliver powerful, clear sound even in noisy, windy conditions. They are committed to using
the latest technology and materials to create the best possible listening experience for boaters.

36

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CONCLUSION
37

2022-23

CHAPTER 12

CONCLUSION

The Boat brand is a well-known and popular audio company that specializes in affordable and

high-quality earphones. Boat earphones are designed to be durable and water-resistant, making

them a good choice for use in outdoor and water-based environments. There is a significant

relationship of boats customer. Boat offers a range of earphone models to suit different needs

and preferences, including wired and wireless options, noise-cancelling technology, and deep

bass. There is a significant effectiveness of boat marketing campaign. Boat earphones have

received positive reviews from many consumers for their sound quality, comfortable fit, and

value for money. While there are some concerns about the reliability of Boat's customer

service and warranty policies, overall, the company has a strong reputation and has been

successful in the Indian market.

2022-23

BIBLIOGRAPHY
39

2022-23

CHAPTER 13

BIBLIOGRAPHY

LINKS: -

[Link]

[Link]

[Link]

[Link]

[Link]

[Link]

e-via-

preference-shares-351073-2022-10-28

REFERENCE:-
 [Link]. boAt. [Link]

[Link]/collections/tws (accessed June 22, 2020)

[Link]: Airdopes431. boAt. [Link]

431 (accessed June 22, 2020)

L.C.DelgadoRockerz261. boAt. [Link]

261 (accessed June 22, 2020

[Link] Bass Heads 102. boAt. [Link]

[Link]/products/bassheads-102

40

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Questionnaire

Q.1) Which marketing mode does boat prefer?

o Online

o Offline
Q.2) Which age group prefer boat products?

o 14-20

o 20-30

o 30-40

o 40+

o All

Q.3) Do you like boat products?

o Yes

o No

o Maybe

Q.4) Do you think that boat customer care provide good service?

o Yes

o No

o Maybe

41