Bose: Competing by being truly different
It was discovered by Forrester research in its semi annual survey ranking consumer electronics and personal computer companies on computer trust that peoples trust in consumer technology companies is flagging. When decline in trust causes brand erosion low market growth results. Forrester discovered Bose Corporation did far better than other companies in the survey. What was interesting was Bose’s success comes from its company’s philosophy, which is unchanged for the last 50 years. While Bose gives importance to typical aspects of a modern company such as building revenue, profits and stock price, they are not uniquely concerned about making money. Bose president Bob Maresca says, “the business is almost a secondary consideration.” He further explained that the company’s focus was on research and product innovation.
Company founder and still its CEO, Amar Bose, has been in charge from the first day. After having purchased a disappointing hi-fi system, he set out to find his own result to reproduce realistic sound. This is how the company was founded. Amar Bose’s high level of commitment to research and development with its resulting products has led to loyal customers, who know that the company cares about their best interests. At first Bose Corporation focused mainly hi-fi systems but grew to a number of other product lines. Amar Bose’s secret of success is that his work is his passion mixed with a genius for innovative and original ideas. As the company is now entering the world of automotive suspension, they can attribute their success as to what Bose describes when answering the question of his impression of the potential size of the market, “we really have no idea. We just know that we have a technology that is so different and so much better that many people want it.”
Based on the business philosophies of Amar Bose, how do you think the Bose Corporation goes about...