Question

describe the factors that have contributed to Bose’s new product development success?

What are these factors and how it effet Bose company, explain in detail, max 300 words.

IN ONE ESSAY

Answer 1

The company that started so humbly now has a product portfolio that stretches beyond its core home audio business. Other lines target a variety of applications that caught the innovative attention of Amar Bose over the years, including military, automobile, homebuilding / remodeling, aviation, and technical and industrial sound systems. It also has a division that markets testing equipment worldwide to academic institutions, universities, medical device companies, and engineering firms. The following are just some of the products which demonstrate the company's technological breakthroughs.

Bose frequently makes use of the Latest Product Development Approach by giving its staff the ability to discuss their ideas for a total of six hours per week. They are then able to pursue the stages with the production of ideas with the employees including: idea screening, concept creation and testing, creation of marketing strategy, business research, product growth, marketing testing and marketing. Many of Bose's successes came from those workers who made mistakes. The organization notes that it is not a negative thing to make mistakes during design creation and testing but instead a good thing.

Trying out a new design that may not succeed in one department has the potential to be evaluated by someone else, which in effect is how the popularity of some of their most popular products has come about. The R&D cycle is a big part of Bose's popularity, which significantly benefited the company by using the suggestions of their workers to shed light on each other.

Bose's dedication to R&D has created state-of-the-art products that have contributed to the confidence Bose's customers have in the company. Customers know the company is more concerned with their preferences in producing the best goods than with raising profits. Yet even in that section, for a corporation not guided by the bottom line, Bose does just fine. Bose is second only to Beats (Apple) with 11 per cent of the share in the personal headphone industry. And with wireless speakers now dominating voice sales, Bose is leading with a commanding 22 percent share, six points ahead of number-two Sonos.