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marketing assignment final 2 final (1) Paper

Words: 2505, Paragraphs: 82, Pages: 9

Paper type: Assignment , Subject: Economics

BM012-3 : Marketing

JBL

Group Members: Malcolm Tasha Mukakavari TP050233

Kim Yuriy TP050631

Rishabh Bansal TP051695

Sarmad javaid TP053150

Module Assignment: BM012-3 : Marketing

Due Date: 13 May 2019

Lecturer:

JBL BRINGS MUSIC TO LIFE IN A WAY YOU CAN FEEL.

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THAT’S WHY OUR SOUND POWERS THE WORLD’S

MOST EPIC MUSICIANS, ATHLETES, AND VENUES.

IntroductionJbl is one of the well-known electronic company in the world. Jbl stands for James Bullough Lansing. James Bullough Lansing is the founder of the JBL from 1902-1929. Jbl name was driven from the first letter of his name. Jbl is dived into the sub-categories that are JBL consumer and JBL professionals. In 1927 Lansing started a company, in Los Angeles. First, they used to manufacture 6- and 8-inch speaker. This company at that time was called Lansing Manufacturing Company. CITATION jbl l 1033 (jbl, n.d.)Jbl key milestone

There is not one person that we can say that he is behind the success of JBL. Throughout the time many people came and contributed to what JBL is today and since the company has established Jbl company had received different goals in the music industry and have invented different trademark products and some of the highlights of Jbl company

1990 – Vented Gap Cooling technology (reduces low frequencies transducer temperature)

1995 – Birth of the EON system

1995 – First Neodymium Differential Drive speaker

1996 – Creation of the HLA standard with Line Array Space Frame design

2000 – Birth of EVO, the intelligent loudspeaker controlled by DSP

2002 – VerTec is used for super bowl, the Grammy awards and the ceremony of the 2002 FIFA world cup (Seoul, Korea) CITATION jbl1 l 1033 (jbl, jbl, n.d.)JBL BY HERMAN COMPANY INTRODUCTION

Many people don’t know about the company that produces JBL products. JBL is a Herman company which is owned by Samsung. HARMAN International (harman.com), a wholly-owned subsidiary of Samsung Electronics Co, LTD., produces and designers connected products and answers for automakers, users, and companies worldwide. CITATION har l 1033 (harman a samsung company, n.d.)Jbl current market situation

JBl is one of the most prominent company in the field of speakers and music all around the world but as a time pass, there are many different companies that are coming with new products that are giving a thought time to JBL. Beats is one of the rival company. Jbl’s closest competitor is beats , jbl has been operating as a sound expert and producing speakers and other related equipment since 1927, they have have grown year on year since many decades for example in india jbl has been projected to grow market share by 15% and the main market of are JBL such as United States, Canada and some countries in Asia. They are growing yearly.

There are more than 35 countries where there is a store of Jbl or they ship their products directly to that country. CITATION har1 l 1033 (harman a samsung group, n.d.) CITATION har2 l 1033 (harman a samsung group, n.d.)SWOT analysis of JBL SWOT articles

Strengths of JBL:

Firstly, JBL has made a really big impact in the sound industry for a really long period in time now by making all types of sound equipment from as small as earphones to as large as stage performance PA systems. They have been well recognized by their quality of sound from the artists to all other industries of sound. The Company has massive penetration into the high and mid-end segments and therefore it is able to sustain larger profitability from them. (Hitesh bhasin, 2019) Since JBL is known in making amazing speakers, introducing our newest product in the market will be a mind-blowing experience. The FHS, our newest Future House Station, will have a strong impact in the market as the company will now be offering a Future House Station that is used as a house system, events halls and conference rooms sound equipment. The uniqueness of this product is that it is a system which involves the help of artificial intelligence example SIRI< COTANA< BIXIE, would be used to play music. The sound waves would be from all angles of the house meeting at the center. It can be used by any age group and easy. Compared to our rivals who have a similar product such as Huawei, they do not specialises only on sound but on a lot of products such as watches and cellphones. This product even comes in with bundling pricing strategy where by customers can choose the speakers they want from a variety of sound equipment JBL offers that are linked to this artificial intelligence system.

Weakness of JBL:

The FHS is a unique product which is limited in stock due to its high quality and artificial intelligence. Producing high quality products is very costly which will result in some customers finding JBL as a very expensive brand. This limits the company to tap into profits from all segments, especially the cash-constrained segment of users. They are also other giants in the sound market for example sound crest in the PA system industry and Sony and Beats in the ear and headphones market. This other brand have also been well know which means if the JBL company increase their prices if they were charging at equilibrium point to try make profit, the Demand will shift to other brands. (Hitesh bhasin, 2019)

Diagram illustration below:

J.B.L

3428991079500Price

29527510795003810007747000

-142875184150P(E)

00P(E)

6953255905540957517335500

-114300306705P2

00P2

45720068580352425209550014382752095500

14859001162051019175971550035242510668000

1647825240030D2

00D2

2647950173355D1

0D1

781050267970Q2

00Q2

1038225304801238250278130Q(E)

00Q(E)

3009900182880Quantity

0Quantity

36195021081900

#Price Elasticity of demand (Self-made, 2019)

Opportunities of JBL:

The Company can produce audio systems locally in order to reduce the manufacturing cost and delivery prices to customers with a limited budget. Existing technology innovation with other companies in emerging markets for rapid expansion into new territories. Example, it could pair up with Apple to offer inbuilt audio systems for a new line of Apple products. (Hitesh bhasin, 2019). The Company can adopt to a better pricing Technic to the producer which is affordable. This will enable the company to grow and adventure into new markets. FHS is going to be a big sale in the market because it is very convenient to the companies especially schools, conference rooms, weddings and any other form of event because the product is affordable, easily connectable to any device. This would be a high-quality sound surrounding the place with a User-friendly interface.

Threats of JBL

Yandex station is our biggest treat made in Kazakhstan. It offers something every similar at a cheaper price of $160 (Thevergecom, 2018) and it’s a small unit. Some other competitors are huawai, Google and Seri speakers.  JBL speaks very costly in the market and therefore are to cater to only a niche market segment. This niche market refers to identifying and exploiting a small segment of a larger market by developing products to suit it. (Peterstimpson & Alastairfarquharson, 2015)  The other end of the spectrum is already covered by audio systems from Sony, Panasonic etc. This is a big threat because it denies company entry into the other market segment. (Hitesh bhasin, 2019).

JBL objectives of product

1.The first objective is that JBL is going to launch or introducing a new product by the name of future house station to fulfil the consumer demand to take our company to take Height in the future and to compete to others in market.

Before launching the new product almost 5 months before we must do a product marketing to develop customer interest towards the product by the name future house station

Company try to sell the product to achieve sales goals of 2.5 million dollars till in the end of 2020Marketing plan of product

Product and sales goals

The main focus will be the how the product benefit the customers like my company JBL new product future house station is very much worth it for the customers in the sense easiness or we can say that the advantages for the customers like my product is not require the wires ,also have the good transmission ranges and last not the least this system is very much good for the outdoor systems as well specially near to pools and other part areas where it is required also it can be made in different colours and it also have the water resistance . so, our company set the goal as in the term of to achieve the sales of 2.5 million dollars till the end of this year or the start of the 2020.

Technological trend

This is the first 3D audio speaker in the market that with listener standardizes and the sense of auditory space is also increases and the way people experience the music, entertainment and games is acoustically recreating as well. To deliver the accurate the 3D sound future house station utilizes 3d audio algorithms with head tracking and calibration anatomy, so the high-fidelity audio reproduction will experience by the customers which they never experienced before. The gaming future is also link with this product launch and premium audio technology is also having the future dependence on this product called future house station.

Financial Environment:

To returned globally economic activity plays the important role when you see some of the economics mostly of them we can see that have a great development in the employment. Electronic items are somethings on which people are spending more knows a days in the leading economics like India, china and more importantly in USA.so for the most importantly the practical options for the sales of the emerging and the new product the spending on the ecommerce channels across the globe is the right choice.to ensure that the customers pockets is not going to burn by the competitive pricing strategies given by our company. strict regulations as in case of EU and increasing, the growing privacy related concerns also makes the difficult to entry the new brands and launch a new product in the market.

Government environment:

The environment which is growing more complexity is the government environment which places the trade wars between the USA and china and the regulation against the USA based firms is also changed and tightening by the Europe as well. strict regulations as in case of EU and increasing, the growing privacy related launch a new product in the market. Concerns also makes the difficult to entry the new brands and companies

Guarantee after sale service:

After sales we still connect with customers, if product damage or mechanical problem will occur, company will take responsibility of that repair the product in less time and without any cost. Our objective is fulfilling the satisfaction of customer and maintain long time relations with them and customer enjoy our product and feel relax and comfortable in life.

Marketing strategies.

1. Product strategies

A. Quality / Features

Future House Station – is a smart voice controller for all connected JBL speakers. FHS is intended for residential use. FHS can be connected to all voice assistants and has access to the internet to help customer in different situations. With the help of special “Background music” command, FHS can adapt to date, time and weather and simulate nature-sounds, traditional instruments and others specific sounds or audio accompaniments. Connecting Future House Station to all speakers for JBL, customer can make his/her own Smart House. However, FHS can be independent wireless speaker with all features.

Unlike Fake products, JBL is always distinguished by sound quality and design.

High sound quality 24bit/96kHz Microphone

Charging station and Battery for 12 hours (6,000 mAh) 3.5 mm audio cable Input and USB cable Input

Design (Black, white and red color available) JBL Connect+

Waterproof (IPX7Waterproof) Voice assistant (access to every AI: Google assistant, Siri and Cortana)

Wireless structure Wi fi and Bluetooth connection

B. Brand Recognition

JBL is one of the most popular audio brands in the world. Even though market is full of JBL’s copies and fake product, many people know and do differ original product from cheap fake. JBL is an excellent audio brand. “Value for the money” has a direct correlation to the use of the product you buy. You may be able to get an equal amount of use from a product that is less expensive. However, if brand recognition and credibility are part of your measure of value, than JBL is a good place to start.  (Quoracom, 2019)

2.Pricing strategies

New-product Pricing strategy

Market skimming: High quality, design and uniqueness allow JBL to set high price. JBL offers Small station that can make, from simple room, house or apartment, Smart House. FHS is a product for events, house systems and conferences and very convenient because they can choose which products they want which have artificial intelligence. The more they choose the number of produces they want for their FHS, the more discounts they get. This is more of bundle pricing and discount pricing.

-Cost: $299.95

-JBL link series, a wireless speaker and voice Google assistant, triggered the creation of FHS.

$299.95 cost of JBL link 500. (JBL, 2019)

3.Promotional strategies

Advertising: The main point of advertisement to show customers all features and uniqueness of the product and service. Online Advertisement in social medias, such as Facebook, Instagram, Twitter, YouTube etc., should increase demand and dispatching FHS to popular tech reviewers to explain customers product’s strength and weaknesses, how to use it and why they should buy it. Outdoor Advertisements is the other method we using to advertise this product. Billboards in Homecare and music instruments shops are necessary to attract customers. Some musical Instrument Shops have just stocked this product and they will be making customers sample the product. This is to let them know and get to advertise the products to their social friends. This is more as to bring the product to the customers. All JBL speakers, that can be connected to FHS, cost 50% less with special registration of FHS serial number in JBL.com. It is done to make customers loyal and buy more JBL products. They will be special installation for smart-house free and free shipping included from 21June – 21July 2019.

4.Placement/Distribution strategies

-FHS can be bought in official shops

-FHS can be bough from retailers in audio and musical instruments shop.

-FHS is available in every Homecare Shops

-FHS can be bought online in official website (www.jbl.com.my) or online shops (Lazada, Amazon, eBay etc.) and can be delivered in a one week.

Conclusion and recommendations.

In conclusion, our group analysed that, in spite of competitors, fake products, non-stable market and high price of production and distribution, Future House Station will make demand of JBL products, high profit, successful sales and more loyal customers. We realised that FHS is competitive and will be technological breakthrough in house audio equipment sphere.

Harvard referencing

Jbl.com. (2019). Official JBL Store – Speakers, Headphones, and More!. [online] Available at: [Accessed 6 May 2019].

more, S. (2019). jbl.com Traffic Statistics. [online] SimilarWeb. Available at: [Accessed 6 May 2019].

HARMAN Newsroom. (2019). Inspired by You: JBL® LIVE Headphone Series Delivers Premium Sound and Smart Features. [online] Available at: [Accessed 6 May 2019].

Jblpro.com. (2019). History. [online] Available at: [Accessed 6 May 2019].

Hitesh bhasin. 2019. SWOT analysis of JBL. [Online]. [7 May 2019]. Available from: Verge. [Online]. [7 May 2019]. Available from: & Alastairfarquharson (2015). Cambridge International AS and A Level Business Coursebook Third Edition. (Third ed.).UnitedKingdom: 

lorette, k. (2019). Marketing Plan of a Product. [online] Smallbusiness.chron.com. Available at: [Accessed 23 Apr. 2019].

Bhasin, H. (2019). Marketing Mix Of JBL – JBL Marketing Mix and 4 P’s. [online] Marketing91. Available at: [Accessed 23 Apr. 2019].

Johnson, k. (2019). Objectives in Marketing a New Product. [online] Smallbusiness.chron.com. Available at: [Accessed 23 Apr. 2019].

Frenz, R. (2019). Product Strategy Objectives. [online] Bizfluent. Available at: [Accessed 23 Apr. 2019].

Quoracom. 2019. Quoracom. [Online]. [11 May 2019]. Available from: JBL. [Online]. [11 May 2019]. Available from:

About the author

This sample is done by Scarlett with a major in Economics at Northwestern University. All the content of this paper reflects her knowledge and her perspective on marketing assignment final 2 final (1) and should not be considered as the only possible point of view or way of presenting the arguments.

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