Essay on Sonance Is A High End Speaker Company

Essay on Sonance Is A High End Speaker Company

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Sonance is a high-end speaker company with a strong history of innovation and product quality. One of the company’s recent example of their innovative talent is the Architectural speaker series. This is a high end speaker that is essentially invisible. While Sonance excels at providing the consumer a superior product, they struggle to maintain low manufacturing costs. In an effort to compete for more market share, Sonance has been targeting three markets, mass merchandisers, luxury home installers, and new housing developers. These three markets can be broken into two market segments, Owners and Installers. The Owners segment is reached through mass merchandising. This is someone who values a high-end and aesthetically pleasing audio system. They are price sensitive but price and ease of installation may not be the primary purchasing drivers. They may install it themselves or hire out the installation. The Installer market segment is reached either through a dealer or trade shows. They typically place large orders and value a product with low costs that is easy to install. The key difference between these two segments is who owns the speaker. The Owners segment is purchasing a speaker for their home while the Installer segment is purchasing a speaker for someone else’s home. Sonance should target the Owners segment, because this segment is larger, the buying process favors Sonance’s strengths, and Sonance provides more value to the consumer in the Owners market segment.

The Owners market segment has the largest market value at approximately $1.3 billion assuming Lowes can be regained as a distribution channel [Table 4]. This market segment is the largest, but it is not significantly larger than the Luxury Home Builder segment ass...

... middle of paper ...

...ket or a required attribute as in the luxury home market. The luxury home market may instead derive negative functional and psychological value from the Sonance brand due to the recent trend toward mass merchandising.

Sonance should focus on the Owners market segment. The Owners market segment is the largest segment and the buying decision factors in product quality in addition to price. This will allow Sonance to capitalize on its superior products. Also, the post purchase evaluation in the Owners market segment is based on innovation and quality, not ease of installation and profit margins which are not strengths of Sonance’s product offering. Finally, the consumer derives more value from Sonance’s products in the Owners market segment. These four key elements will allow Sonance to differentiate themselves in the Owners market segment and capture the most value.

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