Barco Marketing Case Analysis

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1 Barco Marketing Case Analysis I. Position Statement: Over the past few months, many events have led Barco Projection Systems to be confronted with an important decision: Barco needs to continue its development schedule of the BD700 like they planned, despite Sony s release of the By making a quick and irrational decision to drop all development on the BD700, they would likely gain back their position on the market share but would endanger their reputation and relationship to current customers, which is something more valuable than competing with the new product. Even though they may not have superior products, they can outperform Sony until they have time to develop a superior product than the II. Evidence Customer-Driven Marketing Strategy: Market Segmentation: Market segmentation includes dividing the total market into smaller segments which allows them to reach target markets and provide better for their wants and needs. Each market segment needs to be measurable, accessible, differentiable and actionable in order to be considered as an adequate market segment. With one of these key elements missing, Barco will be unsuccessful in reaching the desired segment. The four main types of market segmentation are geographic, behavioral, demographic and psychographic; which are described in detail below. One of the main factors playing into all of Barco s marketing segments is that Page 1

2 Barco is an industrial company, selling to businesses and industries, rather than individual customers. Geographic Segmentation: Geographic segmentation divides a market into units based on where they are located such as nation, state, region, country, city, and climate. Barco is a worldwide company headquartered in Belgium, but sells to three main geographic segments of Europe, Asia and the United States. Each different global segment has different needs and wants based upon technology currently available in that region, uses of technology in the region and current brand awareness and use of products. It is important for Barco to examine each of these segments and determine what the customers in that specific area need and want. Each segments marketing strategy will be tailored to them. The geographic segments are measurable since each country has a certain population and we have numbers showing the number of Barco s products being bought and sold in each country. The geographic segments are also accessible and actionable because Barco has marketed to them in the past and they continue to need new technology. And the geographic segments are also differentiable, since each has its own distinct customer needs and wants, and preferences on types of technology. This is an appropriate type of segmentation since Barco has three distinct geographic segments. Behavioral Segmentation: Behavioral Segmentation divides the market into groups according to the different occasions when buyers get the idea to buy, make the purchase, or use the purchased item. The case stated that with increasing technology, projectors that Barco sells are usually replaced on average every five years and that the type of projector they purchase depends upon the amount of use. According to the case, Barco has three different categories Page 2

3 based upon the amount of usage: light use, medium use and heavy use. These three groups are measurable since the amount of use can be calculated in hours per week the projector is in use, they are also differentiable since each uses it for a different amount of time and based upon how much they use it, they will have different needs and wants for the projector. The behavioral segmentation is also actionable and accessible since Barco has sold to them in the past and can continue to sell to them in the future. This is an appropriate type of segmentation for Barco. Demographic Segmentation: Demographic Segmentation divides a market into units based on variables including race, age, gender, religion, occupation, and income. This is one of the most popular forms of segmentation because consumers placed together demographically tend to have similar wants and needs. This does not apply to Barco since they are not selling to individual customers but different industries, where demographic of those purchasing the projector does not play a significant role. One important element to be aware of though is the income of the company as a whole: Barco in the past has tried to be a high end competitor and is now competing with Sony. Essentially, yet indirectly, Barco is looking to market to companies possessing a high disposable income. Demographic segmentation would not be a good choice for Barco since it is not individual customers but industries buying their products. Psychographic Segmentation: Psychographic segmentation divides a market into different units based on social class, lifestyle, or personality characteristics. Once again, this does not apply to Barco since they are not selling to individual customers but industries. This would not be a good choice of segmentation for Barco to market to. Page 3

4 Target Market Segmentation: Like market segmentation described above, target market segmentation is also extremely important in the selection process of what markets Barco should be involved in. Barco makes it very clear that as a company it will focus on top of the line products in niche markets (Background, para. 2). This greatly affects which type of market segmentation it chooses to be involved with. Undifferentiated (Mass) Marketing Differentiated (Segmented) Marketing Concentrated (Niche) Marketing Micromarketing (local or individual marketing) Targeting Broadly Narrowly Targeting Undifferentiated (Mass) Marketing: Undifferentiated marketing is when a company focuses on the entire market rather than different market segments. This would not be a suitable solution for Barco since they are looking at going after a specific market. Differentiated (Segmented) Marketing: Differentiated marketing is where a company goes after several market segments with tailored ways to market to each. This would not be a suitable choice for Barco since they are looking to go after a specific market. Concentrated (Niche) Marketing: Concentrated niche marketing is where the company targets a few specific segments or niches. This is the type of market targeting segmentation Barco should be involved with since they have a specific goal of top of the line products in niche markets, which fits concentrated marketing perfectly. Micromarketing: micromarketing includes tailoring marketing programs and products to specific individuals and local consumer groups. This is not a good option for Barco since Page 4

5 they have multiple different segments (Europe, Asia, and the United States) they are marketing to and they do not tailor the needs to specific individuals or industries. Differentiation: Differentiation: Differentiation includes actually differentiating the market offering in order to create superior customer value. There are five main areas to differentiate: product differentiation, services differentiation, channel differentiation, people differentiation, and image differentiation. Product Differentiation: Product differentiation includes having superior features, performance, style or design of the product to compete with the competition. Currently, after Sony released the 1270, they have captured the market in product differentiation. As Barco continues to work on a superior product they will soon be able to one again excel in product differentiation, but at the current moment they are not. They need to develop a product superior to that of the 1270, which will take time and extensive research and development in addition to searching for new suppliers. Barco is currently lacking in this aspect of differentiation. Services Differentiation: Service differentiation includes making the product better than competition by offering superior services to pair with the product. This is an area where Barco needs to increase its time and energy, as it is the place where it can outperform Sony. They could become more service differentiated by offering complementary technician support service around the clock to all customers, which is something Sony does not do. They could also continue to increase dealer and distributor awareness and Page 5

6 also offer to send educated specialists to the different industries to offer instructional teaching sessions about the projector to those at the company. Channel Differentiation: Channel differentiation includes outdoing the competition by being experts at their channel s coverage, expertise and performance (how well the business is run smoothly). Barco is currently doing an above average job in channel differentiation because of their educated dealers and installation process. They need to continue with this process and continue to educate their technicians and dealers about their products in order to ensure that the customers are satisfied. People Differentiation: People differentiation is when companies gain a competitive advantage by hiring and training better employees than their competition. As stated above Barco has prided itself on having educated dealers. There is always room for improvement as they need to continue to hire more dealers and technicians in addition to hiring new and networked employees in the production aspect of the product. Barco needs new ideas in order to compete with Sony and by hiring new employees to help research and develop new products; they will potentially have a competitive advantage. Image Differentiation: Image differentiation is the branding of the company. The stronger and more well-known or recognizable the brand name is, the more of an advantage the company has. Barco currently has a strong, well respected image, though this may be lessened by Sony releasing its new 1270 projector. They have been known as a company producing quality, high end projectors and will need to release a new product in order to maintain that image. They have also always had the image of a service oriented company which will be beneficial in this time of turmoil and will help carry them through and maintain brand recognition during this time. Page 6

7 Benefits Barco Case Analysis Danielle Wahl 3/4/2013 Possible Value Proposition Map: Price More The Same Less More More Benefits for More Price More Benefits for Same Price More Benefits For Less Price The Same The Same Benefits for Less Price Less Less Benefits for Much Less Price The possible value proposition map is a marketing tool that displays a company s position of the price of its products and the value and benefits the customer experiences with purchasing the product (in comparison to competitors). First of all, Sony is able to produce higher quality products, with more tangible benefits though less intangible benefits (customer service, product knowledge, etc.), for a lower price than Barco. By weighing out these benefits, this would place Sony in the more benefits for less price box. In contrast, Barco has less tangible benefits but more intangible benefits and a higher price than Sony. This would place Barco in the center (green box). This is not a good place for Barco to be because there is no way, unless they come out with a new product that they will be able to stay in the market at their current position of offering high end products. They will not be able to continue to charge the same price based upon the benefits they are offering and continue to compete with Sony. I suggest that Barco, if they want to stay in the high end market will need to release new products and amplify customer service in order to have a chance at competing. The other option is to change their direction to middle range projectors, though that would affect their mission statement. Product Service Continuum: Pure Tangible Good Sony Barco Pure Service Page 7

8 The product service continuum is a measurement of the types of goods a company is selling. On this continuum, Sony is closest to the pure tangible good side. As the case said, Sony offers the product but doesn t offer customer service to go along with it. Their products are extremely easy to use but if the customer encounters problems, they are less likely to provide service after the final sale of the product. Barco, on the other hand has a window of opportunity here. Even though at this current moment they are not able to compete with Sony s new 1270, Barco can provide a delightful and memorable experience to the customer to make up for the product advancement shortfalls. By offering extended warranties, human support for technological difficulties and sending out representatives to inform and instruct new companies how to use the product. They can not only provide the adequate tangible good (the projector) but also an exceptional intangible good (the customer service experience). Positioning: Positioning includes how a product is defined by consumers according to important attributes and how it relates to other products in the consumer s minds as well. One of the tools used to display this is the product positioning map. Page 8

9 Price (In Millions) Price (In Millions) Barco Case Analysis Danielle Wahl 3/4/ Price and Technological Innovation Positioning Map Barco Sony Electrohome NEC Technological Innovative Benefits Price and Customer Service Positioning Map Barco Sony Electrohome NEC Customer Service As seen in the price and innovative technological benefits map, Sony has captured the market share of having the most innovative products for a lower price than Barco whose products are Page 9

10 less innovative. This is posing an issue for Barco as they are not able to compete with Sony at this current position. In contrast in the customer service and price map, it is clear to see that Barco has captured the market share of most customer oriented products. The deciding factor is how important this is to Barco s current customer group. If customer service and product knowledge is most important to them, Barco will be okay. If not, Barco has a lot to lose to Sony who can offer higher quality, more innovative products for a lower price. Three Levels of Products: Augmented Product Actual Product Core Customer Value Augmented Product: The augmented product supports the actual product by offering additional services to set it apart from competition and please the customer. Some of these services include delivery and credit, after sale services, warranty and product support. Delivery and Credit: Barco currently offers an extremely effective delivery and installation procedure for its customers, which increases the intangible benefits the customer gets from buying a Barco projector. Page 10

11 After Sale Service: Currently Barco provides after sale support to their customers. They should continue to offer free installation and setup of the new projector in addition to instructional classes to those at the companies that would be mostly in contact with the projectors for little to no cost to the company purchasing the projector. Another service would be having a Barco representative visit the company within the first six months after installation of new projectors to make sure the company is satisfied and that everything is running smoothly. Warranty: No information was given about current warranties Barco offers, but this would be an appropriate channel to pursue. By offering warranties, this would increase customer trust and therefore customer loyalty. Product Support: One addition they could make to their current services would be to have a certified technician on staff in all locations near the majority of their customers for easy access. Barco has a pretty established product support system in place currently, it would just be strengthening the one they have. Actual Product: The actual product is the tangible creation that has features, packaging, design, a certain quality level and one that supports and strengthens the brand name. Features: Barco products have provided superior features in the past but with the release of Sony s 1270, the special features in Barco s current products will be insignificant. This again is a special spot where Barco is able to sell their customer service as a feature, something that is able to surpass Sony. Page 11

12 Then once they are able to develop a new product, superior to the 1270, they will recapture the market with their special features. Brand Name: the Barco brand name is one that is well recognized in the market and well respected. They are known for their quality products and service. Their brand name and reputations sets them apart from other companies, especially their direct competition, Sony. Though Sony is able to release superior products, they are still unable to compete with the customer service aspect of Barco. Packaging: Though packaging is an important part of marketing, it is not considered important or applicable in this case. Nothing was mentioned in the case study about packaging and since they sell to industries and not the general consuming public, packaging is not considered a priority. Design: The case study mentioned that Barco s customers were sometimes confused by the complexity of its projectors, though felt that Sony s projectors were easier to use. It is important for Barco s designers to take note of this and examine the layout and ease of use of Sony s projectors. Though still maintaining a unique design, implementing some of Sony s ideas would be beneficial to both Barco and its consumers. Quality Level: Barco has prided itself on its quality products and services to consumers. Even though their features may not be able to compete with Sony s new products, keeping a high standard of quality will keep customers loyal and satisfied until Barco can release a new product able to compete with the benefits of Sony but still being considered high quality. Page 12

13 Core Customer Values: The core customer values determine what the customer is actually seeking when buying the product. These include the benefits and services the customer will have when purchasing the product, though the benefits can be intangible as well. There are two main core customer values Barco s customers possess: high quality, top of the line innovative products and customer service. Through the recent transition with Sony releasing the 1270, Barco is currently unable to provide the latest innovation to its customers. Because of this, they will need to provide even better service and quality products (as discussed earlier). Product & Service Classifications: Consumer Products: Consumer products are a product bought by a consumer for personal use, not to be used to run a business or for additional processing. Industrial Products: Industrial products are those that are purchased by individuals or businesses to be used in a business setting or for further processing. These products are not for personal use. Barco s products are industrial products. Convenience Products: Convenience products are those that are purchased frequently and without planning beforehand. There is little comparison between these products offered and those of other brands by the consumer and they are bought with little or no thought. They are of a low price and sold in various locations, being greatly promoted by the manufacturer. Barco s products are not convenience products because they are highly priced and sold in select locations. There is also a lot of planning that goes into the purchase of Barco s projectors. Page 13

14 Shopping Products: Shopping products are purchased less frequently than convenience products and require more planning, comparison of price to competitors and also offer greater quality and style. There are less distributors of these products and they are promoted by both the producer and resellers. Barco s products could be technically considered shopping products but fit better under specialty products. Sony fits in the shopping products because of its lack of customer loyalty but great quality (innovation) and style. Specialty Products: Specialty products are specifically different products than others in the market. Customers that purchase these have little comparison of brands, low price sensitivity and value their loyalty to the brand more than anything else. These products are exclusively distributed and are carefully targeted by the producer and resellers. Barco fits into this category of an industrial specialty product because of the brand loyalty the customers have mostly because of their expert customer service thus far. As long as the customers remain loyal to Barco, Barco will stand a chance against Sony. Unsought Products: Unsought products are those with less awareness, varying price and distribution, but with aggressive advertising, and personal selling by the producer and resellers. Neither Barco nor Sony fit this category. Product Life Cycle: Each product has a lifestyle that it goes through that is defined by five stages: product development, introduction, growth, maturity and decline. I will explain in detail each of the stages and how Barco fits in on this continuum. Page 14

15 Product Development: In this stage, the company is thinking up the idea. This is the first stage of the product lifecycle, and sales are at zero because the product has yet to be released into the market and is still being developed. Currently Barco has two main products in this stage: the BD700 and BG700. This is an important stage for Barco to continue to increase success in, as they now need to begin developing a product that can compete with Sony s This is an extremely critical stage currently for Barco. Introduction: During the introduction stage the product is being introduced into the market. Expenses outweigh the profits and the sales are slow. This is currently the stage that Sony s 1270 will be in when released. Barco s 700 series will also be in this category, but will have to compete with the Sales will be extremely slow and decreased profits because of the 1270 release. Growth: During this stage sales are increasing at the greatest rate and profit is also increasing. Sony will be experiencing this after the 1270 release, but currently Barco will be experiencing this will all of their customers that have pre-ordered projectors before hearing about the 1270 release. Barco will need to fulfill all these orders and display their exceptional customer service skills in order to actually experience this stage. Maturity: At the maturity level, sales and profit begins to slow down. The product value has decreased and competitors have a handle on the market. It is uncertain if Barco s 700 series will reach this stage with increased competition or if they will move right into the decline stage. Page 15

16 New Brand Name Brand Name Existing Brand Name Barco Case Analysis Danielle Wahl 3/4/2013 Decline: In the decline stage, sales diminish and the profit does as well. Barco will surely hit this stage, faster than usual because of Sony s new 1270 projector release. Brand Development: Product Category Existing Category New Category Line Extension - Barco s 700 Series Brand Extension - Sony s Barco s New Product that is in the development stage Multi-brands New Brands Line Extension: Line extensions consist of extending an existing brand name to new forms, colors, sizes, ingredients or flavors of an existing product category. Barco is participating in line extension when they release the 700 series into the market. Brand Extension: A brand extension includes extending an existing brand name to new product categories. Sony s release of the 1270 is a brand extension, and in order for Barco to compete with them, their release of a more superior product would have to be a brand extension as well. Page 16

17 Multibrands: Multibranding is when companies create additional brands in an existing product category. This allows the company to encompass different buying motives of consumers and promote different product features. This is not applicable to this case. New Brands: New brands consist of a new brand name and a new product category. This is not applicable to this case. New Product Development Stages: Generation of Ideas Screening of Ideas Concept Testing and Development Business Analysis Product Development Test Marketing Commercialization In product development, there are seven different stages. Up until the release of Sony s 1270 projector, Barco had been successful in implementing and fulfilling each stage. Ever since the release of Sony s 1270 though, there needs to be significant changes in how they approach each of these stages. In the generation of new ideas, Barco needs to hire more research and development employees to think up of new, innovative ideas. Then when the ideas are being screened, they need to be careful not to throw out any ideas that seem farfetched yet would give them a Page 17

18 competitive advantage over Sony. It was in these first two steps that Barco slacked and therefore gave Sony the competitive advantage over the market. The next steps are required, but based upon Barco s history and success in the market they seem to be accomplishing these steps well. It is truly the idea generation and screening that need to be closely examined and re-evaluated for Barco to stay in the market. III. Conclusion As shown in all the supporting documents, Barco is at a very risky point in their career as a high end producer of projectors because of the advances their direct competitor, Sony, has made. Barco needs to continue to release their 700 line as planned, though in order to survive this setback they will need to increase their intangible goods to the consumers while they work to develop a product that is superior to Sony s This can be shown through their increase in customer service and employee knowledge of the product. As long as they can continue to increase their brand loyalty and consumer satisfaction with the product, they will survive this minor setback. Even though at the current time Sony is able to offer more innovative products, Barco is still able more customer support and satisfaction. IV. References Pearson Custom Business Resources: Principles of Marketing. Boston: Pearson Learning Solutions, Print. *I also viewed Eric Christianson s Barco Case Analysis from (Fall 2012 Semester) to see how it was formatted and what to include. Page 18

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