Question

Iconic is renowned national brand of clothing, tried to penetrate market with their new launch of ready to wear. Brand has launched the new range in haste, with a very weak analysis of target market dynamics. After first quarter, it is found that new range did not yield the expected results. Upon looking at the matter closely, it was found that the market is already loaded with similar clothing ranges at comparatively lower prices, due to which the product of Iconic was not to be substituted.
Looking at the matter, discuss which business-level strategy should be more appropriate for Iconic to implement? Justify with at least three solid arguments.

Answer 1

Answer:

As Iconic is the renowned national brand of clothing, they need to make their names highlighted separately, which is a great advantage and what is only needed is to provide a good and attractive product in the market for it's best sales.

Explanation:

Like the first quarter, after production of the ready to wear clothes, there has been a negative response towards the products, due to the availability of such products in the market were there with less price. In such a scenario, the company should focus on some kind of products which are rarely produced by other companies, and shall create a huge demand in the market.