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. conic 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.
Answers
Answer:
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. conic 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.
Answer:
Business Strategies is the procedure of planning and executing the Organization function in the manner to achieve certain tasks and goals with a better understanding of the market and its demands.
There are 3 levels on which a firm can opt to achieve the unique identification and become strong competitors.
They are -
-> Focused Differentiation - This helps to Focus the firm on the vision and mission of the Organization. That, how to create a different identity than existing competitors
-> Product Differentiation - This mainly concerned with the product of the firm and how to create they better than the available products at reasonable prices.
-> Cost Leadership - Under, this the Organization works in cutting down the extra penny of expenses incurred while producing goods and services.
So, the Iconic has to work with the "Product Differentiation", "Focused Differentiation" and "Cost Leadership" to overcome the situation of their products in the market.
Firstly, they should consider -
• How they can make the difference and bring Unqiuneness in the present goods in the market to stand out.
Secondly,
• They should focus on how they can reduce the cost of the products they are supplying in the market to be in Competition and maintain the balance between the quality and its quantity.
• The overall focus on the products and services and their feedbacks. To understand how customers are perceiving products, they also understand their needs to make a better understanding of the product.