Mr. Ramesh is contemplating to enter the men’s top end shirts category.The company already has a brand “CLINGERS” in the middle segment (₹350-700). The brand is very popular amongst the target audience. Mr. Ramesh now wants to play the value game and enter the top end (₹700+) category. He knows there are some formidable brands. that will make life extremely difficult . Mr. Ramesh has decided to keep the brand name as “Clingers Gold”. He has decided to allocate ₹10 crores for sales promotion and advertising budget. Unique Industries is simultaneously entering the readymade trousers market and shoes market. Mr. Ramesh has decided to keep the same brand name “CLINGERS” to leverage the success of the brand name to the two new categories.
a. Do you think the brand name “Clingers Gold” is right for the top end segment? Justify your
answer.
b. Which factors you think needs to be studied before making such entry in the market?
Answers
Answer:
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Explanation:
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Yes, “Clingers Gold” is right for the top end segment
Explanation:
a) Yes, I thing the name 'Clinger Gold' is right for the top end segments as it provides the brand name Clinger into more diversified fields and also adds class to the platinum range of the company's product.
b) The study which has to be done before making such entry in the market includes:
1. What is the price of the product
Firstly deciding the price of the upcoming product is very Important
2. Which consumer group is targeted
It is very important for a company to study that which group of consumer will be targeted by their product at first.
3. Product usage
Where is the need and the usage of the upcoming product.
4.Purchase Influence
The study for a company to see the Influence the product is having just to purchase it.
5. Life style of the user
6. Market attractiveness factors