Mr. Ramesh of Unique Industries 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. Having got the volumes, Mr. Ramesh now wants to play the value game and enter the top end (₹700+) category. He knows there are some formidable brands like Farow etc. that will make life extremely difficult for Unique Industries. But there are certain advantages which Unique Industries enjoys. It has one of the best retail networks in the country. They have their own factory, which ensures regular quality supply. They are the pioneers of branded shirts in India.
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?.
b. Which factors you think needs to be studied before making such entry in the market?
Answers
Answer:
Ramesh of Unique Industries 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. Having got the volumes, Mr. Ramesh now wants to play the value game and enter the top end (₹700+) category. He knows there are some formidab
Answer:
a) Yes, I do believe that the brand name "Clingers Gold" is appropriate for the top endsegment since Unique Industries, the firm or business organisation, already has a brand of shorts and tops with the name "Clingers" that is one of the most popular shirt brands in the entire nation.
b)Before releasing or introducing any new products to the market, corporations or business organisations must take care of or examine a number of crucial features and components in order to lessen the likelihood of encountering serious difficulties. Additionally, it is pretty normal or typical to expect a greater quality of the things likewise if they will pay more than the previous existing products.
Explanation:
a) Reasons for agreeing to the name-
Because "Clingers Gold" met all the requirements listed under "Product Name Must-haves,"
- Make sure your product name is consistent with your brand identity and overarching goal.
- Resonance: The desired mood, perception, or impression must be evoked in your ideal customer by the product name.
- Scalability: Consider the long term. In your opinion, will this be a stand-alone product or, if it succeeds, might it expand into a whole new line of products? If the latter is what you have in mind, you should keep it in mind while picking a name.
- Visibility: If your goods can't be easily found and searched for online, it's already doomed.
b) Factors to consider before launching a product-
- new target consumer behaviours, communication routes (and their usage)
- contrasts in culture between various markets and locations
- currencies and languages
- popular means of payment
- Regional rules and regulations
If all the factors are in favour then CLINGERS will be a success.
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