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
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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 is
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