Question

The Premise:

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.

Point of Discussion:

Looking at the matter, discuss which business-level strategy should be more appropriate for Iconic to implement? Justify with at least three solid arguments.

Max. Words limit: 100 max

Answer 1

Answer:

Iconic being a one of the renowned brand of nation, the company need not build new goodwill, instead, it can use its existing goodwill to penetrate the market with a new range of products.

Explanation:

As the company without analyzing the present market conditions, they penetrated the market with ready to wear products, which were already existing in the market with the same quality as well as at cheaper rates. To penetrate the market, iconic should take a proper costing of the products, or the introduction of some new kind of product, which is not yet in the market.