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Brand Strategy – New Brand

Forums › Ask CIMA Tutor Forums › Ask CIMA P3 Tutor Forums › Brand Strategy – New Brand

  • This topic has 3 replies, 2 voices, and was last updated 1 year ago by Ken Garrett.
Viewing 4 posts - 1 through 4 (of 4 total)
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  • April 19, 2021 at 5:05 pm #618233
    rmallett
    Member
    • Topics: 2
    • Replies: 2
    • ☆

    If a business was looking start a new product and brand into stores. What would their main strategy and priorities/actions be to ensure the success of their new product?

    April 20, 2021 at 5:51 pm #618322
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10197
    • ☆☆☆☆☆

    That’s a rather open-ended question, but:

    1 Establish what potential customers want – think of the 7Ps of marketing.

    2 Analyse competitors and their products.

    3 Look at PESTEL. For example, if launching a luxury product and the economy looks as though it will enter recession, any product is likely to be short-lived.

    April 22, 2021 at 8:38 am #618498
    rmallett
    Member
    • Topics: 2
    • Replies: 2
    • ☆

    Thanks Ken, that’s really useful.

    So deciding the brand name and design will come under Product in the 7Ps of marketing?

    Also, would the company’s level of operational gearing come under strategic risks?

    April 22, 2021 at 1:28 pm #618516
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10197
    • ☆☆☆☆☆

    Yes, brand, style, logo etc is considered to be part of the ‘Product’ in the 7Ps.

    With regard to operational gearing, this is probably best categorised as a strategic risk because it arises from the possible consequences of strategic decisions taken by the organisation eg whether to make components in-house (relatively high fixed costs so high operational gearing) or to sub-contract their manufacture (more variable costs, less fixed so lower operational gearing).

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