Answer to Question #128289 in Marketing for oliver

Question

how can a company re-introduced its brand in the market and regain its image?

Answer 1

Re-branding

The company should adhere to three strategies that will enable it to regain its market share. These are through changing product pricing, promotional changes, and product changes. Because the market price is dynamic over the seasons, changing the price of products and services will enable the company to survive. Therefore, the company will gain more market when it sells its products at a fair price than its competitors. When the money is scarce in the consumers' hands, they will tend to affiliate more on the company that will sell its products and services at a lower price. By flexing the price with changes in the seasons, the company will thrive in both short seasons and high market seasons.

Introducing new and effective promotional strategies help the company to regain its image to the market. The company should know to what extent the strong reputation gives the product's support to recover. The introduction of an intangible asset like knowledge of to product to the market will help the company to regain its image to its customers. Also, diverse advertisements to a broad market will expose the company to better consumers. Creating visible and attracting billboards in the markets exposes the company to the potential customers. Approaching the customer’s face to face communication about the company helps it grow and attracts more customers. When all these approaches are applied effectively, the company will be better positioned to regain its image to its potential customers. Also, changing the products according to the customers' needs helps the company regain its image. For instance, when the company is selling food products and the market is demanding clothing materials at most, it is, therefore, necessary for the company to shift into selling clothing materials so that it may fit in the community.