Posted on : 2023-12-15 03:36:45
Article : Good Evening Friday-Management TASK 272- With markets evolution- brands innovation in pipeline is indeed needed but brands variants rapid market launches are to be watched out.
Innovation is today’s market buzz word with many companies launching series of brand variants. In a way to stand ahead in the competitive market place, innovation is taken as opportunistic route for more products market visibility. Before they plan on innovation of new product brand launches, companies need to deeply study on their existing brand’s market equity, market share, sales and competition. With lower barriers on markets entry, many geographical markets are presently experiencing thrust of local, regional or global brands entering into markets. With this thrust, retail space becomes congested and retailers get confused as to what brands to stock? Influenced by the digital social media blasts, consumer choice products/brands purchase is becoming a treasure hunt situation. In such a market scenario the long-standing high consumer recall brands get affected either with lowered sales or not having required space for stocking in the retail.
Innovation is indeed needed in the progressive markets’ evolution. If we look at it even the retail store formats are evolving from the Kirana/grocery stores to convenience store to mini super market, hypermarkets- stand-alone brand stores, to store in store in malls for customer’s physical shopping experience.
With this evolved structure of retail market formats, brand manufacturers think towards more brand innovations and launching of more brand variants through different retail channels for their business scale up. It is all with hope and scope for gaining new customers. Many Market studies does show that there will be an initial customer reach for these brands due to heavy ad spend by the manufacturers, sometimes these new brands may hit the road at the cost of lowered sales of the regular brands of the same manufacturer. Hence Innovation in pipeline is needed but brands variants rapid market launches are to be watched out.
To understand this market evolution-needed innovations and brands launch we will discuss on Daigeo’s applied solutions for their spirits brands based on Recruit- re-recruit and disrupt market model for existing brands for better market sustenance and future brands ad and promotion spend.
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