Thecompany is losing its brand image due to the strong competitive environment in the market. Being the marketing manager of the company, what initiative would you take to re-introduce this brand to regain its brand image and become the market leader? Support your answer with solid arguments.
A product that is experiencing competition because of its poor brand image requires new marketing strategies. Many strategies can help improve the image of a brand. One of the branding strategies is through re-branding, where the organization uses new product features such as product size, pricing strategy and diversification. Through re-branding, a product has unique features that attract customer and improves the market share. Another approach of strengthening the band image is through online activities such as digital marketing. Use of digital marketing channel helps to reach out to a broad audience. Social media is useful because it is a cost-effective marketing approach. Online marketing creates a strong relationship between the company and customer because of regular interactions, making the brand competitive in the market. The company may also enhance its brand image through offline activities such as community involvement, events and outdoor marketing. Offline activities help to reach to those people who have limited participation in social media. Through offline businesses, the customers relate to the brand, therefore strengthening its image and competitiveness.