A strong brand name is the most valuable asset any company could possess. Additionally, a brand name is a primary element that significantly influences a customer’s decision-making process. Consequently, companies and organizations should focus on building the right brand name that sells their portfolio. Therefore, a strong brand name helps a company to reach the target market better. Moreover, there are countless benefits that a company can gain from maintaining and building a strong brand name which includes but not limited to customer recognition because a strong brand name build customer recognition. Customers are more likely to choose a brand name that they recognize. A strong brand name creates a competitive edge that is hard for the rival companies to outmaneuver.
Additionally, a strong brand name gives a company competitive advantage in the market due to effective differentiation by the customers. Consequently, a strong brand name allows the company to launch new products in the market effectively. Subsequently, it costs less for to company to introduce new products because customers are attracted to brands that have strong values and meet their demands. A strong brand name also helps to build greater customer loyalty because it enhances credibility with the customers, the marketplace, and the industry.
Red Mango could use other ways of collecting data such as incentivized and unobtrusive methods. Similarly, many customers respond to questions that have direct answers, and the company can gather the information bit-by-bit to create a fuller picture of the customer’s needs. Red Mango can obtain essential market feedback from customer orders, surveys, competitions, and online research. For the new products, Red Mango can offer free samples to their customers for a specified period and observe the customer’s feedback to make informed decisions when developing and introducing new products in the market.
A company cannot introduce new products rapidly because the chances of failure are higher than for success. Therefore, the introduction of new products requires thorough market research and competitor analysis because the competition is a shifting paradigm and a company must first build a robust and secure network of value-delivery stakeholders to maintain a competitive edge in the market. Despite the increasing effort by scholars and researchers to create and develop new theories with more relevance in the marketing and introduction of new products, the failure rates for new products remain exceptionally high. Thus, companies need to be careful when introducing new products in the market because it requires marketers to simultaneously become the competition, the customers, and a combination of the right skills and taste with capabilities to deliver exceptional customer remedies. Additionally, the quick launch of new products into the market may lead the company not to fully understand the customer needs because they do not have ample time to evaluate and respond to the negative customer feedback. Moreover, the quick launch could mean that the company may target the wrong populations.
Consequently, they could create products that offer no reasons for the potential customers to switch brand. Launching new products quickly into the market can be coupled with pricing problems. The new products can be highly priced which can discourage customers from purchasing or too low prices that have adverse effects on the overall company revenue. Therefore, companies should take enough time to conduct market research and evaluate customer’s feedback before launching new products.