What recommendations would you make to Mark to monitor his success and direct the company’s strategy for the future?
A) I would recommend to Mark to invest in his company’s image and create a unique identity for his products. This also corresponds to my recommended pricing strategy i.e. value based pricing. Mark has already got things under his control and is heading in the right direction. If he invests a bit more in branding his product-line, it would really enhance the brand equity of his products. “An effective identity does three things; it establishes the product’s value proposition. It conveys its character in a distinctive way and it delivers emotional power beyond the mental image (Kotler &Keller 299).” This is also related to Timbuk2’s target market, as the affluent customers will be happier to pay more for the elite identity that the brand would carry.
Secondly, if Timbuk2 does not want to create a new hyped brand recognition. Then I recommend that, it should at least take due care to maintain its existing image. It takes years to build a good reputation for an organization and minutes to lose it for good. Therefore, Mark’s product should deliver quality and more importantly the value as perceived by its target customer. Timbuk2’s products should deliver what they promise and satisfy its customers. Furthermore, Mark should not diversify in product lines that are not associated with the brand image of the company or are unrelated to the company. For example, he should not commit the mistake of Heinz, where Heinz a food company established a product not related to the company image( Heinz all purpose vinegar) and only succeeded to confuse its customers.
Then again, Mark should not invest in product lines that do not promise good revenue to the company and focus on establishing such products that can be manufactured on already existing technology and marketed through already established marketing channels.
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