Question

You have been hired as the Economics Advisor in a XYZ Ltd to help steer the company to greater heights. The company is launching a new product in the market. Task: advise the company on what factors to consider as it gears itself to introducing a new brand.

Answer 1

As an economic advisor when launching a new brand there are a number of factors that needs to be considered.

What is Economy?

Economy is the environment of a country that entirely depends on production of goods and services and its consumption.

Market trend- will analyze the purchase of similar brand in the current and past

Fashion- The brand offers the latest fashion and is not outdated

Demographics- the brand launched will be consumed by urban or rural areas and should be relatively marketed.

Age factors - the brand and product for suitability for a specific age group

Price affordability - whether the people in the society can actually afford the brand.

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