Final answer:
If a brand rating falls below 70, it is crucial to compare its features with top-rated brands and consider adjustments rather than making drastic changes immediately. Factoring in the established brand name and market dynamics such as taste shifts and competitive pricing can guide the strategic response.
Step-by-step explanation:
When facing a brand rating that's less than 70, rather than making snap decisions like discontinuing the brand or changing pricing strategies, a more informed approach involves a comprehensive analysis. One strategy could be to compare its features to those of well-rated brands and make informed adjustments to the design or positioning of the product. This would be a part of a broader marketing strategy to improve competitiveness in the industry, particularly if economies of scale are not significantly large.
When considering dynamics such as a brand's reputation or a history of price slashing in response to new market entrants, it's important to factor in the brand's established equity. A well-respected brand name built over many years might benefit from targeted advertising or an enhanced sales strategy rather than drastic changes in pricing or product discontinuation.
Ultimately, numerous market factors, such as taste shifts, population demographics, income level changes, and the pricing of substitute goods, will impact the appropriate strategic response to the brand's current situation.