Considering dropping the Glacial Falls led to the risk of losing precious shelf space with retailers and launching a new scent is time-consuming (18 to 24 months), it would be more reasonable to continue the Glacial Falls and reposition itself to specific target.
The first thing for the Glacial Falls is to think about which group to target. The Glacial Falls has a long history of brand which already owned a bunch of loyalty customers. To compete with other brands targeting young male demographic, Glacial Falls had no advantage. It may even alienate its current customers. So Glacial Falls should target people above 24 years old who were more mature and more sophisticated. Moreover, consumer's tendency to remain loyal to a brand increased with age. In that case, targeting these people could let Glacial Falls focus on maximizing profits in the long run with limited advertising investment. Besides, since the Glacial Falls position itself as a high-end product, people with older ages would have more capability to purchase the product.
To outline the approach for positioning Glacial Falls, I used the framework on the 4 P's: Product, Place, Promotion and Price.
Product - The product should emphasis on the classic but avoiding to be deemed as old. Packing should be reconsidered to position Glacial Falls as mature, gentle and reliable. Thus product could target the niche market that attracts those gentlemen who was more focused on functional element like staying power and make themselves more decent.
Place -continue to cooperate with retailers to secure existing shelf space
Promotion -From previous advertising spending, the majority of spending was done at the category brand instead of exclusively for Glacial Falls. It is suggested that specific advertising exclusively for Glacial Falls should be arranged. O'Connel