With all eyes on the 'will they won't they' saga surrounding the possible bid for Sainsbury's, the industry's first look at Marc Bolland and his vision for Morrisons may have passed a few watchers by. So I'd like to examine what he said and the implications for his company and the industry as a whole.

The background to the strategic review was a mixed one. The profit before tax number that accompanied it was good, relative to expectations, but the current trading statement was a disappointment, revealing that like-for-like sales had slowed in the past month or so. So analysts approached the presentation with cautious optimism.

Given Morrisons' historic reputation for conservatism, watchers should not have expected too much. Sir Ken no longer wields so much influence at HQ but financial director, Richard Pennycook, was never going to allow Marc a blank sheet of paper with me to wax lyrical and allow forecasts to explode.

And so it proved. Bolland delivered a sensible, structured, one-thing-at-a-time vision for the company. A bear of the stock alongside me wrote "the emperor's new clothes" on his pad for me to see. But what did he expect? There was plenty to give us optimism about the future of the Morrisons brand.

Bolland finds little wrong with what he has found in-store. But he has a much bigger problem with how Morrisons markets itself. The longstanding yellow M logo will be gone, and so will the 'More Reasons' tag line.

We'd be surprised if the Sean Bean voiceovers and the 'Morrisons means nice pies and good value' approach to TV advertising is maintained. In brand terms, Morrisons must capture the middle ground between Asda and Sainsbury's.

It must prove to more upmarket shoppers that 'The Best' can cut it with 'Finest' and 'Taste the Difference' without losing its value-for-money heritage with its less wealthy customers.

Bolland is a marketeer. We can expect him to launch a summer-long TV fanfare of what Morrison does best. If he gets it right the rewards are potentially material. As mentioned above, he's got few problems in-store. It's getting customers into the building that's the problem.

While last month's strategic review did lack a bit of marketing detail, we think the market's frustration will quickly turn to pleasure at what Bolland has done. Keep an eye on Bradford!