Marketing in Global Financial Crisis Essay Example | Topics and Well Written Essays - 1750 words

Marketing in Global Financial Crisis - Essay Example The global value proposition reveals the insights achieved from extensive global research into consumers' existing, as well as potential requirements, in addition to the business's leadership statement. It explains the emotional  and practical advantages to customers and motives why the company will deliver. The value proposition will help significantly in differentiating from the competitors. Rather than being identified as offering everything for everyone, the business will be identified as the world’s strongest economic society (Simchi-Levi, p. 183, 2010). The long-term brand policy, along with brand structural design, pursues a one-brand vision, and promoted by the brand communication and campaigns. Consumers gain knowledge from experience whether the assurance behind a brand is factual or bogus, especially in times of global financial crisis. The global financial crisis has called for a number of strong points that can assist to differentiate a company for its stakehold ers. For this purpose, companies should implement an innovative communication approach that will meet the requirement to change the position and revitalize the brand. The innovative communication policy should leverages on this strength: it produces a new sort of discussion with the consumers and is even more open as well as transparent than before. Well-known brands keep developing their brand identity to progress with the times, constantly keeping the most identifiable components. That way they continue to look fresh and advanced, securing brand stability at the same time. The redesign reveals the brand policy with respect to the different prerequisites of the local... This paper stresses that traders are increasingly launching low cost ranges into their superstore’s shelves. The private-label merchandise is turning out to be a smart substitute to the cost responsive customer in times of global financial crisis. In a recent survey, 61 percent of customers said they were switching to inexpensive grocery brands in the financial crisis and approximately one-third of them said that they would carry on to buy low-priced grocery items even when the financial recession is finished. The author of the essay declares that the global financial crisis has a considerable impact on the way customers shop for groceries. With the purpose of getting the best value for their condensed earnings, customers are shopping around for the top bargains and increasingly dividing their grocery spending across at least four different sellers. For businesses, long-term policies may be the most important factor to brand success. When customers come out of the tough times, they may intentionally choose not to change all of their new practices and revert. An increasing number of customers are looking around for a bargain to shop, and this was obvious in a number of studies. This report makes a conclusion that marketing is struggling to meet the challenge of different communities. The majority of customers rely on the opinion of acquaintances and strangers more than official marketing.