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The Global Financial Crisis-Brand Management - Essay Example
Author : nonadouglas
Pages 4 (1004 words)
Name Tutor Course Date The Global Financial Crisis-Brand Management Strategies for Global and National Brands to Sustain (Or Regain) Their Unique Value Proposition during the Global Financial Crisis All international companies aspire to create national or global brands that finally get etched in a society’s culture and become cultural icons…
The strategies devised usually vary between companies depending on the targeted market. This paper introduces two general strategies that can be used by these companies to maintain or regain the unique value of their brands during global financial crisis. One strategy that the companies can use to maintain the unique value of their brands during global financial crisis is by engaging the customers as during these economic downturns excellent opportunities for innovation are provided (Roll, pp6). Customers cut down on consumption during financial crises, thus brands can initiate measures that take off their minds from the difficulties of consumption and focus them on the worthy features of the brand and co-create value with them. This strategy also helps minimize loses and more importantly, it successfully protects the companies brand image and brand equity. Singapore Airlines is a company that perfectly used this strategy to maintain the value of its unique brand. During the deadly SARS breakout in South East Asia when customers were afraid of flying, Singapore Airlines offered its customers very innovative vacation packages that encouraged customers to travel thus maintaining their status (Roll, pp7). ...