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The Global Financial Crisis-Brand Management - Essay Example

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The Global Financial Crisis-Brand Management

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). Creating exciting customer interactions through activities such as product bundling to enhance value and promotions with creative alliances such as celebrities and travelling can also be used to maintain the unique value of a brand during such situations. This strategy takes off the focus of the customers on price and reiterates the commitment of the brand to engage and value customer support (Gelder, p102) Although this paper has discussed two strategies to be used during such situations, there are other strategies that are equally viable. Financial upheavals negatively impact the trust of customers on a brand. Therefore, during such situations it is the responsibility of the companies to devise new strategies that can maintain the trust of their customers on their brands. The Potential for "Branding the Senses" As A Differentiation Strategy for National and Global Brands Brand differentiation is a very important strategy in today’s competitive market where new products are coming in everyday. In fact, it is the key to successful marketing and competing. With the rising competition in the global market, most companies are forced to come up with new ideas of branding so as to differentiate themselves from others (Vadim, pp2). Among the branding strategies that most companies are now considering using in differentiating themselves from others is “branding the senses”. Branding the senses is the untapped and unrealized potential of sensory branding. It is a brand differentiation strategy that appeals to all the five senses, that is, smell, taste, touch, hearing and sight (Lindstrom, 5). These senses make up the human experience, therefore, engaging all of them at the same time equate to a stronger and unforgettable experience. That is to say, brands that focus on more of these senses at the same time will be more successful than those that appeal only to one or two of them. These appeals form part of the brand’s advertising, therefore, companies should focus on most of them when differentiating themselves from others. Although it is very difficult to appeal to these senses at the same time, most companies have effectively focused on them in differentiatin ...Show more


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…
Author : nonadouglas
The Global Financial Crisis-Brand Management essay example
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