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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.
Brand differentiation is a very important strategy in today’s competitive market where new products are coming in everyday. In
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In the paper, the regulatory failures that especially the western industrialised countries faced and which led to the universal economic crisis in the year 2008-09, is examined along with the findings about the causes or roots of the arising financial crisis along with certain immediate tasks that should be followed in order to cope up with the financial crisis has also been discussed.
This Global Financial Crisis indeed had a dreadful effect on the international economy. So, in many countries, key players within economies such as stock markets as well as large financial institutions did succumb to the effects of global financial crisis.
Global Financial Crisis of 2007 had its beginning in United States of America with the crash of the home loan or credit market during July 2007. This credit crunch which happened in United States during 2007 rapidly spread to other global economies thus jeopardizing the global financial system.
BRAND MANAGEMENT. Walmart is a very strong brand with high brand value and unique positioning. Brand image of Walmart suffered a severe blow with bad publicity about its low wages and health facilities and many other issues as discussed above. The brand has come out strong and has been successful in building its new brand image.
The global financial crisis have affected and will continue affecting the livelihoods of nearly everyone in the increasingly inter connected globe. As a case study, I will view the economic situation the United States, its progress, and downfall caused by the global financial crisis.
HSBC Holdings Plc is a renowned multinational banking and financial service provider which is headquartered at Canary Wharf, London, United Kingdom. Although the retail banking giant was established by Sir Thomas Sutherland in the year 1865 but officially the brand
This was also followed by a succession of collapses. Later months in the same year witnessed Lehman’s bankruptcy. The investment bank at the Wall Street also experienced the crisis (Lee, 4). The infusions of billion of US
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