In: Economics
Case: The Corona Virus has ravaged the nation’s economy, social norms and changed our way of life. As I have taught you, marketing is a form of strategic illusionism that controls not only consumer buying behavior but how we see the world itself. Respond to the following questions reflecting on how the Corona Virus has impacted the marketing landscape.
1. What type of consumer buying behavior was a result of the Corona Virus? Give at least 2 examples to support this claim. (Hint: What was the difference in buying patterns before the corona virus versus during?)
2. After stay at home orders were put in place, how did commercials change their tone to keep up with the changing times and keep people interested in major companies? Give at least 2 examples of 2 separate companies changing their marketing to cope with the changing times. Did it work and how did the public respond?
3. Create your own promotion! Design a brief promotional marketing campaign for a company of your choice that usually deals with face to face business reflecting how they can change their current business model to make it safer for consumers to purchase or participate in their services. (The marketing campaign should include a creative promotion that will draw customers in by emphasizing safety in a creative way) You cannot use an existing marketing campaign and I will know if you do so do not try it. This must be of your own design!
In brief consumer behaviour will be changed:
*Consumers attitudes,behaviors and purchasing habits are changing and many of these new ways will remain-pandemic.
*While purchases are currently centered on the most basic needs,people are shopping more consiously,buying local are embracing digital commerce.
*To manage isolation,consumers are using digital to connect, learn and play-and they will continue to.
*Moving forward, we will see an increase in the virtual workforce as more people work from home and enjoy doing so.
NEW CONSUMER BEHAVIOURS WILL TRANSFORM THE INDUSTRY'S FUTURE
The COVID-19 pandemic has fundamentally changed the world as we know it.People are living diffeently, buying differently and in many ways,thinking differently. Supply chains have been tested.Retailers are closing doors, Consumers across the globe are looking at products and brands through a new lens.
the virus is reshaping the consumer goods industry un real time, rapidly accelerating long-terms underlying trends in the space of mere weeks. Our research indicates that new habits formed now will endure beyond this crisis, prrmanently changing what we value, how and where we shop, and how we live work.
Even as this crisis continues to evolve, by exploring the changes that are happening now, we can consider what consumer goods businesses should do today to prepare for what's next.
Consumers are deeply concerned about the impact ofCOVID-19, both from a health and economic perspective.People are responding in a variety of ways and have differing attitudes,behaviours and purchasing habits. People across the globe are afraid as they strive to adapt to a new normal. fear is running high as individuals contemplate what this crisis means for them,but more significantly,what it means for their families and friends and society at large.
Consumers are responding to the crisis in a variety of ways.Some feel anxious and worried, fueling panic-panic and hygiene products.At the other extreme,some consumers remain indifferent to the pandemic and are continuing their business as usual,despite recommndations from government and health prefessionals. CPG companies will need to understand how their own consumers are reacting, and develop customized and personalized marketing strategies for each.The days of one-size-fits-all marketing are over.
Why,what and how consumers buy is changing due to the COVID-19 outbreaks. Consumer priorities have become centered on the most basic needs,sending demand for hygiene, cleaning and staples products soaring, while non-essential categories slump.the factors that influence brand decisions are also changing as a "buy local" trend accelerates.Degital commerce has also seen a boost as new consumers mograte online for grocery shopping-a rise that is likely to be sustained post outbreaks.
in times like these, our need for the basic necessities of life takes precedence.it comes as no surprise that personal health is the top priority for the consumers we surveyed, followed by the health of friends and family.Food and medical security,financial security and personal safety were other leading priorities.
The outbreak has pushed consumers out of their normal routines. Consumers are adapting new habits and behaviours that many anticipate will continue in the term.
The COVID-19 outbreak has slowed the pace and changed daily life for many consumers, and this is having a profound impact on the way we view personal hygiene, health and how we engage with our communities,frinds and families.people are embracing technology more than ever to support all aspects and consequences of isolation. There is also positive evidence to suggest that the this crisis will build communities,rather than separate them.
The ways in which people spend their leisure time are changing because of the outbreak and related social distancing measures, and again, these habits are likely to be sustained.More than half(61%) plan to continue watching more news after the outbreaks,while 55% will prioritize more time with family. Entertainment, learning and DIY have also seen a rise.
This trend is reflected in the types of apps that consumers are downloading, related to entainment,news, healthcare and education. Underlying consumer needs(e.g.to connect,to be entertained,to learn,to be informed)femain the same.Yet teachnology is changing the way it happends CPG comapnies must increase their focus on digital vs.traditional tools to engage with consumers and improve experiences.