Question

1. What are the effects of the pandemic implications for marketers? What are the challenges that they face and What is marketing analytics software and what is it used for?

Answer 1

ANS.Some consumers are leery about how marketers will target and promote products as solutions to the many problems consumers currently face. However, markets are providing needed resources, like toilet paper, through production, supply chains, promotions and retail, which clearly help consumers maintain their quality of life.Consumers will monitor, remember and appreciate brands’ empathy like donating to food banks, providing free products for medical personnel, or continuing to pay employees, especially those on the front lines. Americans, particularly millennials and Gen Zers, have increasingly demanded companies to be moral leaders. They will lose trust in a brand and sometimes even boycott it if they see the brand favoring profit over people.

We can already see many companies adjusting their messaging, incentives and value propositions. They will certainly adapt to whatever situation is to come, hopefully in innovative and inspiring ways. After the 1918 influenza and the Great Recession, consumers adopted an anti-materialistic perspective and subsequently switched to value-priced brands. Loyalty to more upscale and prestigious brands may diminish and consumers will start appreciating value-pricing practices.

  Companies have to continually seek out ways to engage with customers and provide multiple avenues, brick and mortar and online, for example, to do so. Organizations that limit themselves to one type of engagement will have a harder time adjusting. Another lesson: understand the perceived value of particular products and services and how it might differ among consumers, and vary from company viewsFirst, external crisis could negatively impact businesses due to irrelevant associations–zero locus of control and responsibility. For instance, Corona beer and Chinese manufacturers have suffered during the pandemic. Second, corporate messages with emotional framing are more successful as they appeal to individuals’ emotions by using drama with subjective and evaluative properties. Finally, marketers should promote how their organizations are exhibiting shared sacrifice during the pandemic such as CEOs taking zero pay or Facebook donating $100 million.