14 15 What long-term effect does a recession have on consumer behavior? It causes customers to shift their values to become more frugal even after the recession. It causes customers to over-spend down the road because they felt deprived during the recession. It causes consumers to re-evaluate their career and look for jobs they enjoy more, even if they earn less money and therefore cannot spend as much. It causes consumers to come to the marketplace with a clean slate and look at all brand options with a new perspective. What type of brands do consumers favor in times of global crisis? Brands that provide the lowest price on a product, because customers want to save money to prepare for the future Brands that contribute to a return to stability, because customers are craving a sense of normalcy during a crisis Brands that are endorsed by celebrities and business executives, because customers trust them to lead the way out of the crisis Brands that promise fun and entertainment, because customers want a relief from fear Optimal crisis communication includes which of the following strategies? Communication is high in frequency to address concerns in a timely manner. Communication is slow in speed to ensure all information is correct before communicating. Communication is highly technical to ensure customers are getting the full picture of the company's role in mitigating the crisis. Communication avoids reference to the crisis situation because customers will grow weary of hearing about it.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Transcribed Image Text:13 What long-term effect does a recession have on consumer behavior? 15 ☐ It causes customers to shift their values to become more frugal even after the recession. ☐ It causes customers to over-spend down the road because they felt deprived during the recession. ☐ It causes consumers to re-evaluate their career and look for jobs they enjoy more, even if they earn less money and therefore cannot spend as much. It causes consumers to come to the marketplace with a clean slate and look at all brand options with a new perspective. 14 What type of brands do consumers favor in times of global crisis? Brands that provide the lowest price on a product, because customers want to save money to prepare for the future O Brands that contribute to a return to stability, because customers are craving a sense of normalcy during a crisis Brands that are endorsed by celebrities and business executives, because customers trust them to lead the way out of the crisis O Brands that promise fun and entertainment, because customers want a relief from fear Optimal crisis communication includes which of the following strategies? Communication is high in frequency to address concerns in a timely manner. O Communication is slow in speed to ensure all information is correct before communicating. □ Communication is highly technical to ensure customers are getting the full picture of the company's role in mitigating the crisis. Communication avoids reference to the crisis situation because customers will grow weary of hearing about it.

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