O 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 O 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 rellef from fear FEEDBACK 0/2 (0.0%) Section 8.5 The coronavirus (COVID-19) pandemic of the 2020s proved that in times of crisis, consumers quickly pivot to make decisions that protect their stability. Brands must not only adapt to global events but establish a new way to reach a engage their consumer bases in relation to the global event. Brands that innovate and create new, relevant trends are the brands that consumers will go to in order to find a sense of stability. Consumers will gravitate toward brands t are transparent in their contribution to a return to stability for the consumer base. Optimal crisis communication includes which of the following strategies? O 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. O communication is highly technical to ensure customers are getting the full picture of the company's role in mitigating the crisis. O Communication avoids reference to the crisis situation because customers will grow weary of hearing about it. FEEDBACK 0/2 (0.0%) Section 8.6

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:14 What type of brands do consumers favor in times of global crisis? O 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 O 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 FEEDBACK 0/2 (0.0%) Section 8.5 The coronavirus (COVID-19) pandemic of the 2020s proved that in times of crisis, consumers quickly pivot to make decisions that protect their stability. Brands must not only adapt to global events but establish a new way to reach and engage their consumer bases in relation to the global event. Brands that innovate and create new, relevant trends are the brands that consumers will go to in order to find a sense of stability. Consumers will gravitate toward brands that are transparent in their contribution to a return to stability for the consumer base. 15 Optimal crisis communication includes which of the following strategies? O 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. O Communication is highly technical to ensure customers are getting the full picture of the company's role in mitigating the crisis. O Communication avoids reference to the crisis situation because customers will grow weary of hearing about it. FEEDBACK 0/2 (0.0%) Section 8.6 To influence consumers favorably for the brand, crisis communication should be both timely and thorough to meet the expectations of consumers and keep the brand as a positive and essential pillar in the minds of consumers. Optimal timely communications are high in frequency and swift in speed; exceptionally thorough communications are well informed and directly address the consumers' concerns. Consumers align their loyalty and conduct business with brands that achieve both of these ends.

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