FOOTPRINT OF COVID 19 PANDEMIC ON THE SOCIO-ECONOMIC AND CULTURAL ASPECT OF BRANDS GLOBALLY
Covid 19 has not only altered our lives but has also changed the complete market landscape especially for brands that we see and use. As this crisis has escalated market crashes across the globe, the brand value is at stake for most of the renowned brands. Although the risks are not uniform for all markets and brands, are seeking to articulate strategies that helps them to cope up with these tough times. Till date, many brand makers believes that forfeiting any crisis strategy in their communication will disturb their balance of production costs and expected profit. Therefore, to curb such preconceived notions, this paper would focus upon live examples of brands on the global front have stepped up with this new normal and are fetching profit and have altered consumers perception. This study aims to emphasize the undeniable impact of pandemic on brands in context of their socio-economic and cultural outburst. It will also lay grounds for the brands backed up with integrated research to derive its utmost potential with a change. The paper will lead to its conclusion by deriving results through both qualitative and quantitative research method approach to yield the desired level of analysis and interpretations. Conclusion draws connections with how brands have been dealing with economy driven market alterations, the social ‘new normal’, addressing sustainability, evaluating challenges in inadequate environment and focusing on creative and strategic brand communication to be future ready. Brands locally or globally must look up to such crisis with high optimism of reflecting positive values to be able to bounce back to their valuable customers and their self-glory.
brand, communication, covid-19, new normal, pandemic, strategy.