Generally speaking every economic crisis brings anxiety coupled with pressures. It involves a lot of internal and external turmoil to almost each and every, big or small firm. A recession affects unfavorably the scenarios of businesses and also sometimes leads to almost an end to it. The strategists generally suggest that it is a crucial time for any organization and in the race of survival, the organizations must avoid uncoordinated moves which may often wipe out insignificant glitches but when it comes to long term sustainability of a firm, they fail miserably. Lack of forethought is the foremost product of crisis and recession and mostly even the most profitable business houses also directly go on cutting marketing expenses and later discover …show more content…
A great company will dominate on one of these, perform above average (differentiate) along a second, and be at industry par with respect to the remaining three first, assign a number from 1 to 5 to each attribute: 5 (dominant), 4 (differentiated), 3 (on par with industry), 2 (below par), and 1 (poor). Like Wal-Mart is dominant on price, differentiated on product, and on industry par with access, service and experience, Target dominates on product and is differentiated on price compared to average competitors, Target combines “hip design with value pricing.”, Dell dominates on service and differentiates on access, while its competitor Gateway dominates on experience and differentiates on price, McDonald’s dominates on access and differentiates on service, American Express dominates on service and differentiates on access, and Four Seasons dominates on experience and differentiates on …show more content…
Disengaged employees, anti customer centric policies and poor brand processes are likely be impacting brand equity and they are defiantly hurting bottom line. Christian Gronroos recommends that by enhancing consumer benefits will lead to greater customer loyalty. (Christian Gronroos, 2009) Each of customer contact or experience is critical for the firm, in the times of hardships so enhancing every customer experience must be the mission for every firm. The business strategy for those brands that wish to stay on top of their game, it's time for their owners to get off the couch, skip the sponsored lunches and awards dinners and start focusing on the experience they are delivering to their customers if they want to protect their market share. Try to balance the consumer satisfaction equation: By maximizing the value of customer benefit by changing the values of the components of the equation and enhancing the brand loyalty and commitment can really help out by creating a positive brand