During a remote lecture organized by the Asharqia Chamber
A specialist warns investors against riding the wave and underestimate the consumer awareness
Professor and expert on strategic management, Dr. Mohamed Al-Awad, warned commercial establishments against "riding the wave" and underestimating the consumer awareness and then exploiting the crisis improperly ... stressing that there are many positives produced by the crisis, including modifying consumer behavior, and directing companies to amend their marketing plans.
Al-Awad said in a lecture organized by the Asharqia Chamber represented by the Remote Business Youth Council (Monday 18/5/2020), titled "Marketing in Crisis Time", that the sudden spread of Coronavirus is definitely a shock to consumers and brands alike. Stressing the need for the owners of these brands to develop an emergency plan or update its current plan based on the experience.
He stated that, despite all the difficulties this crisis has caused, it is not without positives, including that companies learned from them the speed of change for these emergency conditions, and there are many positive things hidden under the shadow of this crisis, pointing out that the fall of many companies and the lack of Being able to face the event or not knowing how to deal with it will create an opportunity for many other companies to succeed and prosper.
Al-Awad said that there is an acceleration we are witnessing in marketing tools at this time when the Internet and digital marketing have become a dominant feature in it, because these "crises lead to a change in the attitudes and views of consumers around the world of brands, as they change their decision-making processes, as many of their decisions become emotional. More than it is rationality before the epidemic, as happened in these days a change in consumer behavior.
He pointed out that the Coronavirus pandemic has resulted in many business equations being overturned, and many companies have tried to adjust their marketing plans and activities in order to continue to serve their current and potential customers.
In this regard, he warned investors not to ride the wave and consider consumers unaware, that - if they do so - they will lose credibility in their field of work, and most importantly, they will not get an opportunity to contribute positively or help in finding solutions to the real crisis that we all face.
