I need a summary and your thoughts about this article When we’re not sitting on Zoom...

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General Management

I need a summary and your thoughts about this article

When we’re not sitting on Zoom calls, foraging for supplies, orfretting about health or finances, our thoughts turn to what lifewill be like when the madness subsides. We’ll probably witnesssignificant changes in how we relate to others (no morehandshakes?), how we work, how we play, and certainly how weconsume. The pandemic will change our world for years after thevirus disappears, causing consumers to rethink their purchasedecisions (both large and small). Marketers will need to respond tolife in The New Normal. No one has a crystal ball to tell us whatthe future will hold. However, we can make some educated guesses.After all, while for many of us this is the biggest disaster we’veever experienced, the world has seen many others. And we know thatthe best predictor of future behavior is past behavior.

So, at a minimum we know for example that U.S. cities thatenforced social distancing during the 1918 influenza pandemicemerged stronger afterward than those that didn’t. And, when welook back in the near past to the Great Recession, it seemsreasonable to predict that many consumers will switch tovalue-priced brands for a period of years. You don’t need a crystalball to expect a lot of very public wrangling about materialisticvalues and priorities for some time to come. But we can also lookat several fundamental human motivations that are likely to drivepreferences and behaviors in The New Normal. We know thatdeep-seated values change over time in every culture, and these inturn influence the products and services we seek – even though attimes this is like turning a battleship. Here are three very basicdimensions I believe businesses need to consider as they rebuild.1. Gratification. When the day comes that we’re released from ourquarantine cages, we’ll experience what pent-up demand feels likevery personally. Cabin fever just fuels the fire as millions ofbored people yearn to have fun again. But what will this look liketo many of us who will be hurting financially long after we get theall-clear? It’s hard to engage in an orgy of consumption whenyou’ve lost a big chunk of income. As I’ve read the recentprognostications of so-called “futurists,” it’s been interesting tosee that some predict a huge splurge in discretionary spending,while others speak in dire terms of a huge retrenchment. Who iscorrect? I believe both are. During last decade’s recession, we sawsales of guilty pleasures like premium ice cream increasedramatically. The key is to provide affordable indulgences thatallow people to treat themselves without breaking the bank. Forexample, luxury marketers may not sell as many high-end items, buttheir customers will look for smaller purchases that gratify theirdesires to keep acquiring designer names. Can’t afford a bottle ofBlue de Chanel parfum for $155? Well, try that bar of Chanel bathsoap for $26 instead. Likely success stories in The New Normal: ·Cannabis/alcohol · Meditation/mindfulness/wellness · Gaming ande-sports, Board games · Gardening supplies · Home fitness/Peloton ·Smaller packages · Publishing · Online education · Streamingvideo/5G · Online cultural events (music, religion, art, travel,etc.) · Virtual makeovers · Athleisure styles 2. Agency. Inuncertain times, we worry about losing control over our lives.Consumers value products and services that reassure them they stillhave agency – the ability to make our own choices. This is oneexplanation for the “irrational” hoarding of toilet paper and othernecessities we’ve witnessed; “I don’t know what will happen overthe next few months, but at least I’m able to build up my stash.”An obsession with hygiene and building emergency stockpiles is aroute to restoring agency. Already, almost 90% of U.S. shoppers areexpressing a preference to shop in contactless stores. We canexpect more focus on the need to measure and maintain supplies tohelp us face the next crisis. Look for “inventory awareness” in theform greater interest in smart refrigerators that track when itemsare depleted, or perhaps dashboards that help us to keep track ofour medical, social and financial health. Likely success stories inThe New Normal: · Telemedicine · Disinfectants · Organizationalproducts (containers, etc.) · Contactless shopping · Bulkpurchasing Drones & self-driving vehicles · Contact-tracingapps · Pre-packaged snacks (no more communal bowls) 3. Stability.In chaotic times, we yearn for predictability. Unfortunately, thistends to open the door for authoritarian regimes to exert greatercontrol over their citizens as privacy takes a back seat to publicsafety. To consumers, the need to restore a semblance of securityis likely to translate to a preference for lower-risk brandoptions. Brand experimentation takes a back seat to tried-and-truesolutions. Loyalty to established brands may recover some of theluster it lost (so long as these offerings hold the line onpricing). Comfort foods rule the roost; already makers of stalwartslike mac and cheese, Slim Jims, and Campbell’s Soup are reportingelevated sales. Fast fashion’s focus on cheap items that we discardafter a few uses will give way to “investment dressing” choicesthat encourage us to prioritize quality over quantity. Moreimportantly, we can expect brands that contribute to our socialwelfare to prosper. A recent survey reported that a majority ofconsumers believe brands are more powerful than governments when itcomes to addressing social issues. CSR (corporate socialresponsibility) was already a crucial component to many consumers(especially younger ones). But now in addition to concerns aboutenvironmental practices, people will be more mindful about how acompany treats its workers – especially those on the frontlineswhen they deal with the public. But, an important caveat: If youtalk the talk, you’d better walk the walk. Consumers have a verysensitive B.S. detector, and baseless grandstanding will come backto bite you! Likely success stories in The New Normal: · Comfortfoods · Nostalgia appeals in advertising · Brandcommunities/brandfests that emphasize collective identity · CSRchampions that prioritize workers’ welfare Nobody has a crystalball to predict the future. But, at a minimum when we examine thepandemic in light of basic consumer drives, perhaps we can adapt toThe New Normal by stepping on the GAS: Gratification, Agency andStability.

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SummaryThe effect of the pandemic will be very longlasting even after it vanishes or being controlled as the customers will think several times on the manner in which the purchase decisions are to be made and in order to survive this situation or new normal has to be addressed by the    See Answer
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