Strengthen brand equity Business & Marketing Essay (Essay Sample)
Please answer the following in a thoughtful manner, sharing your insights.
We discussed Walmart deciding to close on Thanksgiving Day. See excerpts from Ad Age article below. You can also find other info online.
Walmart U.S. CEO John Furner couched the decision as a way of appreciating employees for their work, as he also announced that the retailer would pay an additional $428 million in bonuses—$300 per full-time and $150 per part-time employee—bringing its pandemic bonus pay to a total of $1.1 billion. “We know this has been a trying year, and our associates have stepped up,” Furner said in a statement. “We hope they will enjoy a special Thanksgiving Day at home with their loved ones.”
As CMO of Walmart, would you do anything with this situation to strengthen your brand? Consider any existing brand equity that exists (positive or negative) in your answer. Also consider Walmart’s role as an “essential retailer” during the pandemic.
In your response please use supporting facts you find online！！！！！！！（resources）
Strengthen Brand Equity
Strengthen Brand Equity
Over recent times, obligations towards corporations have increased tremendously as the public gains more information on the position in community and particularly from a financial standpoint. To this end, customers are aware that these companies make millions and at times billions of dollars of profit. This position implies that the market is approaching perfect competition where players have sufficient information on the market. A firm that fails to establish a solid corporate social responsibility portfolio, then it is likely to receive significant backlash from the public who are the final buyers. Ultimately, they side with a firm by purchasing their products. Similarly, this criteria is apparent in that the firm is obligated to take care of its employees meaning that failure to do this, it will receive massive criticism from consumers. The primary goal of these entire operations is to maintain and advance the company’s brand image and equity. The former takes into account customers’ imaginations (thoughts and feelings) about the company’s products (goods and services). On the other hand, brand equity extends to include “the marketing and financial values linked with a brand’s strength in the market, including actual proprietary brand assets, brand name awareness, brand loyalty, perceived brand quality and brand associations” (Sallam, 2016, p. 100). In essence, Walmart’s move to increase their employees’ bonuses is an excellent procedure considering the prevailing situation of the pandemic. In this regard, Walmart is justified
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