Essay: Current Turmoil in the Worldwide Market

Essay: Current Turmoil in the Worldwide Market
23/05/2011 Comments Off on Essay: Current Turmoil in the Worldwide Market Academic Papers on Business Studies,Sample Academic Papers admin

Sample Essay

The current turmoil in the worldwide market and the succeeding downfall in customer response has resulted in a lot of critic questioning the role of brand loyalty at a time when consumers face a severe crunch on their consumption and spending. Contrary to popular perception, recessions do not cause a major decrease in consumption for branded products.

In many instances consumers have little choice but to consume certain class of products. For example, a recession will not cause a tooth-paste consumer to switch to toothpowder, despite it being the cheaper option. The consumer will continue to use toothpaste but might switch from a striped variant with multiple benefits to a standard variant with the minimal functionalities. Our research indicates that 56% of the respondents still buy the same product and brand while only a mere 11% have decided to switch to other brands.

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