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How can a major and trusted brand develop an effective business strategy when the government has not adopted uniform criteria as to when businesses should be reopened?.These issues raise several core questions concerning sustainability and strategic planning: How brands can address consumer concerns about health, wellness, community – as well as personal fulfillment and meaning.

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How to deal with the competitive landscape when consumers' spending habits are fundamentally altered, and.

Whether to develop new products that align with a 'new reality'.

How to sustain the brand when markets and industries are reshuffled.

Many businesses are reevaluating their marketing and media spends and have refocused their advertising, marketing and promotional efforts in an attempt to generate a sustained stream of consumer interest and spending, while maintaining sufficient returns on media spends.Īs companies grapple with what the future will look like, several issues come to the forefront: 3 The industries that showed some growth in March include food, chemicals, electronics, plastics and rubber products. 2 Hotel occupancy rates sit below 20 percent across the country, while aviation travel is down close to 95 percent compared to the same period in 2019. The industries suffering most include hospitality, aviation and retail, along with downstream industries such as energy, textiles, transportation equipment, furniture and appliances, machinery and fabricated metal products.

1 This is a downgrade of 6.3 percentage points from January 2020, a major correction in only a few months. Current State of Affairs and Strategic Business Challenges Presented by the COVID-19 PandemicĪs countries implement necessary quarantines and social distancing practices to contain the pandemic, the International Monetary Fund projects global growth in 2020 will fall to minus-3 percent. This alert also includes practical best practice tips that can help companies understand their responsibilities and enhance their regulatory compliance programs to minimize the risks associated with advertising, marketing and other promotional activities in the wake of the COVID-19 pandemic. This Holland & Knight alert provides an overview of the impact of COVID-19 on the advertising, marketing and promotional practices of businesses. A business' advertising, marketing campaigns and promotional practices will be a core focus of its ability to thrive in the future. Central to this concern is how businesses attract consumers and promote their products and services. This transformation will be limited not only to how businesses operate but also to how they sustain and grow their brand and customer base. The 2019 novel coronavirus known around the world as COVID-19 has led to unprecedented economic and public health concerns, which will likely transform how businesses operate going forward. To minimize the potential of enforcement actions or inquiries, as well as challenges by competitors, brands must comply with regulations pertaining to social media and the use of influencers and endorsers, promotional devices, gift cards and charitable sales promotions. With the FTC and other regulatory authorities taking a more active role in cracking down on deceptive, unfair or abusive advertising and marketing, brands must approach their marketing campaigns and scheduled content timelines with caution and carefully evaluate both the language and imagery used in advertisements and marketing materials – with social media marketing in particular.Food and Drug Administration (FDA) and state attorneys general have sent subpoenas, warning letters and cease and desist notices to businesses that are attempting to capitalize on vulnerable consumers through deceptive marketing, scams and price gouging of 'essential' supplies. The Federal Trade Commission (FTC), Consumer Financial Protection Bureau (CFPB), U.S. As brands adapt and figure out how to promote products and services in the midst of the COVID-19 crisis, governmental agencies are closely monitoring potential unfair and deceptive business practices to protect vulnerable consumers, monitor aggressive marketing campaigns and terminate COVID-19 scams.While brands currently seek to strike the right tone during a global health emergency, the future portends market alteration, increased competition and a demand for creative and aggressive marketing practices. The coronavirus (COVID-19) global pandemic has resulted in changes to advertising, marketing, promotional and media spends, forcing businesses and brands to reevaluate their thinking about current and future advertising and marketing campaigns to maintain a steady stream of income.

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