One way that organizations compete is through technological innovation. However, there can be downsides for both the organization and the consumer. Relate your answer to our present situation, COVID-19 pandemic.
Answers
Answer:
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. 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.
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. The Federal Trade Commission (FTC), Consumer Financial Protection Bureau (CFPB), U.S. 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.
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. 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