During the pandemic, the number of people consuming snacks, particularly unhealthy snacks, has increased significantly. The most surprising information presented in the video by CNBC (2021c) is how fast the popularity of snacks in the diet of Americans is growing. In particular, it is noteworthy that the COVID-19 pandemic has accelerated this trend, so people are expected to consume even more snacks in the future. An important insight demonstrated in the video is how important it is for companies to respond to current customer requests and demands. For example, the increase in revenue of large snack manufacturers coincided with a period of worldwide lockdown. However, after the end of the pandemic, people began to concern more about healthy eating, which pushed companies to provide more options for snacks. The lack of responsiveness on the part of companies in marketing and offering would likely result in a reduction in their revenues, but attention to current trends is the key to success.
The COVID-19 pandemic has not only significantly affected consumption patterns but has also transformed global financial infrastructures. CNBC (2021a) reports that Florida has the potential to become the nation’s largest financial and tech hub in the next few years. Most surprising in this regard is that this transition is influenced not only by favorable economic and tax conditions but also by living standards, in particular climate and social aspects. In this situation, the reporter also notes that this rise in Florida’s popularity is contrary to forecasts and expectations (CNBC, 2021a). Thus, as in the previous video, the need for attention to current trends and the fastest response to them by companies is emphasized. At the moment, organizations seeking to move their activities from New York to Florida are faced with a number of challenges that must be overcome in order to create the necessary structure. The further growth of the new economy in the state depends on how attentive they are to the existing trends that have arisen due to the shifts that occurred during the pandemic.
For giant companies with a long history and a well-established brand image, it is often difficult to make the necessary changes to maintain market positions. As demonstrated in a video by CNBC (2021d), even brands as recognizable as Coca-Cola need to innovate to retain customers and revenue. In particular, innovation is the most effective marketing strategy in today’s world, especially for brands with a long history. This is because modern consumers have changed needs due to transformed social and cultural conditions. Most importantly, global environmental concerns are on the rise, requiring companies to focus on sustainability. The video highlights the importance of companies taking bold, innovative steps to stay at the forefront of the competition. Not being able to implement changes in branding and production can cause a major decline in sales and revenues.
One example of how the inability to respond to changing consumer needs and interests can negatively impact a company is the gum manufacturer Wrigley. In a video by CNBC (2021b), the most surprising aspect is that even the acquisition of the company by the world’s largest candy manufacturer, Mars, did not save it from decline. The reason for this was the inability to innovate the brand. This video provides a useful insight that Wrigley, in the minds of consumers, is closely associated with chewing gum (CNBC, 2021b). However, in modern conditions, the demand for this product is rapidly declining. Thus, it is important for the company to diversify its products in time and be able to offer consumers options according to changing consumer interests, as snack manufacturers did, as illustrated in the first video by CNBC (2021c). Thus, for the successful functioning of companies, it is important to take into account the possibility of transformations in consumer patterns.
References
CNBC. (2021a). Can Florida become the next big tech and finance hub? [Video]. YouTube.
CNBC. (2021b). How Wrigley’s dominated the world of chewing gum [Video]. YouTube.
CNBC. (2021c). Why Americans are eating so many snacks [Video]. YouTube.
CNBC. (2021d). Why Coca-Cola still dominates the beverage market [Video]. YouTube.