Description
PROMPT:
The pandemic that started in 2020 was a global health crisis that negatively impacted the world’s economy. With many people required to stay home, many industries were unable to conduct business as usual which also impacts marketing budgets and marketing strategies. The travel industry including airlines, cruise ships and hotels was been brought to a halt. Professional sports leagues and teams were no longer active. National restaurant and fast food chains became focused primarily on their drive-thru and delivery business. Entertainment companies including movie theaters and amusement parks remain closed or partially open in some regions of the world.
The negative impact from the pandemic is still physically limiting the ability for consumers to participate fully in traditional activities – traveling, dining, entertainment – but it is also fiscally limiting consumers as many have been laid off or furloughed from their jobs so even if they could physically gather, they may not have the income to do so.
However, as we begin the summer of 2021, venues such as stadiums and theaters are starting to open again. The economy is improving, and the job market, especially for those graduating in 2021 is the best it has been in 14 months. Even though most companies including marketing, public relations and advertising agencies are still working virtually, they are hiring interns and full-time entry-level employees again.
The Assignment: Utilizing the sources provide in Week #1 on Canvas as well as sources you secure, conduct research and uncover how marketing, advertising and public relations agencies were negatively impacted by the poor economy in 2020 and how their clients, corporations and brands, reduced their marketing/advertising spend and investment.
Additionally, be current and feature how the economy has improved, brands and companies are spending on marketing and advertising again, and marketing agencies of all types are hiring again:
– In 2020, how did the pandemic not only the impact the economy, but also how much money corporations and brands spent on marketing and advertising?
– How did the pandemic/poor economy negatively impact marketing, advertising, public relations, social media, digital media and event marketing agencies been negatively impacted and what were some of the negative results (layoffs, lost clients, agencies closing, etc)?
– Today, how are agencies doing. Have they rebounded with the economy? Are they hiring again as their clients invest in marketing again?
– For those of you who are looking towards a career in marketing, provide your analysis of how the pandemic impacted you in 2020 (did you lose internships, did you find limited opportunities, etc) and how is the improvement in the economy and increase in marketing affecting you now? Do you now have an internship or full-time job that compared to one year ago?
