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Turning Socio-Political Risk to Your Brand’s Advantage

Author

Listed:
  • Fournier Susan

    (Allen Questrom Professor and Dean, Questrom School of Business, Boston University, USA)

  • Srinivasan Shuba

    (Adele and Norman Barron Professor in Management, Boston University, USA)

  • Marrinan Patrick

    (Principal and Co-Founder, Marketing Scenario Analytica, New York, USA)

Abstract

Employment practices, civic responsibilities, philanthropy, environmental stewardship, the conduct of corporate executives and employees, the execution of marketing campaigns: All these topics can trigger brand risk events. The challenging branding environment calls for reimagining classic brand marketing through a refreshed and updated social risk management lens. Companies need to assess which socio-economic marketing opportunities can renew brand resonance. This involves not just identifying revenue generating opportunities, but also identifying, cataloging, and tracking SEP risk types in order for managers to understand the new landscape brands must now navigate. Then, they need to implement a framework to manage a brand’s social risks and to take advantage of potential opportunities. Fully embracing this responsibility changes the marketing executive’s role in a significant way: From top line revenue generation to a dual role that includes managing risks as well as returns.

Suggested Citation

  • Fournier Susan & Srinivasan Shuba & Marrinan Patrick, 2021. "Turning Socio-Political Risk to Your Brand’s Advantage," NIM Marketing Intelligence Review, Sciendo, vol. 13(2), pages 18-25, November.
    • Handle: RePEc:vrs:gfkmir:v:13:y:2021:i:2:p:18-25:n:3
    DOI: 10.2478/nimmir-2021-0012
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