Impact of Economic Recession on Brand Centricity with Special Reference to the Fast-Food Industry

Abstract

The objective of this concept paper is to enumerate the diverse strategies implemented by the fast-food industry on a global scale in light of the economic downturn. Assessments and adjustments are made to the various metrics for Sri Lanka, which is now grappling with a severe economic crisis and the highest inflation rate in its recorded history. Before now, no attempt had been made to develop a generic model that a firm might adopt to assure commercial sustainability during recessions. This study provides a model or scorecard that any company can implement. In conducting research on the topic, a literature review was undertaken, measures were identified, and numerous middle and upper-level executives met and discussed in order to determine the most effective approaches a business could implement across all operations in order to contain costs and manage without closure. In conducting research on the topic, a literature review was undertaken, measures were identified, and numerous middle and upper-level executives met and discussed in order to determine the most effective approaches a business could implement across all operations in order to contain costs and manage without closure. A summary of the numerous activities requiring execution has been compiled and presented in the format of a score card, which facilitates convenient consultation. Although there was no unique model observed throughout the organization, this research found a generic model that could be implemented to increase the likelihood of successfully managing the situation during difficult periods with low or no damage.