Banking, Financial Services & Insurance

Global Executives Survey: Trust and Transparency within the Grocery Market

  • CAN364445
  • 56 Pages
  • November 2015
  • Banking, Financial Services & Insurance
Summary
Over the last five years, consumer confidence about brand/company has declined and doubts have been cast on industry integrity. Misleading and exaggerated health claims, ethical issues, and health concerns about products and associated ingredients are the major reasons behind the depleting trust and questionable integrity. Organizations are skeptical about potential damage to their brand/company by news reports and social media, despite the fact that news stories have helped to enhance the reputation of their brand/company and will continue to do so. A Lack of social media presence is unfavorable for a brand/company, as the channel helps to distribute information to a larger customer base in an effective manner; however, faster communication through social media could cause an escalation in online PR disasters, and trust/health issues are easily exaggerated on social media. Consequently, companies have emergency plans to deal with unwanted large scale publicity through social media.

Key Findings
- The majority of industry players believe that consumers have become less trusting of companies and brands over the last five years

- Increased awareness about misleading product claims around issues such as local production is the primary reason behind depleting consumer trust levels

- Exaggerated health claims, ethicality issues, and financial integrity are influencing consumers to question integrity

- Industry players agree that news stories have helped to enhance the reputation of their brand/company and will continue to do so

- Overall, 62% of respondents agree or strongly agree that a lack of social media is unfavorable for a brand/company

- 52% of respondents agree that social media helps to strengthen and build relationships between and brands and consumers, thus improving trust issues

- The highest percentage of executives state that their companies have emergency plans to deal with unwanted large scale publicity through social media

Synopsis
Canadeans Global Executives Survey: Trust and Transparency within the Grocery Market examines executives opinion about how organizations anticipate trust and transparency issues to impact the FMCG industry. Organizations can evaluate declining levels of consumer confidence and identifies factors responsible for depleting consumers trust. Additionally, companies can know prevailing opinion on integrity and points out areas of concern for industry integrity. Moreover, organizations can track opinion towards social media usage and analyzes level of concern about bad publicity through social media, and status of emergency strategy to counter unwanted publicity from social media and newspapers.

What else does this report offer?
- Integrity perception: provides executives opinion on doubts raised on industry integrity over the last five years

- Concern areas for industry integrity: know about areas on which questions have been raised about integrity

- Criticism evaluation: provides executives opinion on criticism

- Concern assessment associated with adverse influence of news reports and social media: examine level of impact resulting from negative publicity created by news reports and social media

- Expected impact of news reports on brand/company: provides information about kind of impact news reports have had or will have on brand/company

- Opinion towards social media usage: know organizations viewpoint towards social media usage

- Status of emergency plans: view companies status on contingency plans to deal with negative publicity through social media and newspapers

- Perception about decline in consumer trust: analyze opinion on consumers falling trust levels about companies and brands in the last five years

- Factors contributing to declining trust among consumer: know reasons behind falling trust levels among consumers about brands and companies during the last five years

ReasonsToBuy
- Helps to improve consumer trust by working on the factors which have caused decline in consumer trust over the last five years

- Organizations can improve integrity perception by resolving issues which have raised questions over integrity

- Helps to use the news reports in a better way by providing information about potential impact of news reports on brand/company

- Organizations will improve their understanding about social media usage by knowing organizations perspective towards social media usage

- Helps to adopt an emergency strategy by highlighting the status of contingency plans against any adverse large scale publicity via channels such as social media and newspapers
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