Marketing during a recession
Публикувано на: 01. Април 2010 - 21:15
The global recession that spread across the world since 2007 has left many organizations in frantic panic and struggle to survive. Managers coming from a financial or accounting background are quick to react by cutting costs and maximizing the organizations resource utilization. When the stability of the economy is in question, many managers are quick to slash marketing expenditure for the sake of healthier balance sheets. A recession could provide an opportunity for marketing rather than a threat. With closer attention to their spending, customers are evaluating the quality and the service offering a lot more. As a result, of lowered marketing expenditure, many companies leave market share for grabs. The question is who will undertake the strategic opportunity to increase brand awareness when advertising costs are lower and consumer scrutiny higher. On the other hand, the companies that do undertake a more aggressive marketing strategy, emerge bigger, stronger and profitable post-recession. Stronger and better established brands pay big dividends during recessions due to their appeal with consumers. Consumers will look for the brand that offers the highest value to them and those companies that communicate value successfully will be more successful than the competition that cuts marketing expenditure.
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