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Opportunities to reengineer goals and strategies
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| Words: 365 | Submitted: 05-Apr-2011
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Marketing Strategies during Recessions
With three recessionary periods in two decades rising from different facets of economy, namely, rocketing oil prices, technology bubble burst and the sub-prime crisis, companies across the world are struggling to survive through hit and trial of new strategies. While the challenges of recessionary conditions are well known, recessions have proved to be opportunities for generating innovative marketing ideas, launching new products, and expanding in new and niche markets. They often create opportunities to reengineer goals and strategies. They prompt marketers and management to reinvent, reevaluate, realign, and rethink about their existing product portfolio, marketing channels and customers. Key strategies adopted by high-growth companies in recession are summarized as:
Maintain/boost advertising and promotion efforts: Majority of companies worldwide have slashed their marketing and advertising budgets in recessionary periods to reduce costs, however, companies primarily in retail including Dress Barn, Family Dollar Stores, Ross Stores, and Target increased their marketing efforts and reach through various advertising and promotional activities.
Re-focus product/service portfolio and continue to launch new products services: Companies across industries of telecom, retail, and insurance, which grew in recessionary periods and emerged as industry leaders generally diversified their product offerings by adding new products and services or altering their offerings to suit changing demands of consumers during the downturns.
Leverage pricing to drive demand and capture share: With recession hitting the pockets of consumers, a number of companies, mostly in the retail, leverage pricing to improve customers’ perception of value and offset weakening demand. These companies offer off-price value products and provide moderate to high-end brands at low-end prices/discounts to attract new customers in challenging times.
Expand channel/market coverage: Retail companies such as Wal-Mart, AutoZone, Best Buy, Cash America, Dress Barn and Ross Stores have added new stores or off-mall locations that appealed to value-conscious shoppers curtailed trips to the mall and cut back on spending, enabling them to reach out to more consumers and gain strategic advantage over competitors during slowdowns
While there have been numerous businesses shrinking in the face of challenging external conditions, a handful of companies have stayed aboard, achieved growth and maintained profitability in recessions by adopting these successful marketing strategies.
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