How marketers can respond to recession and turbulence
Abstract:When a recession strikes, many customers will reduce their spending. Companies in turn will introduce sharp cuts, particularly in the marketing budget. The marketing department should accept these cuts where there is fat in the budget or unpromising products, market segments, customers, or geographical areas. But the cuts should be guided by strategic considerations of what makes the company successful in the long run.
Great marketers don't just rebound from crises. They continuously reinvent business models and marketing strategies during chaotic times so they can adapt quickly as circumstances in the marketplace change. Marketers must further master resiliency if they are to engage the marketplace forcefully, break through turbulence and chaos, and connect with customers and consumers. Resilient thinking by marketers transforms anxiety into action and difficulty into decisiveness. Their marketing budgets must reflect such strategic thinking.
The article poses six questions that should be answered before cutting marketing budgets.
Document Type: Research Article
Publication date: June 1, 2009
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