دانلود Marketing out of the recession: recovery is coming, but things will never be the same again

Abstract

The economic recession of the late-2000s has radically changed the business and market landscape. As economic recovery reaches different companies at different times, there is an urgent need to realign marketing strategies with a “new normal”. Economic  recovery  will  bring  new  opportunities  but  also  risks  and  challenges  which demand new strategies. The new market situation is characterised as the “age  of  thrift”  which  has  radically  changed  customer  purchase  behaviour,  and  provides  an  environment  dominated  by  public  scepticism  and  lack  of  trust  in  business  and  in  marketing  offers.  The  competitive  structures  of  markets  have  been  redrawn  by  the  effects  of  economic  downturn,  creating  new  situations  for  suppliers.  International  growth  options  in  recovery  will  be  circumscribed  by  reduced  availability  of  finance  and  growing  international  protectionism.  We  propose  an  action  agenda  for  executives  to  address  in  preparing  their  businesses  for  the  challenges  of  economic  recovery.  Our  agenda  is  concerned  with:  overcoming  resistance  to  change;  reinventing  marketing  strategy  for  a  new  market  environment;  prioritising  market  sensing;  innovating  radically  in  product  strategy;  re-thinking  marketing  communications;  developing  value-based competitive advantage; and, repairing damaged value chain relationships. The challenge for executives is to prepare for the post-recession environment by re-examining the fundamentals of their business models and core capabilities to deliver the superior value which will be demanded by post-recession customers.