APPLICATION OF MARKETING STRATEGIES DURING A RECESSION

Petrovska, Natasa and Petrovska, Biljana and Gacovski, Zivko (2023) APPLICATION OF MARKETING STRATEGIES DURING A RECESSION. Македонско меѓународно научно списание „МАРКЕТИНГ“ Бр.17 Macedonian international Journal of “MARKETING” No. 17 Десетта меѓународна научна конференција (iscmma'23) - НОВИ ГЛОБАЛНИ ЕКОНОМСКИ, СОЦИЈАЛНИ И МАРКЕТИНГ ТРЕНДОВИ – Тhe Tenth International scien (17). ISSN 1857-9787

Text APPLICATION OF MARKETING STRATEGIES DURING A RECESSION.docx - Published Version Download (25kB)

Abstract

Marketing is an essential business process, both for maintaining consumer loyalty and maintaining a consistent brand. In the face of recession, these factors become even more important to the business success of companies. In the uncertain times of an economic downturn, many business owners ask themselves, "Can we afford to focus on marketing activities?". During a recession, marketing is probably one of the last things on the minds of business owners. But even in the midst of an economic crisis, the marketing of every business should be a priority. During a recession, marketing investments and self-preservation aren't the only things companies need to keep in mind. Consumer awareness is paramount especially in times of economic downturn. Many studies indicate that consumer behavior, attitudes and perceptions are changing as they become more cost conscious. In developing marketing strategies, this fact should be in the foreground.
During a recession, companies and businesses typically use short-term marketing strategies such as discounts and coupons, which can yield quick results. However, this can threaten the long-term growth of companies and maintaining loyal customers. That is why it is important to develop marketing strategies that can not only help in times of recession but can be sustainable in the long term. There are several types of strategies that companies and businesses can apply during a recession such as: flexibility in pricing, giving special offers on certain products for a certain time, expanding sales channels, investing in digital marketing, taking care for regular consumers, adjusting prices according to competitors' prices, etc.

Keywords: marketing, recession, consumers, companies, prices.

Item Type:	Article
Subjects:	Scientific Fields (Frascati) > Social Sciences > Economics and Business
Divisions:	Faculty of Veterinary Medicine
Depositing User:	Mrs Natasha Petrovska
Date Deposited:	21 Feb 2024 10:24
Last Modified:	21 Feb 2024 11:34
URI:	https://eprints.uklo.edu.mk/id/eprint/9801

Actions (login required)

View Item