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Marketing in Global Financial Crisis - Essay Example
The paper declares and analyzes the existing global financial crisis which gives both major challenges as well as opportunities for businesses. The drop in the value of dollar is facilitating to make goods further cost competitive within global markets…
This paper stresses that traders are increasingly launching low cost ranges into their superstore’s shelves. The private-label merchandise is turning out to be a smart substitute to the cost responsive customer in times of global financial crisis. In a recent survey, 61 percent of customers said they were switching to inexpensive grocery brands in the financial crisis and approximately one-third of them said that they would carry on to buy low-priced grocery items even when the financial recession is finished. The author of the essay declares that the global financial crisis has a considerable impact on the way customers shop for groceries. With the purpose of getting the best value for their condensed earnings, customers are shopping around for the top bargains and increasingly dividing their grocery spending across at least four different sellers. For businesses, long-term policies may be the most important factor to brand success. When customers come out of the tough times, they may intentionally choose not to change all of their new practices and revert. An increasing number of customers are looking around for a bargain to shop, and this was obvious in a number of studies.
This report makes a conclusion that marketing is struggling to meet the challenge of different communities. The majority of customers rely on the opinion of acquaintances and strangers more than official marketing. ...