The aim of this paper is to find out how companies in different parts of the world have responded to the global financial crisis in terms of changing their marketing strategies to address the changed needs and preferences of the customers during the financial crisis. Questions that are answered in this paper include; what are the patterns of change in the needs and preferences of the customers during the financial crisis? What are the principles of successful marketing during the times of financial crisis? What should be the companies’ focus during financial crisis to sustain their business and profitability despite the economic pressure? A lot of research has been recently made to study the effects of the recent global financial crisis on the companies as well as the consumers. During any financial crisis, consumers generally become worried about their future psychologically whether or not they have experienced the physical effects of the financial crisis in terms of lack or insufficiency of money themselves. This causes the consumers to become very much concerned about proper use of their money. The preferences of consumers change from luxuries to basic necessities, and they become very critical about the quality of products they purchase. This has many implications on the companies because they need to redesign their marketing strategies to address the changed needs and preferences of the consumers. Findings of this research and the topic of this term paper is of huge significance to the companies that are doing business in the contemporary age when the economy is recovering from the effects of the recent global financial crisis. Also, companies can benefit from these findings in the future during any possible financial crisis. Answers to the aforementioned questions have been found from a review of literature based on the findings of latest researches made to study the effect of the recent global financial crisis on the consumers’ behavior and the market strategies of the companies. 2. Current Research on the Topic 2.1 Effect of Financial Crisis on the Customers’ Behavior and Companies Market Strategies in Romania (Nistorescu and Puiu) conducted a qualitative study to study the way marketing strategies were adapted by the Romanian retailers to the changed buying behavior of the consumers during the global financial crisis. To accomplish this, (Nistorescu and Puiu) collected the empirical data from two companies, namely Carrefour and Real Hypermarket that belong to the Romanian retail sector. The researchers collected the primary data from the information shared on their websites, articles, as well as their annual reports. (Nistorescu and Puiu) observed the implementation of similar changes in the needs and preferences of their consumers during the crisis. Accordingly, both companies adopted similar marketing strategies during the financial crisis e.g. both used loyalty programs and in-store commercial to strengthen their contact with their respective customers. 2.2 Effect of Financial Crisis on the Customers’ Behavior and Companies Market Strategies in Turkey (Koksal and Ozguk) conducted a quantitative research to examine the effect of financial crisis
Marketing Strategies to Attract Buyers in Times of Financial Crisis School Table of Contents Contents Page Numbers Marketing strategies to attract buyers in times of financial crisis 3 1. Introduction 3 2. Current research on the topic 4 2.1 Effect of financial crisis on the customers’ behavior and companies market strategies in Romania 4 2.2 Effect of financial crisis on the customers’ behavior and companies market strategies in Turkey 4 2.3 Porter’s Five Forces Model 5 2.4 SWOT Analysis 6 2.5 Analysis 6 3…
Non- price differentiation is a marketing strategy whereby one company is trying to differentiate or distinguish its services or products from competing services or products based on such attributes like workmanship and design. The company can also differentiate its product or service offering through customer focus, extensive distribution.
According to the paper there is a stress on uncomplicated, understandable marketing communication. During a crisis, people go back to brands they identify and trust - and trust will be a most important topic in addition to value for money. There is less indirect marketing.
The beauty and skincare market had a worth of $43.6 billion in 2007 and had a yearly growth rate of 7.1%. However, the market suffered a massive setback with the onset of the 2007–2009 financial crisis resulting in a serious economic downturn. As the recession resulted in a drastic decline in consumer disposable income, the growth rate in market value fell to 6.6% by mid-2008, and by the end of 2009 had dropped to a low of -3.3%.
With growth in time and competition, managers of financial firms do introduce different new services for their firm but still fail to aware the customers for their services. With the implementation of different marketing techniques, I will elaborate the key successes that can be achieved with marketing campaign in financial firms.
Also, Shipping and freight services in general will be affected by the prices falling from a peak of around $2,000 per container from Asia to Europe a few years ago to the current price of approximately $500 per container (Schulz, 2008). Shipping companies, brokers and analysts argues that ships used to earn around US $50,000-100,000 a day a few months ago are now suffering from low prices and forced to accepts prices as low as US $5,000-10,000 a day.
On the other hand, the drop in the value of dollar is facilitating to make goods further cost competitive within global markets.
There is a stress on uncomplicated, understandable marketing communication. During a crisis, people go back to brands they
to the global financial crisis in terms of changing their marketing strategies to address the changed needs and preferences of the customers during the financial crisis. Questions that are answered in this paper include; what are the patterns of change in the needs and