Marketing During a Recession

Paper Summary:

This research paper discusses various topics relating to recession marketing including the following: a brief synopsis of the 2007-2008 economic crisis, advantages of a recession, marketing convenience products, marketing luxury products, survival tactics, a marketing strategy plan, and some recommendations on recession marketing. The paper does not focus on the implications of the recession as much as the objectives of companies during a recession. The paper explores briefly international marketing, but primarily focuses on marketing in the United States. A graph and a diagram are included with the paper.

Outline:
Introduction
Purpose and Scope
Statement of the Problem
Background
Methods
Limitations
Advantages of a Recession
Marketing Convenience Goods
Thriving Goods
Marketing Factors to Consider For Coming Year
Marketing Luxury Goods
Developing a Recession Marketing Plan
Assessing External Factors
Assessing Internal Factors
Strategy Determination
Review and Control
Marketing Tactics
Anticipating Competitors
Value
Quality
Customer Focus
Communications
Promotion
Conclusions and Recommendations
References

From the Paper:

"Quality cut downs may not be noticeable in the short-run but in the long run consumers will notice if a company feels tries to save some money by cutting down on the quality of their products. If a company has developed a successful, great brand experience there is no reason in risking that by cutting down on the quality of your products and services. When a company is running a service there is usually give dimensions that quality is based on, the first being reliability which is the need to make sure the service is being performed dependably, and accurately. The second dimension is tangibles which are things like physical facilities, equipment, personnel, communication materials, etc. The third dimension is responsiveness, as the company needs to make sure they are giving the customer the most adequate service, as well as promptly giving that service. The fourth dimension is assurance, which is when a company conveys trust and confidence so the consumer does not have to worry about their service being completed. The last dimension is empathy; because consumers do not want an uncaring person handling a mistake when they are stressed enough, but much rather have a caring employee deal with the matter. All of the quality dimensions are really focused around keeping your product or service where it has been without raising costs, as well as keeping a healthy customer service sector on board to work through troubling economic times where consumers do not want to worry about services that have been loyal to them in the past. (Hartlet et al., 2008, p. 34,36,121) (Hollis, 2008, p. 3-4)"

Sample of Sources Used:

• 5 top tips for marketing during a recession. (2008, October 27) Retrieved from http://sereficaz.org/2008/10/27/5-top-tips-for-marketing-during-a-recession/
• Buss, D. (2002, July 1) Shopping through a recession: How will luxury brands survive?. Retrieved from http://www.brandchannel.com/features_effect.asp?pf_id=104
• Gieves & Hawkes Opinion: Timeless quality is the best brand fit. (2008, September). Retrieved from http://www.brandstrategy.co.uk/issues/2008/September/Timeless_quality_is _the_best_brand_fit/Browse.view
• Gogoi, P. (2008, January 17) The death of mass luxury. Business Week. Retrieved from http://www.businessweek.com/bwdaily/dnflash/content/jan2008/db20080117_605401.htm
• Goodell, P., & Martin, C. (2005) Checklist for developing recession marketing plans. Retrieved from http://www.rmr.com/marketingtips.asp?nid=438&lid=1

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