Companies of a worldwide level in terms of geographic location are getting ready to face the slow down and eventually an economic recession. Cuts everywhere, and cries for help have been the traditional way to face this type of crisis. Within this context, the marketing has also been affected by the cost – cutting mentality and by the “tighten your belt” approach to face difficulties. In this cutting down mood, marketing items, such as advertisement, are top of the list. Although... is it the best decision? Furthermore, what to do with the marketing budget in recession times?
Please find below the summaries of seven research papers (four with free access) that may be useful to manage your marketing strategy in these stormy and volatile times of the economy, in which the uncertainty about the future is overwhelming. Now, then, even though it could be alluring, mechanic and even simplistic to cut marketing budgets back, in a long – term perspective it could be a wrong decision, as we show below
Professor John Quelch, Senior Associate Dean and Lincoln Filene Professor of Business Administration de la Harvard Business School, author of the books: Greater Good: How Good Marketing Makes for Better Democracy Boston: Harvard Business Press, 2008. Business Solutions for the Global Poor: Creating Social and Economic Value 2007, Readings in Modern Marketing. Hong Kong: Chinese University Press, 2006, among other, proposes in his article called “How to Market in a Recession”, eight items that the Marketing Professors at INALDE believe that you must consider in order to face the economic crisis. To expand the recommendations and to support some of them with concrete figures and data, please find herewith attached the summaries of seven researches that we found to be pertinent.
