"A pessimistic outlook can be more damaging to your company than faltering demand for your product of service." - Anon.
"Be aware that research has shown that companies that continue to advertise in adverse economic times will gain market share. Why? Simply put, it's because your competitors are sitting idly waiting for the market to turn around, while you're aggressively pursuing business!" - the Strategic Planning Institute of Cambridge, Mass., "Profit Impact of Marketing Strategy" Study.
"With talk of recession, budget deficits, ... and uncertainty with respect to interest rates, it is important to develop contingency marketing plans. No one knows which economic scenario will develop, but with the bottom line at stake, it is crucial to be prepared to adjust operations for the greatest possible profits...IN ANY EVENT!" - Avraham Shama
Avraham Shama in his book, Marketing In A Slow-Growth Economy, suggests these activities may help marketing managers:
1. Study how inflation affects the target consumers. Different targets are affected differently. Thus, various degrees of modifying the marketing mix are called for.
2. Keep costs down but don't lower prices, since consumers will relate this to low quality--which could result in decreased demand.
3. Institute a flexible price policy; frequent adjustment of prices may be important. An examination of the cost and price structure for consumer goods every 90 days is wise. Maintain competitive pricing. Emphasize profit margins, not sales volume.
The buzz words to use in advertising messages are: VALUE, ECONOMIZE, SALE, FUNCTIONAL.