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MSI cited these six guidelines for marketing during an economic downturn.1. Have a long view
Managers have a lot of pressure to cut marketing and other expenditures in order to inflate current-term earnings and stock price. Research has shown, however, that myopic marketing management has a detrimental long-term impact on firm value with long-term stock returns that are significantly lower than other firms.
2. Market marketing
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Remember and communicate the key factors that drive marketing"s influence in the organization: (1) demonstrating marketing productivity, (2) "marketing" marketing as an investment not an expense, and (3) emphasizing marketing"s role in building and maintaining brands, and through these brands, building long-term customer loyalty.
3. Create customer satisfaction, retention and loyalty
In a resource-constrained environment, service businesses need to target their quality improvement efforts, without undue regard for cost savings. Research shows that firms that focus on satisfaction and retention to grow revenues perform better than those that also try to focus on cost reduction.
4. Build brands
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Consumers switch to private labels during economic downturns faster than they return to national brands when the economy improves. Because of this longer-term positive effect on private label demand after a recession, research shows that national brand managers should increase their marketing efforts during these periods to mitigate the inroads made by private labels.
5. Evaluate advertising expenditure
For firms with large advertising expenditures, and especially for consumer and industrial products firms, research shows that increased spending during a recession improves firm performance more than similar spending during non-recessionary periods.
6. Tailor your response to your organization
Not all firms do or should increase marketing expenditures in a recession. Firms that place a strategic emphasis on marketing, have an entrepreneurial culture, and have slack resources, plus the flexibility to deploy them are more likely to increase their marketing activities in a recession and be successful doing so.
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