In this bad economy, business owners and corporations may turn to drastic measures to stay afloat. Cutting corners is a quick fix, but some are claiming that when it comes to marketing, no expenses should be spared. Advertising Age advises to not “cut that budget [for] [r]ecessions offer what may be unprecedented opportunities to market in an environment of relatively less noise, as others cut back.” Instead of not cutting back permanently, others are insisting that temporary changes are necessary. According to John Quelch of The Financial Times, using price reduction promotions is a great way to steer customers your way. Customers are by nature going to want the best price possible, so by lowering your prices temporarily and offering discounts, you are putting your company ahead of your competitors. Even with these differing ideas, they both agree that marketing will essentially help you, as opposed to hinder you, in your journey through these hard economic times.
Babej, Mark E., and Tim Pollak. “Recession Marketing.” Forbes. Forbes Magazine, 3 Apr. 2008. Web. 21 Mar. 2012. .
Quelch, John. “Marketing Your Way Through a Recession.” Harvard Business School. 3 Mar. 2008. Web. 21 Mar. 2012. .
