Effective use of recession
The good strategy of a business is that to be prepared for future, for which big organizations have departments to forecast the future plans. All responsible industries never compromise with quality. As far as marketing is concern Companies can compromise on budgets that they have to spend on marketing either by logos broachers or media, in the time of recession period. This is because the researchers assume that by reducing budget in the time of recession they can cover up the crisis of money in providing quality product to the customers who have believe in their services. The small budgeting in marketing will later on be increased after the recession time. The increase in budget for effective marketing will increase the customers of a company.
To run a company successfully it is important to have confidence of the employees working in the company which can only be achieved by sharing company’s objectives and aims with them. The employees that have trust on you will help you a lot during the recession time. The effective use of limited resources is required. The use of credit, finance and ownership has to effectively manage in this period. The company has to be governed with new rules in the time of recession to cop up with the problem. Economical, management and marketing policies has to be reviewed. The problems have to be tackled constructively. The rapid management and the rules of war amongst competitors are the essence of solution for marketing management in the in time of recession. In marketing management short term and long term performances has to be enhanced and the organization needs to be changed from the way it used to be which according to Schumpeter is a “creative destruction” in the time of recession. The main thing is that how a company will bring change in its processes either by introduction of new methods or by technology. The alteration in the industry and the position of employees within the industry is needed.
Adversity helps us to think again about the products, services and the model of the industry. This might lead us to have a brilliant idea that will bring sustainability in the market. Marketing can be effectively done even in the time of recession with a low budget. The competition is far more challenging in the time of recession because of limited customers. However you can use some inexpensive methods for marketing like placing ads on websites etc. new technologies will be helpful in marketing during the recession period. Some organizations make mistake by decreasing their marketing efforts in the time of recession, an effective marketing can be done in the time recession with small budget and with big ideas. Effective use of management tactics can generate ideas that would be helpful in gaining success even in the time of recession. Even it is observed that all big inventions were made in the time of downturn.