introduction Article “Marketing in a weak economy” Published on forbes.com, 2.05.2010 Author was Knowledge@Wharton ~10 min The main titles are recession, customers behavior, high anxiety, threat of private labels and keeping up with consumers.
Recession Consumer behavior Brands have taken a beating Private labels have gained market share Consumers are cutting back Retailers are turning up the heat Less eager to open up their wallets People are starting to change Focus on home and family No free lunch anymore
High anxiety Looking for reassurance Simplify consumers lives Company will do what it always has done is important – it is security
Threat of private labels “Three weapons" in the fight against private labels Innovation Managing a product throughout its logical life cycles Brands should work with retailers on category management for when they square off against private labels
Keeping up with consumers Internet – new ways to reach out Online forums Offered coupons Maintain a Facebook or Twitter presence The knee-jerk reaction: Consumer wants this This is something we should provide
Traditional marketing research Take the time Think about how to provide a benefit What consumers really want Challenge: Maintain a distinction between information Focus on what is actionable