Marketing in a weak economy

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Marketing in a weak economy

  1. 1. Marketing in a weak economy<br />4.05.2010<br />
  2. 2. introduction<br />Article “Marketing in a weak economy”<br />Published on forbes.com, 2.05.2010<br />Author was Knowledge@Wharton<br />~10 min<br />The main titles are recession, customers behavior, high anxiety, threat of private labels and keeping up with consumers.<br />
  3. 3. Recession<br />Consumer behavior<br />Brands have taken a beating<br />Private labels have gained market share<br />Consumers are cutting back<br />Retailers are turning up the heat<br />Less eager to open up their wallets<br />People are starting to change<br />Focus on home and family<br />No free lunch anymore<br />
  4. 4. High anxiety<br />Looking for reassurance<br />Simplify consumers lives<br />Company will do what it always has done is important – it is security<br />
  5. 5. High anxiety<br />What we can do?<br /><ul><li>Make the consumers feel savvy
  6. 6. Highlighting nutritional information
  7. 7. Every little decision does matter
  8. 8. Made a good decision
  9. 9. Doing the right thing
  10. 10. Controlling their controllables
  11. 11. Touch the product</li></li></ul><li>Threat of private labels<br />“Three weapons" in the fight against private labels<br />Innovation<br />Managing a product throughout its logical life cycles<br />Brands should work with retailers on category management for when they square off against private labels<br />
  12. 12. Keeping up with consumers<br />Internet – new ways to reach out<br />Online forums<br />Offered coupons<br />Maintain a Facebook or Twitter presence<br />The knee-jerk reaction:<br />Consumer wants this<br />This is something we should provide<br />
  13. 13. Traditional marketing research<br />Take the time<br />Think about how to provide a benefit <br />What consumers really want<br />Challenge:<br />Maintain a distinction between information<br />Focus on what is actionable<br />
  14. 14. THANK YOU!<br /> Do you have any questions?<br />

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