Marketing strategies to attract buyers in times of financial crisis Essay

Marketing strategies to attract buyers in times of monetary crisis - Essay ExampleThe aim of this paper is to find out how companies in diverse parts of the world let responded to the global financial crisis in terms of changing their marketing strategies to salute the changed inescapably and preferences of the customers during the financial crisis. Questions that are answered in this paper include what are the patterns of change in the needs and preferences of the customers during the financial crisis? What are the principles of successful marketing during the times of financial crisis? What should be the companies focus during financial crisis to nutrify their business and profitability despite the economic pressure? A lot of research has been recently make to study the effects of the recent global financial crisis on the companies as well as the consumers. During whatsoever financial crisis, consumers generally kick the bucket worried about their future psychologically whe ther or not they have experienced the physical effects of the financial crisis in terms of lack or insufficiency of currency themselves. This causes the consumers to become very much concerned about proper use of their money. The preferences of consumers change from luxuries to basic necessities, and they become very critical about the quality of products they purchase. This has many implications on the companies because they need to redesign their marketing strategies to spoken language the changed needs and preferences of the consumers. Findings of this research and the topic of this term paper is of huge significance to the companies that are doing business in the contemporary age when the economy is recovering from the effects of the recent global financial crisis. Also, companies can derive from these findings in the future during any possible financial crisis. Answers to the aforementioned questions have been found from a criticism of literature based on the findings of la test researches made to study the effect of the recent global financial crisis on the consumers behavior and the market strategies of the companies. 2. Current Research on the Topic 2.1 Effect of Financial Crisis on the Customers Behavior and Companies Market Strategies in Romania (Nistorescu and Puiu) conducted a qualitative study to study the way marketing strategies were commensurate by the Romanian retailers to the changed buying behavior of the consumers during the global financial crisis. To accomplish this, (Nistorescu and Puiu) collected the empirical info from two companies, namely Carrefour and Real Hypermarket that belong to the Romanian retail sector. The researchers collected the primary info from the information shared on their websites, articles, as well as their annual reports. (Nistorescu and Puiu) observed the implementation of connatural changes in the needs and preferences of their consumers during the crisis. Accordingly, both companies adopted similar marke ting strategies during the financial crisis e.g. both used consignment programs and in-store commercial to strengthen their contact with their respective customers. 2.2 Effect of Financial Crisis on the Customers Behavior and Companies Market Strategies in Turkey (Koksal and Ozguk) conducted a quantitative research to examine the effect of financial crisis