How Can Marketers Create Business Impact During This Economy? - Part 1

Firms on a shoestring budget amidst a slow-paced economy:

Research by Penn State's College of Business discovered that an economic downturn should prompt an aggressive rise in marketing spending. The study showed that businesses entering a recession with a pre-established strategic focus on marketing, an entrepreneurial culture, and an adequate reserve of underutilized workers, cash, and spare production capacity were better positioned to approach recession as opportunities to strengthen their competitive advantage. Companies that improve marketing during difficult times, when rivals cut back, can usually raise both market share and investment return. Aggressive marketing can boost demand from both new and existing consumers. But that doesn't just mean throwing cash into marketing campaigns. Smarter, more targeted marketing strategies need to be developed.

Some examples of great marketing decisions are – the launch of Ivory soap by Proctor and Gamble during the Great Depression, the launch of "Intel Within" by Intel during the recession from 1990 to 1991. During the turbulent period from 2000 to 2001, Walmart bombarded its competitors with Everyday Low Prices. These innovative and novel decisions helped the firms to survive during the worst times.

This is the 1st article of the series.