Economic Downturn and Implications: - Marketing Challenges and Opportunities

Abstract

Companies and businesses operate in an uncertain business environment. The environment is more turbulent during a recession or an economic downturn. Investments done by firms are directly affected by such uncertainties. Recession and economic downturn make it uncertain and risky for firms. Firms worry that the returns will not be commensurate with the investments done. Nevertheless, there are firms which develop strategies, undertake initiatives, and invest during such tough times. Various strategies and initiatives adopted by companies and businesses to survive and even to excel during such tough times are discussed. The advantages and disadvantages of adopting those strategies and initiatives are discussed. The study focuses on firms which implemented strategies to overcome recession and established themselves in the minds of customers. Firms and practitioners will benefit from the study and will be able to identify the most effective strategies and initiatives to be adopted to achieve excellence during an economic downturn.