Marketing during Economic Depression
Marketing Under the Situation of Economic Depression The financial crisis originated in Wall Street of United States has spread all over the world rapidly. Because of the firmer and closer economic connections between countries, almost every country is beginning to experience somewhat economic depression. Considering the issue of marketing under the situation of economic depression is becoming necessary for many companies in any area of the world. Marketing is defined as a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. A company wanting to have a successful marketing strategy should first understand the marketing environment around it. A company's marketing environment consists of the actors and forces outside marketing that affect marketing management's ability to develop and maintain successful transactions with its target customers. And the economic depression situation should be considered as part of the marketing environment study area. The ever changing microenvironment and macroenvironment offer both opportunities and threats to companies. If a company wants to be successful in any condition, it should know the vital importance of watching and adapting to the changing environment, so it can avoid the unfavorable conditions and grasp any opportunities. Economic environment is one of macro factors that influence a company’s marketing concerns. Theoretically, it consists of factors that affect consumer purchasing power and spending patterns. Under the situation of economic depression, both consumer purchasing power and spending patterns have, to some extent, changed. Therefore, a company must have a clear picture of what those changes are. As for the consumer buying power, depressed economic situation is always related with reduced consumer buying power. For example, during the 1997’s Asian economic crisis, country after country saw their