Crisis Management and Current Trends in Managing Crisis in It Sectors
Associate Professor, Bharath School of Business, Bharath University, Chennai â 600073, India
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In every CRISIS marketers find themselves in poorly charted waters because no two downturns are exactly alike. Companies need to understand the evolving consumption patterns and fine-tune their strategies accordingly. During recessions, of course consumers set stricter priorities and reduce their spending . As sales start to drop businesses typically cut costs, reduce prices, and postpone new investments. Marketing expenditures in areas from communications to research are often slashed across the board but such indiscriminate cost cutting is a mistake. Although it is wise to cut costs, failing to support brands or examine core customer’s changing needs can jeopardize performance over the long term. Companies that put customer needs uner the microscope, take a scalpel rather than a cleaver to the marketing budget, and adjust strategies, tactics and product offerings in response to shifting demand are more likely than others to flourish both during and after a recession.