Marketing strategies to attract buyers in times of financial crisis Essay

Marketing strategies to attract buyers in times of financial crisis - Essay Example The aim of this paper is to find out how companies in different parts of the world have responded to the global financial crisis in terms of changing their marketing strategies to address the changed needs 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 sustain their business and profitability despite the economic pressure? A lot of research has been recently made to study the effects of the recent global financial crisis on the companies as well as the consumers. During any financial crisis, consumers generally become worried about their future psychologically whether or not they have experienced the physical effects of the financial crisis in terms of lack or insufficiency of money 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 address 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 benefit from these findings in the future during any possible financial crisis. Answers to the aforementioned questions have been found from a review of literature based on the findings of latest 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 adapted 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 data from two companies, namely Carrefour and Real Hypermarket that belong to the Romanian retail sector. The researchers collected the primary data from the information shared on their websites, articles, as well as their annual reports. (Nistorescu and Puiu) observed the implementation of similar changes in the needs and preferences of their consumers during the crisis. Accordingly, both companies adopted similar marketing strategies during the financial crisis e.g. both used loyalty programs and in-store commercial to strengthe n 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

What an education mean to me Essay Example | Topics and Well Written Essays - 1500 words

What an education mean to me - Essay Example Education for her is confined to the realm of the observable, quantifiable and rational. Education occurs in the classroom mostly, and occasionally in the field under controlled conditions. I know a man in my mother’s neighborhood that is constantly learning. He told me that education and learning for the sake of understanding is enough for him. He reads classical literature and philosophy as well as all of the latest books on political science and environmental concerns. His mind is filled with the words of some of the greatest scholars that have lived over the past 1500 years. He works at a neighborhood corner shop stocking shelves and running the cash register. When I asked him why he didn’t get a better job he replied that a more demanding job would interfere with his education, and that he valued knowledge over money. The superintendent that works in my apartment complex told me once that he never read anything he couldn’t apply to his job. If it was a manual on fixing a trash disposal or direction on installing new lighting fixtures, then the reading was worth his time. He said that he really didn’t see the need for any education beyond the obvious needs of his career. Formal study beyond his career was a waste of time because it couldn’t earn him any money. Read a novel for enjoyment or enlightenment? Never. He’d rather play poker. I list these examples of people I have in my life and their attitudes towards education to illustrate why I am so conflicted about education in many ways, specifically my education and how I should conduct it. I respect all of these people and see the good and bad in the choices they have made relative to their own education. Summarizing my feelings about education is difficult because of the disparate examples, but as I learn more about the world and the people in it, I can see one thing clearly. I can see that an individual’s approach to their education (whatever that may