{"id":4072,"date":"2014-05-08T18:22:59","date_gmt":"2014-05-08T18:22:59","guid":{"rendered":"http:\/\/www.marketingteacher.com\/marketing-in-a-credit-credit-crunch\/"},"modified":"2015-07-02T20:21:42","modified_gmt":"2015-07-02T20:21:42","slug":"marketing-in-a-credit-credit-crunch","status":"publish","type":"post","link":"https:\/\/marketingteacher.com\/staging\/5483\/marketing-in-a-credit-credit-crunch\/","title":{"rendered":"Marketing in a Credit Credit Crunch"},"content":{"rendered":"<h1>Marketing in a Credit Credit Crunch<\/h1>\n<ul class=\"lessonlinks\">\n<li class=\"lesson active\"><a href=\"https:\/\/marketingteacher.com\/staging\/5483marketing-plans\/\">Lesson<\/a><\/li>\n<li class=\"exercise\"><a href=\"https:\/\/marketingteacher.com\/staging\/5483exercise-marketing-plans\/\">Exercise<\/a><\/li>\n<li class=\"answer\"><a href=\"https:\/\/marketingteacher.com\/staging\/5483answer-marketing-plans\/\">Answer<\/a><\/li>\n<\/ul>\n<p>A stalled economy threatens the viability of many small businesses. Some   have experienced decreases in revenues that they cannot sustain. Slower   sales have prompted some to institute personnel layoffs others are   prone to cut <a href=\"https:\/\/marketingteacher.com\/staging\/5483advertising\/\">advertising<\/a>.   But, a hasty decision could be a mistake. After all, the reason for   advertising is to keep a consistent message in front of prospective   customers. This is our advice for <a href=\"https:\/\/marketingteacher.com\/staging\/5483what-is-marketing-2\/\">What is marketing?<\/a> during a credit crunch.<\/p>\n<p>Rather than making a hurried decision that may make things worse, a   company should consult its <a href=\"https:\/\/marketingteacher.com\/staging\/5483marketing-plans\/\">marketing   plan<\/a> for guidance. The Marketing Teacher provides applicable   guidelines which will help formulate tactics in response to a slumping   economy. <\/p>\n<p>There are many factors to consider when conducting a situation   analysis. Prominent among them is a review of a company&#8217;s <a href=\"https:\/\/marketingteacher.com\/staging\/5483marketing-environment\/\">Marketing   Environment<\/a>.<\/p>\n<p>A good way to organize a situational analysis of the marketing   environment is the use   of a device called <u><a href=\"https:\/\/marketingteacher.com\/staging\/5483pest-analysis\/\">PEST   Analysis<\/a><\/u>. PEST looks at environmental factors such as <strong>P<\/strong>olitical   Factors, <strong>E<\/strong>conomic Factors, <strong>S<\/strong>ociocultural Factors and <strong>T<\/strong>echnological     Factors.<\/p>\n<p>During an economic downturn, a company&#8217;s <a href=\"https:\/\/marketingteacher.com\/staging\/5483marketing-planning-and-the-marketing-manager\/\">Marketing Planning and the Marketing Manager<\/a> might perform what is called a <a href=\"https:\/\/marketingteacher.com\/staging\/5483marketing-audit\/\">Marketing   Audit<\/a> during which time he\/she would review the current marketing   plan against internal and external marketing environments. See below:<\/p>\n<p>\t\t\t\t\t<center><\/p>\n<table width=\"483\" border=\"0\">\n<tbody>\n<tr>\n<td>\n<p><u>Internal Environment<\/u><\/p>\n<p>Customer Relations<\/p>\n<p><a href=\"https:\/\/marketingteacher.com\/staging\/5483pricing-strategies\/\">Price<\/a><\/p>\n<p>Product Profitability<\/p>\n<p><a href=\"https:\/\/marketingteacher.com\/staging\/5483marketing-place\/\">Distribution<\/a><\/p>\n<p><a href=\"https:\/\/marketingteacher.com\/staging\/5483promotion\/\">Promotion<\/a><\/p>\n<p><a href=\"https:\/\/marketingteacher.com\/staging\/5483people-marketing-mix\/\">People<\/a><\/p>\n<\/td>\n<td>\n<p><u>External Environment<\/u><\/p>\n<p>Understanding customer needs<\/p>\n<p>Understanding the <a href=\"https:\/\/marketingteacher.com\/staging\/5483consumer-buyer-behaviour\/\">buyer   decision process<\/a><\/p>\n<p>Understanding <a href=\"https:\/\/marketingteacher.com\/staging\/5483introduction-to-brands\/\">brand<\/a> perception<\/p>\n<p><a href=\"https:\/\/marketingteacher.com\/staging\/5483segmentation\/\">Segmentation<\/a>, <a href=\"https:\/\/marketingteacher.com\/staging\/5483targeting\/\">Targeting<\/a>, <a href=\"https:\/\/marketingteacher.com\/staging\/5483positioning\/\">Positioning<\/a><\/p>\n<p><a href=\"https:\/\/marketingteacher.com\/staging\/5483why-people-buy\/\">Consumer   values<\/a><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\n\t\t\t\t\t<\/center><\/p>\n<p>The Marketing Manager needs to utilize the most current data and   information resulting from the Marketing Audit and the PEST Analysis   results. The status review should lead the Manager to re-evaluate its <a href=\"https:\/\/marketingteacher.com\/staging\/5483smart-objectives\/\">objectives<\/a> to determine if they are indeed smart objectives, in light of current   economic times.<\/p>\n<p><a href=\"https:\/\/marketingteacher.com\/staging\/5483smart-objectives\/\">SMART   objectives<\/a> are those that are specific, measurable, achievable,   realistic, and timed. By conducting a situational analysis and reviewing   the marketing environment a Marketing Manager is equipped to adapt and   monitor its response changing conditions without making knee-jerk   decisions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A stalled economy threatens the viability of many small businesses. Some have experienced decreases in revenues that they cannot sustain. Slower sales have prompted some to institute personnel layoffs others are prone to cut advertising. But, a hasty decision could be a mistake. After all, the reason for advertising is to keep a consistent message in front of prospective customers.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[28],"tags":[],"class_list":["post-4072","post","type-post","status-publish","format-standard","hentry","category-finance"],"_links":{"self":[{"href":"https:\/\/marketingteacher.com\/staging\/5483\/wp-json\/wp\/v2\/posts\/4072","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/marketingteacher.com\/staging\/5483\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/marketingteacher.com\/staging\/5483\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/marketingteacher.com\/staging\/5483\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/marketingteacher.com\/staging\/5483\/wp-json\/wp\/v2\/comments?post=4072"}],"version-history":[{"count":0,"href":"https:\/\/marketingteacher.com\/staging\/5483\/wp-json\/wp\/v2\/posts\/4072\/revisions"}],"wp:attachment":[{"href":"https:\/\/marketingteacher.com\/staging\/5483\/wp-json\/wp\/v2\/media?parent=4072"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/marketingteacher.com\/staging\/5483\/wp-json\/wp\/v2\/categories?post=4072"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/marketingteacher.com\/staging\/5483\/wp-json\/wp\/v2\/tags?post=4072"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}