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Top2. Strategies In Times Of Economic Downturn
Companies need to rethink about the best practices of management. Some experts (Hamm, 2008; Haluk Köksal & Özgül, 2007) see management entering a new age of turbulence in which chaos, risk, and uncertainty characterize many industries, markets, and companies. Experts (Hamm, 2008; Martin, 2008) believe that turbulence caused by economic downturn and recession should be considered as normal. There may be periodic and intermittent spurts of prosperity. However, companies should be equipped well enough to sustain and prosper during recession or even depression (Williamson & Zeng, 2009). Experts foresee many challenges for the future. There may be no assurance that a return to past management practices would ever be successful again.
According to Kotler and Caslione (2009), marketers should always be ready to face tough and challenging situations. Companies should be ready with automatic responses when there are turbulence and chaos in the environment. They suggest different chaotic marketing strategies to sustain in the environment.