Marketing Strategies in a 21st Century Recession
Sidor, Monica J.
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During past recessions, it was suggested that a firm should reduce the budget of every department with the exception of marketing and advertising. In today's world that is ruled by blogs and social networking sites, this no longer seems to be the case. In the current economic recession, with the advancements of online advertising methods and performance tracking abilities, it is possible for a firm to significantly reduce the marketing and advertising budget without sacrificing brand presence. A firm is able to purchase cost effective marketing that will successfully communicate their marketing message to the masses without breaking the bank. Similarly, it is possible for them to pay next to nothing and allow the viral network of social networking to do the grunt work of spreading the message. By examining these new advancements in technology, it becomes obvious why the Internet has drastically altered the way that marketers and advertisers view a recession and deal with its repercussions. The current economic climate has forced most firms to cut budgets in every aspect of the business unit including marketing and advertising. However, while the development of the Internet and online advertising has allowed firms to remain highly active in advertising and marketing without breaking the bank. Those firms who do not follow the current trend shift from print to online advertising will have difficulty keeping up with competitors and maintaining a strong presence in the market.