Marketing in Times of Economic Crisis

In his article, the author briefly analyzes the causes of the financial and economic crisis. The root cause was a lack of capital, which was compensated for globally by loans. Ultimately, the main problem becomes consumption rather than finance.To solve this problem, it is necessary to create real, rather than virtual, purchasing power. The fundamental question the author seeks to answer is the impact of the crisis on marketing. In this context, he points out that companies should treat marketing costs as an investment, which, while having a longer payback period during a crisis, is highly necessary and effective once purchasing power increases. New approaches to market segmentation during a crisis are also discussed in detail, as well as purchasing behavior. Changes are also occurring in the structure of marketing communication tools—a strengthening of PR and sales promotion, and a decline in the importance of advertising, sponsorship, and philanthropy. Regarding the stabilization of employees even during a decline in sales, he highlights the importance of personnel marketing and internal corporate communication. ECONOMIC CRISIS AND MARKETING In the study the author briefly characterises the causes of financial and economic crisis. The basic cause was the lack of capital, which was compensated by credits. As a final consequence, the main issue has become consumption and not finances. In order to solve this issue, it is necessary to create not virtual, but real effective demand. Fundamental question, which the author seeks to answer, is the impact of the crisis on marketing. In this connection, he points out that firms should consider marketing costs as investments, which in the period of crisis have a longer period of severity, but they are extremely necessary and efficient in the time after the increase of effective demand. New approaches to the market segmentation in the time of crisis have been investigated into detail, as well as purchasing behaviour and there are also changes in the structure of marketing communication tools – strengthening of PR and sales promotion, decrease of the importance of advertising, sponsorship and philanthropy. From the viewpoint of the workforce stabilisation during the decrease of sale, the author stresses the importance of personnel marketing and in-plant internal communication. (…)

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