Harvard Business School Professor John Quelch 8 point strategy.Companies should bear eight factors in mind when making their marketing plans for 2008 and 2009:
1. Research the customer. Instead of cutting the market research budget, you need to know more than ever how consumers are redefining value and responding to the recession
2. Focus on family values. When economic hard times loom, we tend to retreat to our village.
3. Maintain marketing spending. This is not the time to cut advertising. It is well documented that brands that increase advertising during a recession, when competitors are cutting back, can improve market share and return on investment at lower cost than during good economic times.
4. Adjust product portfolios. Marketers must reforecast demand for each item in their product lines as consumers trade down to models that stress good value, such as cars with fewer options.