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The Trend of Frugality

Frugality is the latest trend not only personally, but in the corporate/business environment as well. For example, when we developed our annual budget this year our number one objective was to be frugal. In essence, we developed a zero-based budget and only identified those initiatives that were critical for maintaining our business. This year our goal will not be to create brand and awareness through advertising, but instead by word-of-mouth, client referrals and recognition as a great company to work for, and with. Based on the trends that you are seeing today, how will this notion of being frugal affect how we as marketers market?

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Marketers will find it necessary to give customers the most power for every dollar spent. Not only will the customer need to see results, but those results will have to come from a broad base using less expensive options. Getting consumers involved in spreading the word is one way. This means more use of social media to gain support by having customers click and share or forward messages. From these, customers would earn discounts or special gifts.

Finding ways for spreading news about the company in a frugal manner means that marketers will have to forgo the splashy advertising spreads and less celebrity endorsements. However, getting a celebrity to speak about a ...

Solution Summary

The trend of frugality is examined. How the notion of being frugal affects how we as marketers market are determined.