The United States is experiencing inflation, increased unemployment, and escalating gas prices. A 71-year-old food company is associated with hard times, and as the economy heads downward, the product bucks the cycle and enjoys sales increases.
During the down economy, marketers are experimenting with various tactics to entice consumers to buy. Cars come with free or cut rate gas; buy a gift card for a friend, and you get one free; and the supermarket is full of 2-for-1 specials each week.
Excluding the supermarket deals, choose a product and marketing campaign that targets buyers in a down economy. Discuss the effectiveness of the campaign and how you might improve upon it. Be sure to include your thoughts on competition and differentiation.© BrainMass Inc. brainmass.com March 4, 2021, 10:44 pm ad1c9bdddf
During a down economy one of the biggest factors is price. Wal-Mart and Costco will benefit more from a down economy than higher end stores. Consumers are driven by price and will go to the places they perceive best value. Can you think of a campaign advertising value right now? Fast food retailers have been boasting of value meals for a number of years, and now more and more restaurants are taking part in "more food, less money" not just at the fast food level but also at chains like Applebee's, Red Lobster, Chili's and even higher end restaurants are no longer serving as small of a portion to target greater value offering.
Another idea is clothing. People are cutting back and are less likely to buy at full price. Target has taken on stylish clothes ...
This detailed solution outlines successful operations who have attracted consumers in spite of poor economy through their marketing devices.