2010-02-18

School of BusinessJAIN UNIVERSITY

BANGALORE, INDIA

This paper puts an attempt to understand the effects of global recession faced by India and highlights those sectors which will come to the rescue at times to go.

It will also focus on the opportunities and strategies that the marketers can adopt to sustain themselves.

Market mix strategies: 1) Focus on core business 2) Improved process and efficiency 3) Strategic divestment 4) Contingency planning 5) Acquisitions and strategic alliances 6) Withdraw from weak markets, consider youth markets 7) Fortify in markets where brand is strong

1) Adjust product portfolios - Introduce fighter or second-line brands

- Concentrate on simple and durable products- Augment products with warranties- Prune weak products

2) Research and development

3) Consider resale market for durable products – e.g. BMW

      

1) Adjust pricing tactics Improve quality while maintaining price Consider product life cycle pricing

2) Start permanent cost-cutting programs

3) Exploit competitors’ (relative) weaknesses

1) Maintain advertising budget – Invest in brands

2) Research the customer – Listen to them

3) Select your medium of communication -    Increase use of print media, internet advertising, social media

4) Focus on family values - Use expert endorsements and satisfied-customer testimonials

5)  Introduce customer loyalty programmes

6) Focus on creating value, not selling things

1)   Sell in discount and wholesale centres

2)   Prune marginal dealers

3)   Consider alternative channels

4)   Train sales force to anticipate questions and handle objections

5) Partner, co-promote and co-brand

As per a study conducted by the CII, there are few sectors which will grow in this adverse situation. The 10 Indian Industry Sectors to Perform Well in Current Global Recession. They are:

Food, Railway, PSU Banks, Education, Telecom, IT, Health care, Luxury products, M&A & Marketing Consultants, Media and Entertainment