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The financial crisis and its impact on marketing. Monika Arnoštová, Věra Hrubá, Monika Chytilová, Jaroslava Kafková, Lucie Řepková, Lenka Šustrová, Anna Zapletalová. Financial crisis Jaroslava Kafková.
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The financial crisis and its impact on marketing Monika Arnoštová, Věra Hrubá, Monika Chytilová, Jaroslava Kafková, Lucie Řepková, Lenka Šustrová, Anna Zapletalová
Thefinancialcrisisbegan in the USA in 2007 andstilllasts, allstarted as a resultof US housingbubble(2005-2006) Easillyforshort: theprisesofrealtygrewandbanksgavecheapmortgages, theamericanhomeownersused to takeanothermortgages to paythefirstandthendidn´t havecredit to pay, thentheprisesofrealtycamedownundertheprimarypriseandbanksdidnťhavebuyersforconfiscatedrealty • Alsoexpensiveoillowered GDP (touchedadvancedcountries)
Canbecompared to Great Depressin in 1930‘s • Spread to wholeworld, to our country cameattheendof 2008, madeproblems in allsegmentsofeconomics • Everyinvestmentssoundedlikerisks, companiesbecameinsolvent • Evokedcollectiveredundances, thatmadeallinsolvent – not just companies • Icelandwentbankrupt, many countrieshaveproblems, the USA stoped to bethestrongestcontry
impacts • Bankruptcies (CIT GroupInc. And many others) • Peopleloosehomes, save money, don‘t vant to spend money headlong, are afraidofloosingjob • Dominategeneraldistress, fearandhelplessness • Expensiveloans, pricesfall, peoplethinkovertheirinvestments (theywantqualitty) • Abusingemployeesfear • Circle – companies don‘t pay to employees, employees don‘t spend money – companies don‘t have money so don‘t payemployees
the most common processes czech companies in financial crisis Every company wants to be successful, effective and earning Often make mistakes, who he thinks will increase their business forless money Common mistakes: reduction marketing budgets release of experienced managers less members in the work team to more work bonus services are considered unnecessary luxury
five points, which compaines should hold in financial crisis 1. Excellent choice of target groups. Not waste time with potential clients without any clear motivation for the use of our services. 2. Clear profile of services - communicate clearly and beat the contents and value of service. 3. Increased attention to contacts and relationships - regret the means to keep and develop a positive relationship. 4. Focusing on modern communications technology. An example is dramatically increasing efficiency Facebook. 5. Don´t lose attention after crisis - remember the marketing mix targeted for a period of recovery and boom.
modern trends of communication in times of economic crisis The modern concept of advertising, PR and change to management of publicity. - transition from an advertising campaign to the information campaign - CSR, transition from the sponsorship of major events to low-cost one, but with an appropriate targeting Use of low-cost communication like buzzmarketing, viral marketing and WOM marketing Improved communication with existing customers The boom in Internet communications in crisis ( newsletter, smard cards, e-shops)
how see czech managers marketing in crisis exploration of agency GfK and advertising agency TBWA Managers most save in the production and human resources. The graph also shows that Czech managers learn and sacrifice marketing finance is not the first attack against crisis.
finally a fewrecommendations Think of the future, but bring your value to customers today - innovate products and processes to better meet customer needs. Use different media, interactive media allow you to personalize ads tailored chosen target group of customers. Constantly build awareness about your brand, build confidence in customer and the feeling of familiarity with your company. You can make the most of opportunities of publicity on the Internet. Guerilla marketing can bring interesting results with minimal cost. Take advantage of viral marketing, people believe more friends than any marketing.
finally a fewrecommendations Remember that a good brand and good customer relationships, enhance competitiveness. Help a man who shares a passion. Help him share it through your brand. Work with creative agencies in the realm of ideas in marketingand in its implementation. Differentiate themselves from their competitors, f.e. manner of distribution.
TV spot in 2005 and in 2008 http://www.youtube.com/watch?v=laz0MKIVLR0 http://www.youtube.com/watch?v=-5fTFdvS53k&feature=related
http://www.youtube.com/watch?v=-K4GG-eK958 http://www.youtube.com/watch?v=8ClHvDUJVtc
time-line 2008-2009 How opinions have changed to the crisis over time September-October „We do not plan to limit marketing expenditures,“ Jan Kaše (Klick4Sky) Nowember-December → first firing of employees, ending of some agencies (Křídla, Tanagra)
time-line 2009 January – February → ongoing firing of employees and further austerity measures → f. e. also Unilever manages its activities from Hungary because of saving money Other effects of crisis → half empty audience of exhibitions (Autosalon) → closed agencies → special anti-crisis offers
decreaseoftakings → ad takings of media decrease in ČR by 2,27% → so takings were 53,6 million crowns → radio: takings decrease by 4,61% → print: - 10,12% → cinemas: - 14,22% → tv: takings increase by 6,51% → digiboards: increase of takings
winners → Agencies that work with better tools and immediate impact on sales → agencies that are focused on marketing research → and also promo and digital agencies → those, who offer cheap material and good servis → new media like digiboards and also internet
internet marketing and the financial crisis → internet marketing increase → 11% → on-line advertising campaigns → investors are moving their advertising activity on the Internet → using the Internet ads can be targeted to reach potential customers
luxurygoods - twotrends existential problems x growth
existentialproblems Christian Lacroix, Escada Luxury hotels Chanel GM, Chrysler Yachts
growth Jewelry, diamonds Hermès, Louis Vuitton Antiques Luxury vehicles Fine arts Private jets
strongestbrands in 2009 1. Coca Cola 2. IBM 3. Microsft 4. GE 5. Nokia 6. McDonalds 7. Google 8. Toyota 9. Intel 10. Disney 11. HP 12. MercedezBenz 13. Gillette 14. Cisco 15. BMW 16. Louis Vuitton 17. Malboro 18. Honda 19. Samsung 20. Apple
brand – helper in crisis Whypeoplebuyluxurygoods? 1. bespecial 2. becauseofmaterial 3. impressothers Advantage of the old and strong brands Advertisingrequires Enhancingbrandperception
socialresponsibility 52% of consumers globally are more likely to recommend a brand that supports a good cause over one that does not 42% say that if two products are of the same quality and price, commitment to a social purpose trumps factors like design, innovation and brand loyalty when choosing one brand over the other
Important firms in our region and their marketing communication it the time of crisisMonika Arnoštová
barum Continental: B2C communication • Internet: • change of e-shop • Facebook communication • PR articles on specialized web pages • Radio: • Nationwide station Evropa 2 • Outdoor • Event: • Barum Rally Zlín • In the time of crisis they do not use: sponsorship, TV advertising • The main strategy in the time of crisis is f.e. cooperation with competitors like web page nejlevnejsipneu.cz
tescoma: B2C communication • Tescoma: B2C communication • Internet: • e-shop • facebook communication • Print: • PR articles on specialized magazines • (Apetit, Beverage & Gastro, Chef Gurmán, Nejlepší recepty, La Cucina Italiana) • Advertising in these magazines • Outdoors • TV: • Tescoma s chutí - Nova – programme about cooking • Direct e-mail • Regularly offer of Tescoma products • Sales promotion
hamé: B2C communication • Internet: • web page • PR articles on specialized web pages • Print: • PR articles • TV: • Ads on their products • Sales promotion • Tescoma and Hamé experience impacts of the economic crisis like Barum Continental.
