Sample Thesis Paper
In our discussion till now we have discussed that when recession occurs it means that consumer spending will become fragile and hence the manufacturer or service providers would find it difficult in this period. Companies should keep in mind the following factors in times when there is a recession and redefine their strategy accordingly.
Research the customer
This is one of the most important strategies which should be adapted by the organizations in times of recession. The reason for this is because at this point of time the organization needs to know the most about the customers. Because of recession customer preference changes and organization should know what exactly the customers are looking in this condition and then redefine their strategy in response to the recession. Normally during recession the consumers approach is a bit tentative, they take more time in searching for products that are long lasting and durable. Negotiation gets stiffer at the point of sale and consumers have a tendency to postpone or delay purchases. At this point of time the brands position in the consumer’s mind plays a very important role. If the consumer have a good image of the brand chances are that they’ll go for it and hesitancy would be minimum (Quelch 2007).