Marketing strategies in response to tough times – lessons from India during a global crisis

The purpose of the study is, in the first part, to identify and categorize the various guidelines recommended in the extant literature on adapting marketing strategies to handle the challenges posed by economic and other sustained environmental crises across markets. These strategies and initiatives have then been organized into themes. In the second part, the study aims to use these themes as a backdrop to examine the marketing strategies and innovations that marketers in India have used to cope with the disruptions caused by the Corona virus pandemic. The learnings from this research will be a distilled set of recommendations that organizations, especially those operating in emerging markets, could consider in the future in response to such challenging times.
This study contributes to the extant literature by highlighting the marketing strategies and tactics adopted by organizations during various recessionary times, particularly during the Covid-19 pandemic. It underscores the importance of marketing strategies in managing crises. It points to select innovative strategies that marketers can pursue to deal with the challenges posed by future economic downturns and support their survival. These strategies will help them protect their brand value and market positioning while maintaining their relationship with customers. Besides, since the study has adopted a broad perspective in analysing the strategies, these marketing tactics can be applied by a wide range of industries such as hospitality, tourism, fast-moving consumer durables, e-commerce, etc. The themes indicate that, by and large, the response of firms to the current pandemic is in line with the marketing strategies adopted during previous environmental disruptions, as substantiated by various examples.

1 Introduction

Economic downturns and recessions have always required firms and marketers to adapt to the realities of changes in consumer behaviour and new demand patterns. When faced with an uncertain future, consumers tend to reduce, defer or avoid purchases and become price-conscious and rational (Ang 2001; Ang, Leong and Kotler 2000; Pearce and Michael 2006). With changing consumer behaviour, businesses may find it a challenge to maintain their relationship with consumers (Waldron and Wetherbe 2020).
Downturns unevenly affect marketing plans, positioning, and brand value (Czech Marketplace 2008). Some firms cut down their market budgets though with adverse consequences (Alonso-Almeida and Bremser 2013). Firms respond by reducing overall expenditures and investments (Pearce and Michael 2006). Doing so may benefit them in the short run as they reap the benefits of promotions done before the crisis, but once these benefits get exhausted, it is posited that they are likely to suffer (Czech Marketplace 2008). This could result in lowered consumer perceptions about the brand and even fading of the brand from consumer memory (Czech Marketplace 2008). Meanwhile, the need to halt the introduction of new products may create a difficult situation for some companies (Aggarwal 2020). Amidst all this, some brands will likely attempt to differentiate themselves from their competitors (Aggarwal 2020). Firms that market a new product during these times may enjoy the benefits of being first compared to those that introduce products during recovery (Kashmiri and Mahajan 2014). It has been observed that the firms that continue their marketing communications during crises are able to enhance their earnings (Graham and Frankenberger 2011).
Besides resulting in the loss of millions of lives, the Covid-19 pandemic has adversely affected many industries and businesses worldwide, causing them to either temporarily slow down or exit from the market (Apedo-Amah et al. 2020). In addition to anxieties about the health of their families (Wang et al. 2020), consumers experienced concerns about the pandemic’s possible further effect on the economy (Wright and Blackburn 2020). Among the countries severely affected by Corona virus globally, India has had the second highest number of infected cases and fatalities, following the USA as of July 23, 2021 (Statista 2022). The Consumer Confidence Index in India, as in many parts of the world, plummeted during 2020 reaching an all-time low in May 2021 and as of January 2023 is still to recover to pre-Covid levels (Reserve Bank of India 2023). „There was enduring impact on consumers’ sentiments on their own financial conditions as well as the general economic situation – with the latter increasingly driven by the former” (Mishra, Roshin and Tushar 2022, p. 61). For millions of consumers in the country, employment and income were adversely impacted. Overall demand and discretionary expenditure on many categories of non-essential goods and services significantly decreased. The lockdowns caused a shift to online purchasing and required businesses to redesign their distribution. Considering the gravity of the prevailing crisis, many businesses recognized that some of the successful strategies of more prosperous times were not likely to work during the economic downturn and other environmental challenges.
Thus, marketers need to explore the impact of the recession on consumer behaviour (Ang, Leong and Kotler 2000) and modify their marketing approaches accordingly (Ding and Li 2021). An economic downturn or other changes in the macroenvironment require organizations to evaluate their strategies at all levels in the context of the changing trends. In the process of doing so, it would certainly help to also employ a rearview mirror to understand the adaptations to marketing strategy during a downturn that have worked in the past. These can serve as guidelines for handling marketing during an economic downturn that marketers across nations and cultures can draw from to help them steer their organizations through the turbulence.
The present study focusses on the marketing strategies adopted by businesses in a developing economy, that is, India, to cope with the challenges posed by the Corona Virus pandemic. Among the countries severely affected by Corona virus across the globe, India has the second highest number of infected cases and fatalities following the USA (Statista 2022). This was accompanied by a significant fall in consumer sentiment leading to losses for sectors such as retail, hospitality, tourism, and aviation (EY 2020). This severely affected the economy leading to decline in the gross domestic product by 7.3% in 2020 (Singh 2021).

2 Literature review

Crises impact the consumption behavior of consumers in manifold ways. The Asian crisis of 1997 caused consumers to be careful spenders who could survive with lesser possessions (Ang, Leong and Kotler 2000). They became buyers who purchased after careful consideration of others’ opinions and evaluation of brands, shifted from luxuries to essentials, favored local and generic brands and long-lasting products providing „value for money”, and were influenced by advertisements reinforcing functional benefits of products (Ang, Leong and Kotler 2000). During the economic crisis of 2008, Turkish consumers’ confidence declined sharply and consequently, they cut down their spending and tended to purchase inexpensive product options (Kaytaz and Gul 2014). This coincides with the impact of the subprime crises (Quelch 2008). Consumers postpone buying durable items and instead search for inexpensive products (Ang, Leong and Kotler 2000). Their susceptibility towards price, deferred buying, and rational purchase decisions is driven by their stress about finances (Pearce and Michael 2006). During the Great Recession, customers restricted their shopping to cope with the future adverse effects of the downturn (Grossberg 2009). Turbulence caused by Corona virus has not only reduced consumers’ shopping but has also made them more cautious about their well-being, which gets manifested in their purchases (Wang et al. 2020).
Some studies have investigated the marketing tactics adopted by firms to cope with the pandemic. Alshaketheep et al. (2020) posit that empathy, customized communications, and offerings promoted through digital marketing platforms impact consumer purchases. Favaro, Romberger and Meer (2009) suggest that firms should target customers who keep switching from one firm to another, attempt to meet the unidentified or unmet needs of the customers, focus on products purchased by customers, and reduce expenditures on products not valued by them. Quelch and Jocz (2009) posit that companies should simplify their product lines, make products cheaper through discounts, easy credit terms, etc., communicate empathetic messages to customers, and promote their brands on digital media and broadcast media. Firms can employ market research to understand consumers better, use family values in advertising while reducing ad expenditure, opt for direct marketing, and assist distributors through friendly credit terms and policies to motivate them (Quelch 2008). Firms should adopt a customer-focused approach, product innovations, and cost-reducing tactics and shift their activities online (Ding and Li 2021). Some firms also emphasized on strengthening their supply chains by making them adaptable (Huang and Jahromi 2021).
Ang (2001) posits that during a crisis period, firms look for new market segments, offer additional product benefits and discounts, make price modifications, and emphasize the functional benefits of products in their advertisements. Further, firms should eliminate weak product ranges while refraining from irrelevant product line extensions, quit weak markets, employ expert endorsements for promotions, introduce loyalty programs, offer premiums, and improve their distribution channels (Ang, Leong and Kotler 2000). Komissarova and Grein (2011) suggest that Russian firms eliminated products that are poor-performers and introduced unique ones and found promotion at the sales location and through the internet, more impactful. Some of these firms also adopted vertical and horizontal marketing systems to serve their buyers better (Komissarova and Grein 2011).
Chou and Chen (2004) posit that the value strategy favourably impacts the performance of the firm, and firms should roll out novel products and offer additional attributes in existing products. Grossberg (2009) states that marketers should provide value-based solutions and reassure customers through their communications. Nickell, Rollins and Hellman (2013) observe that companies that introduce new offerings and relax their credit terms perform better during a recession. Mann and Byun (2017) point to the strategies applied by retailers including adjustment of product lines, expansion of market and distribution channels, and performance of sustainable and philanthropic practices. According to Savelli (2011), firms can survive a crisis by prioritising their leading brands and simplifying their product mix.
Chan, Gao and McGinley (2021) state that the service standard strategies adopted by hotels during Corona virus involve the use of various online approaches to promotion and emphasize on targeting local markets instead of overseas ones. Rittichainuwat, Beck and Qu (2002) posit that value for money and special promotions were used to endorse tourist destinations. Chen (2000) observes the impact of the economic crisis on the behaviour of travellers and suggests that marketers can provide value-added packages and market their products through internet. Hoang, Truong and Nguyen (2021) posit that Viehost, a Vietnamese hotel, promoted itself to domestic travellers by providing them with promotional packages. Martin and Isozaki (2013) state that hotels bundle their services to improve customer affordability and resort to sales promotion and online advertising to thrive during testing times. Orchiston and Higham (2016) posit that the tourism sector chooses to promote its destinations online through social networking sites and websites in response to turbulence caused by disasters. Rogerson (2021) suggests that tourism organizations should roll out new and varied offerings as per the requirements of target buyers, make their products economical, and promote themselves on social networking sites to deal with the adversities led by Covid-19.
Van Heerde et al. (2013) suggest that firms need to cater to buyers’ needs for low prices during a recession and promote these low prices to attract customers into their stores and increase their brand sales in these trying times. This coincides with the findings of Diallo and Kaswengi (2016). Whereas Rhodes and Stelter (2009) propose that firms should focus on products that buyers are ready to purchase without bargains, provide existing products at lower prices, opt for individual pricing of products, adopt inventive strategies such as subscription pricing, and refrain from bundling services. Contrary to this, Pearce and Michael (2006) posit that price cutting should be avoided and bundling and private labelling should be adopted. Calvo-Porral, Stanton, and Lévy-Mangin (2016) propose that food companies should strive to sell more quantities at reasonable prices to maintain profits and focus on the advertising of their products to survive during the economic crisis. Kashmiri and Mahajan (2014) observe that firms that were better performers during economic downturn kept their new product roll-out rates and advertising intensities high in the hard times. This coincides with the findings of Laitinen (2000) and Pearce and Michael (2006).
High marketing communications during recessionary times provide more value to the firm than other times (Graham and Frankenberger 2011). Alonso-Almeida and Bremser (2013) suggest that firms need to increase their marketing expenditures and provide additional value to customers to handle the crisis. Afthonidis and Tsiotras (2014) state that the launch of novel products and consideration of competitors’ policies while deciding advertising expenditures can help firms perform better during economic disruption. Kaytaz and Gul (2014) illuminate the strategies adopted by firms in Turkey during the global crisis to increase consumers’ consumption and indicate that consumers were driven by ads endorsed by reliable figures and sales promotion methods used by marketers such as discounts and extended sales periods. Le and Phi (2021) pin-point that sales promotion methods such as discounts, socially responsible activities such as donations, and take-away facilities are some of the strategies used by hotels during Covid-19. This strategy was also adopted by micro and small firms (Lado, Duque and Alvarez Bassi 2013). Companies should empathize with people through their communications, adapt their media to suit changing situations, link brands with their socially responsible deeds, and keep a tab on changing consumer behaviour to respond accordingly (Balis 2020). Also, firms launch new products to meet customers’ changing requirements (Köksal and Özgül 2007). Kanter (2009) proposes that firms should interact with customers to show them their support, search for new green pastures to serve, continue following their values, and convey the same to assure customers. Feyaerts and Heyvaert (2021) observe that businesses interacted with their customers during the Covid-19 lead lockdown by incorporating solidarity, empathy, etc., in their messages. Lee, Chung and Taylor (2011) state that rational appeal is predominantly used by firms dealing in financial services during the economic crisis. Waldron and Wetherbe (2020) suggest that businesses should communicate their actions of supporting and assisting the stakeholders during the crisis, assure the customers that company will maintain its values, and inform them about their innovative ways of serving customer demands.

3 Methodology

To meet the objectives of the study, a two-pronged methodology was adopted. In the first part, a systematic search was undertaken in Web of Science and Scopus databases using two search queries (Table 1) formulated by combining keywords and Boolean operators to identify publications with the relevant keywords in their title, abstract, and keywords. This process is adopted from the procedure used in systematic reviews to improve the methodological accuracy of the research process (Tranfield, Denyer and Smart 2003).

Table 1: Applied search criteria
Source: Authors

Records in both the databases were restricted to document type articles in the English language in the categories Business, Management, and Hospitality, Leisure, Sports, and Tourism in the Web of Science database and in the categories Business, Management, and Accounting, Economics, Econometrics and Finance in the Scopus database. No timeline filter was adopted in either of the databases. Through this, 297 records from Web of Science and 1971 records from Scopus were obtained. From this number, duplicates and papers which on a scrutiny of their abstracts were found not to be within the scope of the present study were removed. This resulted in the retention of 48 full-text research papers from Web of Science and 62 full-text research papers from Scopus. These full-text papers were read in full to determine their eligibility and those which were beyond the focus of the study were excluded. Consequently, 21 research articles from Web of Science and 19 research articles from Scopus were included for final content analysis. In addition to these, five articles from Harvard Business Review, that were found to be highly relevant to the study, were also included. These 45 articles were subjected to a thorough examination and various marketing strategies identified in these studies were listed and subsequently organized into themes.
In the second part of the study, with the themes identified through the steps above as a backdrop, various adaptations and innovations in marketing strategy that firms in India have adopted during the Covid-19 fuelled health and economic crisis were identified through a content analysis of secondary sources. These themes were supported by the real time marketing innovations and adaptations actually implemented in India by firms to cope with the challenges posed by the ongoing Covid-19 pandemic.

4 Findings

A content analysis of the 45 relevant papers identified various marketing strategies that firms have either actually adopted or have been advised to adopt in the face of challenges posed by a crisis in the external environment. These strategies have been categized in to 9 themes: adjusting product portfolios (Ang, Leong and Kotler 2000; Komissarova and Grein 2011; Wang et al. 2020), emphasizing functional benefits of products and services (Ang 2001; Brooksbank et al. 2015; Grossberg 2009), empathetic communication (Alshaketheep et al. 2020; Calvo-Porral et al. 2016; Quelch and Jocz 2009), use of digital marketing to reach customers (Balis 2020; Chan et al. 2021; Rogerson 2021), improved target market selection (Balis 2020; Favaro, Romberger and Meer 2009; Laitinen 2000), sales promotion measures to garner immediate sales (Hoang et al. 2021; Van Heerde et al. 2013), use of celebrity endorsements (Ang, Leong and Kotler 2000; Kaytaz and Gul 2014), innovations in distribution (Ding and Li 2021; Huang and Jahromi 2021), and adhering to the company values (Kanter 2009; Waldron and Wetherbe 2020). These themes have been discussed in the subsequent paragraphs of this section, along with examples of the initiatives undertaken by firms during the current pandemic and accompanying economic crisis.

4.1 Adjusting product portfolios

The extant literature indicates that modification of product portfolios as a response to environmental changes is a frequently recommended and adopted strategy. Many companies have developed new products or modified existing ones during the crisis to meet the changing demands of customers (Chou and Chen 2004). They can be eco-friendly or reasonably priced products introduced in the product portfolio (Mann and Byun 2017). Though firms may have been advised to continue focusing on their main brands (Pearce II and Michael 1997; Savelli 2011), it is also suggested that they need to simplify their existing product lines (Ang, Leong and Kotler 2000; Quelch and Jocz 2009).
Marketers should continue their efforts concerning the brands that make a significant contribution to the earnings of the company (Pearce II and Michael 1997; Savelli 2011). Aakash Digital platform, an initiative by Aakash Educational Services, personalized its products to meet the diverse demands of each customer group that it serves (Salesforce India 2020). Dabur introduced an immunity-strengthening tea known as Vedic Suraksha Tea and a new Dabur Chyawanprash, claiming that it will protect its consumers from Covid-19 (Pathak 2021).
During the recent pandemic, some firms shifted to medical supplies manufacturing (Ding and Li 2021). Chik, a brand of shampoo from CavinKare and Dabur, both FMCG brands, rolled out their respective hand sanitizers (Aggarwal 2020). Dairy brands such as Mother Dairy introduced turmeric milk (Tewari 2020). Dabur launched the „Immunity Booster Kit” containing a range of products, including Honey, Chyawanprash, Giloy Ghanvati, Honitus, and Giloy Churna, amongst others, to protect people against coronavirus (Tewari 2020).

4.2 Emphasize functional benefits

Advertisements promoting products using functional benefits are more persuasive for consumers during turbulent times (Ang, Leong and Kotler 2000) because consumers become more rational and conscious about their decisions (Ang 2001). They search for more information about brands and products before making purchases (Ang 2001). So, organizations can strive to offer valuable benefits to customers in exchange for their money during the recession, rather than merely changing prices (Brooksbank et al. 2015; Grossberg 2009; Rittichainuwat, Beck and Qu 2002).
Dabur emphasized the benefits of Chyawanprash, such as protection from the virus and boosting immunity through regular use, in its advertisement during Covid-19 (Pathak 2021). Hamdard Laboratories, a pharmaceutical company, in their campaign „StrongWithHamdard”, reinforced and encouraged the use of Unani medicinal products to develop the body’s resistance to fight coronavirus (Tewari 2020).

4.3 Adopt sales promotion methods

Loyalty programmes, discounts, personal sales, etc., are some of the sales promotion tactics applied by marketers during the recession (Ang, Leong and Kotler 2000; Kaytaz and Gul 2014; Martin and Isozaki 2013). Even some hotels have also adopted these methods by offering free room services (Martin and Isozaki 2013), „promotional packages” (Hoang, Truong and Nguyen 2021), etc. Among these tactics, discounts providing refunds to consumers at sales points are more favored by consumers (Quelch and Jocz 2009). These techniques develop an inclination among consumers towards products, thereby attracting them (Alshaketheep et al. 2020; Ang, Leong and Kotler 2000).
Teachers are being provided access to premium learning tools for free by Kahoot!, a platform that uses games to impart learning (Pinto 2020). Software providers such as Zoom, Microsoft, and Cisco Webex increased the length of free trials provided to companies across the world for a certain period to support them with work from home (Lingo 2021).

4.4 Use reassuring and comforting communication messages

Since consumers are going through trying times, there is a great need to comfort them by empathizing with them using emotional messages to develop a connection between the brand and consumers and build their trust in the brand instead of emphasizing commercial goals (Balis 2020; Czech Marketplace 2008; Quelch and Jocz 2009). Also, consumers will prefer such messages to distinguish themselves from others (Wen and Guo 2021). „Look for cozy hearth-and-home family scenes in advertising to replace images of extreme sports, adventure, and rugged individualism” (Quelch 2008, p. 1). But the focus of their communication must be on doing away with the fears of customers and cheering them up during these dark times (Grossberg 2009).
Aakash Digital, a learning platform, modified its marketing communications according to the requirements of every customer group while keeping it empathetic and meaningful (Salesforce India 2020). In its „home is full of possibilities” campaign, Ikea, a home furnishings’ brand, reinforced upon various ways through which people can make most of their time at home (BrandWagon Online 2020). Many brands have shown flexibility by changing their marketing messages according to the changing situations (Balis 2020), which is expected to impact their profitability (Czech Marketplace 2008). Shoppers Stop, a department store, comforted customers to shop at its stores by informing them about the Covid-19 appropriate measures being followed at its outlets (Salesforce India 2020). It collaborated with various writers and fitness specialists to produce live-streamed events to cheer the consumers (Salesforce India 2020). In the „flatten the curve” campaign, Audi, a luxury automobile manufacturer, emphasized the need of practicing social distancing to deal with crises, by showing the distance of separation between the circles of its traditional logo (Loon 2020).
Brands resorted to nostalgia by reviving forgotten products, adverts, and ideas to connect with their consumers at a deeper level while solacing them in these times like Cadbury, a confectionary company, did by rolling out a renowned jingle „Kuch khaas hai” from bygone times to remind consumers of normal times and acknowledging them for maintaining their spirits during these times, while illustrating brand’s consistent support for the masses (Young 2020).

4.5 Market targeting and selection strategy

Some firms have diversified their businesses to foray into new markets (Ang 2001; Mann and Byun 2017). They are targeting new customers or those who are less likely to be affected by the recession to reduce the harm caused by the economic downturn (Pearce and Michael 2006). This will help them reduce the loss of or due to their present customers (Kanter 2009; Pearce and Michael 2006). Firms need to quit those markets in which they are performing poorly and instead focus on boosting their position in the markets where they are good performers (Ang, Leong and Kotler 2000).
MakeMyTrip, an online travel agency, forayed into the food delivery segment (Singh 2020). ClubFactory, a dealer in fashion and beauty products and NoBroker, a real estate dealer, began providing grocery products (Singh 2020). Rapido, an online bike taxi aggregator, introduced „Rapido Local” to deliver medicines, etc., and „Rapido Store” to help online and physical businesses in delivering orders to customers (Roy and Arunachalam 2020).

4.6 Use digital marketing to connect with consumers

The Internet, social networking sites, etc., are increasingly being used by firms to promote their offerings (Komissarova and Grein 2011; Martin and Isozaki 2013; Orchiston and Higham 2016). „Livestream sales are one of the most popular approaches in mainland China” (Chan, Gao and McGinley 2021, p. 1680). This is because they are affordable and easily assessable for marketers (Quelch and Jocz, 2009). Many firms are investing in digital marketing as they find it a different way for promotions (Nickell, Rollins and Hellman 2013; Rogerson 2021). But while framing their strategies, they need to be careful of the information and messages they will disseminate (Thakur 2020).
Brands such as Dettol, Dabur, Godrej, etc., have used social media platforms to generate public awareness of this pandemic and its precautionary measures (Tewari and Tandon 2020). Parachute Advanced, a hair care brand, rolled out the „BondOveraChampi” campaign to encourage people to share their short videos related to hair oil massage, which will appear in their stories (Dcosta 2020).

4.7 Opt for advertisement endorsements by credible figures

Products endorsed by professionals and reliable figures in advertisements connect well with consumers, assure them, influence their buying decisions, and provide recognition to products (Ang, Leong and Kotler 2000). They beseech consumers to purchase the products (Kaytaz and Gul 2014). Due to these reasons, it is preferred by marketers even during a crisis.
Lifebuoy was endorsed by Kajol to encourage people to wash their hands properly using any soap through television and online ads (Verma 2020). Akshay Kumar endorsed the Dabur Chyawanprash immunity strengthening version (Pathak 2021). Pepsi featured Salman Khan to promote its product as „More Refreshing”, while requesting people to adopt precautionary measures (afaqs! news bureau 2021).

4.8 Modify distribution channels to better access customers

Companies have added more distribution channels to reach customers and enhance their efficiency in distributing products during the recession (Köksal and Özgül 2007). During Great Recession, „retailers exploited existing resources by expanding online/offline channels” (Mann and Byun 2017, p. 28). Many businesses have improved their policies to provide favourable terms and conditions to distributors to prompt them to keep all their products (Quelch 2008). Some firms also collaborate with channel members to roll out new offerings (Mann and Byun 2017). Organizations can introduce new marketing channels to serve consumers affected by the crises (Wang et al. 2020).
Coca-Cola launched a digital B2C platform wherein consumers can order from local convenience stores to get groceries and beverages delivered to homes (The Coca-Cola Company 2020). Another example of omnichannel distribution preferred during this crisis is Tata Consumer Products which collaborated with Flipkart, an e-commerce company, to make its products available to consumers digitally (Shashidhar 2020). Some firms have tied up with e-commerce majors and developed their own platforms, such as Big Bazaar, which has also partnered with Amazon (Nagar 2020). On the other hand, others like Vadilal Ice cream, Hershey, etc., created separate online platforms where consumers can place orders for their products (Nagar 2020). Likewise, Uber partnered with Flipkart to help contain the spread of Covid-19 (Kumar 2020). Unilever home delivered its ice cream through Just Eat and Deliveroo (Tesseras 2021).

4.9 Adhere to the values of your company

Consumers should be ensured by marketers that they will continue providing them with the same „value proposition” even during disruptive times, without any compromise (Waldron and Wetherbe 2020). „Reminders about company values can reinforce solidarity and increase the confidence that customers have in the company” (Kanter 2009, p. 3). Besides, they need to be explained how the brand is still delivering them the same value despite the prevailing difficult times (Waldron and Wetherbe 2020).
Lifebuoy remained sticked to its purpose of protecting the lives of people by urging them to wash their hands using any soap, not just lifebuoy, besides creating awareness amongst them (Unilever Global Company 2020). Some firms resorted to new ways of serving their customers. Decathlon, a sporting goods retailer, launched a free application named ‘Decathlon Coach’, through which people can avail the services of virtual trainers from their homes (Loon 2020).

5 Conclusion

A content analysis of the extant literature identified a range of marketing strategies that firms have adopted or have been advised to adopt in the face of challenges posed by a crisis in the external environment. These strategies have been categorized into nine themes. These themes encompass strategies such as adjusting product portfolios, emphasizing functional benefits of products/services, empathetic communication, innovations in distribution, and the use of digital marketing to reach customers. Firms should view turbulent times as an opportunity to proactively understand and cater to evolving consumer choices. Not all firms will have the ability to adapt to challenging times. Brands are expected to sustain their impact without exploiting the recessionary conditions to make profits (Pinto 2020). Once these turbulent times get over and consumers resume their everyday lives, they will always be mindful of those brands that utilized these times to comfort and connect with them at a deeper level, rather than focusing on financial benefits (Aggarwal 2020). Addressing the changing needs of existing consumers will be of great significance as they are less likely to risk switching over to competitors during unpredictable times (Czech Marketplace 2008). The new buying patterns of consumers may persist even after the pandemic, thus, bringing a long-lasting transformation in consumers’ purchase behaviour and lifestyle as well as in marketers’ way of approaching them (Wright and Blackburn 2020). Businesses prioritizing consumers’ changing needs and modifying their marketing approach will thrive during upheaval and beyond it (Quelch and Jocz 2009). Thus, firms need to consistently invest in marketing to increase their sales and efficiency. Firms can launch new products in the market (Chou and Chen 2004), make new customers (Kanter 2009), increase advertising and promotion (Graham and Frankenberger 2011), and provide valuable benefits at reasonable prices to help consumers weather the economic downturn.
This study contributes to the extant literature by synthesizing the learnings from past studies and highlighting the marketing strategies and tactics adopted by organizations during various recessionary times, particularly during the Covid-19 pandemic in an emerging economy. It points to a range of innovative strategies that marketers can explore to deal with the challenges posed by future economic downturns. Organizations have adopted different strategies and tactics to cope with the turbulence caused by recessionary times. It is necessary for firms to view these turbulent times as an opportunity to proactively understand and cater to the evolving consumer needs. It is important for marketers to explore the impact of the recession on consumer behaviour and modify their marketing approaches accordingly. Brands should strive to attract more customers and improve their efficiency and standing in the industry (Favaro, Romberger and Meer 2009).
Addressing the changing demands of existing customers and the needs of new customers will be of great significance as they are less likely to risk switching over to competitors during unpredictable times (Czech Marketplace 2008). Customers expect brands to be supportive towards them, but not in a way that takes advantage of the situation for the profit (Pinto 2020). Once these turbulent times get over and consumers resume their normal lives, they will always be mindful of those brands that utilized these times to comfort and connect with them on a deeper level rather than making money (Aggarwal 2020). The new buying patterns of consumers might persist even after the pandemic, thus, bringing a long-lasting transformation in consumers’ purchase behavior and lifestyle as well as marketers’ way of approaching them (Wright and Blackburn 2020). Therefore, the businesses that will prioritize consumers’ changing needs and hence, modify their marketing approach will survive this upheaval and beyond it. Thus, firms need to invest in marketing to increase their sales and efficiency (Pearce and Michael 2006; Quelch 2008).

5.1 Limitations and future research directions

However, it needs to be acknowledged that this study is based on a limited number of research papers obtained through a systematic search of specific keywords in Scopus and Web of Science databases only. Future studies can consider gathering more documents, including books, conference papers, etc., using other relevant keywords in various databases, journals, and research platforms. Secondly, this research has conducted a content analysis of secondary data. Further studies can be based on the analysis of primary data collected from organizations regarding their experiences with strategies they adopted during recessionary times.

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Kľúčové slová/Key words

marketing strategy, crisis management, change, Covid-19
marketingová stratégia, krízové riadenie, zmena, Covid-19

JEL klasifikácia/JEL Classification

M31

Résumé

Marketingové stratégie v ťažkých časoch – skúsenosti z Indie počas globálnej krízy
Cieľom príspevku je v prvej časti identifikovať a kategorizovať rôzne usmernenia odporúčané v existujúcej literatúre o prispôsobovaní marketingových stratégií na zvládnutie výziev, ktoré predstavujú hospodárske a iné trvalé environmentálne krízy na trhoch. Tieto stratégie a iniciatívy boli následne usporiadané do tém. V druhej časti je cieľom štúdie využiť tieto témy ako pozadie na preskúmanie marketingových stratégií a inovácií, ktoré marketéri v Indii použili na zvládnutie porúch spôsobených pandémiou vírusu Corona. Poznatky z tohto výskumu budú predstavovať sumarizovaný súbor odporúčaní, ktoré by organizácie, najmä tie, ktoré pôsobia na rozvíjajúcich sa trhoch, mohli v budúcnosti zvážiť ako reakciu na takéto náročné obdobie.
Tento článok je príspevkom k existujúcej literatúre tým, že poukazuje na marketingové stratégie a taktiky prijaté organizáciami počas rôznych období recesie, najmä počas pandémie Covid-19. Zdôrazňuje význam marketingových stratégií pri zvládaní kríz. Poukazuje na vybrané inovatívne stratégie, ktoré môžu marketéri uplatniť, aby sa vyrovnali s výzvami, ktoré prináša budúci hospodársky pokles, a podporili svoje prežitie. Tieto stratégie im pomôžu ochrániť hodnotu ich značky a postavenie na trhu a zároveň zachovať vzťah so zákazníkmi. Okrem toho, keďže príspevok využíva pri analýze stratégií širokú perspektívu, tieto marketingové taktiky môže uplatniť široká škála priemyselných odvetví, ako je pohostinstvo, cestovný ruch, rýchloobrátkový tovar dlhodobej spotreby, elektronický obchod atď. Zistenia naznačujú, že vo všeobecnosti je reakcia firiem na súčasnú pandémiu v súlade s marketingovými stratégiami prijatými počas predchádzajúcich environmentálnych porúch, čo je doložené rôznymi príkladmi.

Recenzované/Reviewed

14. February 2023 / 25. February 2023