Marketing out of the recession: recovery is coming, but things will never be the same again

The economic recession of the late-2000s has radically changed the business and market landscape. As economic recovery reaches different companies at different times, there is an urgent need to realign marketing strategies with a "new normal". Economic recovery will bring new opportunities but also risks and challenges which demand new strategies. The new market situation is characterised as the "age of thrift" which has radically changed customer purchase behaviour, and provides an environment dominated by public scepticism and lack of trust in business and in marketing offers. The competitive structures of markets have been redrawn by the effects of economic downturn, creating new situations for suppliers. International growth options in recovery will be circumscribed by reduced availability of finance and growing international protectionism. We propose an action agenda for executives to address in preparing their businesses for the challenges of economic recovery. Our agenda is concerned with: overcoming resistance to change; reinventing marketing strategy for a new market environment; prioritising market sensing; innovating radically in product strategy; re-thinking marketing communications; developing value-based competitive advantage; and, repairing damaged value chain relationships. The challenge for executives is to prepare for the post-recession environment by re-examining the fundamentals of their business models and core capabilities to deliver the superior value which will be demanded by post-recession customers.