Marketing in a Recession: Opportunities to Grow Your Business
As an economic slump turns into a recession, will your team's offensive growth plans turn into defensive preservation?
Every change situation presents challenges — and opportunities. Is this the right time for your breakout strategy?
Get creative and look at possibilities that provide more value to your current customers. Also, in every downturn there are market segments that grow faster than others. Help your company recognize and understand these market segments. They may be segments you are already selling to, but not very focused on, or they may be new market segments.
Marketing in a Recession focuses on three strategies for growth, even when resources are limited.
- Market penetration – Winning more customers within your current markets
- Market development – Identifying and creating new markets for your current products
- Product development – Generating innovative products to attract new customers or retain existing ones
- What are growth strategies and which ones are right for me?
- What are the most effective strategies to penetrate, transform or create markets?
- How do these initiatives lead to a sustainable competitive advantage?
- What is the quickest and most effective route to assess and qualify a new product idea?
- What are the external barriers to market creation and transformation? How do you overcome them?
- What type of organization is more likely to create and quickly penetrate a new market?
- How can an organization effectively implement a strategy for creating a new market?
Professor Jenny Darroch joins us from the Drucker School at Claremont Graduate University. Prior to joining the Drucker School faculty, Darroch was the director of entrepreneurship and a senior lecturer in marketing at the University of Otago in New Zealand. She has taught in numerous executive education programs in New Zealand and around the Asia-Pacific region. She also managed the marketing curriculum for a large MBA program in New Zealand and developed and launched a masters degree in entrepreneurship. She served on the applied sciences advisory board at Otago and was instrumental in developing support structures to allow the commercialization of science and technology intellectual property emanating from universities. In 2002, she had the honor of leading the New Zealand delegation to an APEC conference in Monterrey, Mexico, aimed at developing policies to support young entrepreneurs.
Jenny has published extensively. Her main area of interest is the interface between marketing, entrepreneurship and strategic brand management. She has an active consulting background and former clients include local and central governments, banks, high technology firms, retailers and consumer goods manufacturers and importers.
- Ph.D., University of Otago, 2002
- M.Comm., University of Auckland, 1992
- B.Appl.Econ. (Honors), Massey University, 1999
- B.M.S., University of Waikato, 1985