Changes in Marketing Strategies and Performance Outcomes of Turkish Firms in 2008 Global Economic Recession

Abstract

The role of marketing during the economic recession becomes more significant than usual times. It is necessary to understand how firms should adjust their marketing strategies to handle with recessions. Although recessions have been studied primarily in finance and economics, there is a void in marketing literature about it. Recessions have significant effects on consumer behaviors and substantial impacts on firms, and these affect particular socio-demographic strata and business segments in different ways. The effects of recessions need to be examined both to cope with the ensuing problems and to get ready for prospective recessions. This exploratory research paper examines the changing marketing practices, marketing opportunities, and strategies of Turkish firms that were employed to respond to 2008 global economic crises, which caused recession in many economies. It was observed that adjustments are needed in marketing strategies and activities during economic recessions to benefit from arising opportunities and keep away from arising threats.