Marketing Strategies for Managing Sustainable Development in the Context of the 2020 Economic Crisis

Abstract

AbstractPurpose: The purpose of the work is to determine the most promising marketing strategy for managing sustainable development in the context of the 2020 economic crisis.Design/Methodology/Approach: The top 10 countries with the most sustainable economic development in 2019 were selected as the objects for study. Using the regression analysis method, the dependence of manifestations of sustainable development on marketing strategies for managing sustainable development is determined. Projections of changes in the manifestations of sustainable development are made. Then, the growth of marketing management indicators necessary to prevent a decline in sustainable development indicators is determined. Calculations are made separately (isolated optimization by simplex method) for each indicator of marketing management and each manifestation of sustainable development. As a result, the results for sustainable development in the implementation of each marketing strategy are compared and the strategy that provides the greatest benefits for sustainable development is selected.Findings: it was revealed that the commercial marketing strategy provides an increase in the global competitiveness index by 3.83%, economic growth rate by 51.37%, GDP per capita by 115.73%. Despite the decline of the sustainable development index by 35.24%, the average increase in all indicators of sustainable development is 33.92%.Originality/Value: It is justified that the most promising and preferred marketing strategy for managing sustainable development in the context of the 2020 economic crisis is commercial marketing, which involves the inclusion of marketing costs in the cost of products and the transfer of costs to consumers. The remaining strategies - non-profit marketing, social marketing of the state and stimulation of marketing activity of the business - successfully implemented in a period of stability, in the context of the economic crisis of 2020 lead to negative results, instead of increasing, reducing the level of sustainable development.KeywordsMarketing strategiesGovernanceSustainable development2020 economic crisisJEL CodeC31C33C38F63Q01Q56O11O12O31O32O33O38P25P48R11R13R58