Modifying the marketing strategy in the time of ‘the Great Depression’ as a factor of the economic security

Abstract

Subject. The 2020 economic crisis turned to be a global threat to the economic security of some corporations, industries and markets. Objectives. We evaluate the current situation when corporations are taking dip during the crisis. We also analyze new opportunities for them, examine possible modifications of the marketing strategy. Methods. The study is based on the dialectical method, a combination of historic and logic unity, structural analysis, traditional techniques for analysis and synthesis. Results. We carried out the comparative analysis of industries which happened to be the most crisis-hit. The article also provides a review of markets that demonstrate the potential for growth. We examined marketing communication mechanisms, which may modify the marketing strategy provided they are applied in a new manner and combined with digital technology. Conclusions and Relevance. The economic crisis considerably undermined the performance of certain industries. However, it revealed some important tendencies, with the timely implementation of digital technologies being the main one. The latter underlie e?commerce, which has plummeted during the crisis and will definitely continue to grow after the crisis. Digital technologies are a cornerstone for crisis management activities for the overwhelming majority of crisis-hit industries, which are trying to avoid probable bankruptcy brought by the crisis.