The recent economic slowdown has resulted in reduced demand for goods and services in India. The success of marketers in this scenario depends on promptly determining which products are making money, what customers really value and where organizational bottlenecks are getting in the way of effective action. Companies across varied sectors are adopting diverse marketing strategies like launching new products, offering discounts and price cuts, concentrating on rural markets, making the supply chain leaner, resorting to various types of promotional schemes, etc., to combat the challenges posed by the downturn. Companies are, thus, trying to overcome the impact of the current downturn or at least cushion themselves from the blow.

The global economic slow- down has affected all the countries of the world, including India. It has resulted in decreased demand for goods and services. Companies are trying to use innovative strategies to get through these turbulent times. They are exploring new ways of doing business to drive cost-efficiencies, harness new capabilities and deliver competitive advantage despite the gloom. As companies seek to respond to these challenges on multiple fronts, they resort to various types of marketing strategies in order to mitigate the negative impact.

The marketing strategy, so formulated, forms the bridge between a product and its market, and provides direction for focusing the marketing effort. The strategy is translated into an action plan through the marketing mix comprising of product, price, promotion and place (the 4 Ps of marketing). These four components are interrelated and revolve around customer satisfaction as the focal point. These marketing strategies adopted by companies in India during the current economic slowdown are discussed below.

Contrary to the popular view, a period of economic downturn can actually be a perfect time for launching new products. Companies can offset their risks in the existing business by introducing new offerings at various price points. The idea is to build the category, grow in new markets and tap the consumer base which the competitors have not adequately explored. As consumers become choosier during a slowdown, companies can launch new models to arouse their interest and thereby increase sales.

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