In this economic downturn, companies and consumers are tightening their budgets. Major purchasing decisions are being delayed and customers are becoming extremely value-conscious as they alter their buying habits to better fit their financial situations. The key question is how should the marketing effort be adjusted to bring about success in capturing, growing and preserving a profitable customer base in these recessionary times?
This programme first seeks to describe today's marketing environment and the critical nature of the marketing spend in a recession. The programme then focuses on understanding customer behaviour and presents a methodology for uncovering the value that customers are looking for in financially hard times. The programme goes on to give participants innovative ideas and insights on how to formulate cost-effective marketing campaigns when operating with restrictive marketing budgets. Here alternative promotional activities which are less costly than traditional advertising and promotions will be explored. A discussion on product portfolio adjustments, trade management and pricing will then follow. Finally, economical and novel customer retention strategies will be examined.
- Senior Managers new to the Marketing Discipline
- Marketing Professionals seeking to enhance their strategic skills
- Business Owners wishing to learn sound marketing principles
At the end of this course, participants should be able to:
- Understand the marketing environment of a recession
- Understand what constitutes customer value in financially hard times
- Formulate low cost integrated marketing communications (IMC) programmes
- Make prudent product, trade and pricing decisions to meet recessionary time
- Implement economical customer retention strategies
- Demonstrate a higher capacity for formulating strategic marketing plans
The Facilitator will actively engage participants and challenge their ideas, knowledge and understanding of marketing as it applies to real-world situations. The course will have a mixture of learning strategies, including Lectures, Handouts, Group Exercises and Classroom Discussions.
Marketing in a Recession
- What is marketing?
- Understanding the marketing environment of a recession
- Capturing, growing & retaining customers in a recession - The importance of the marketing spend
Understanding Your Customer Base
- Identifying the needs and wants of existing and prospective customers
- Analyzing consumer behavior and understanding the buying decision process
- Value-based segmentation and targeting
- Principles of Customer Relationship Management (CRM)
Creating Value for Customers
- A step-by-step process for determining the value elements most important to the customer
- A framework for analyzing competitors to determine points of differential advantages
- Deriving the customer value proposition (offering and delivering customer value in a manner superior to the competitors)
Product, Trade & Pricing Decisions in a Recession
- Product portfolio pruning and value-based variant / SKU development, Channel disintermediation and trade cost reduction strategies
- Role of sales promotions, (bundled offers, discounts, etc.)
Integrated Marketing Communications (IMC)
- Explaining the various above-the-line and below-the-line promotional elements available to the marketer
- Selecting the most cost-effective promotional elements that when integrated produce an optimal promotional mix
Economical Customer Retention in a Recession
- Loyalty schemes
- Customer Clubs
- Bonding schemes
- Commitment schemes
Facilitator: Mr. Rainier Bisnath
Mr. Rainier Bisnath
|Date||View Event Calendar|
|Time||8:30 pm – 4:30 pm|
|Cost||TT $4,000.00 (inclusive of training materials, refreshments and Certificate of Participation)
Please note that prices are subject to change without notice.
|Venue||Arthur Lok Jack Graduate School of Business
Max Richards Drive,
Uriah Butler Highway, North West,
Tamara Edwards - ext. 157
Certificates will only be issued to participants who have attained a minimum attendance rate of 75% for the duration of the course.
Course Cancellation/ Reschedule Policy
Arthur Lok Jack GSB (ALJGSB) reserves the right to cancel training at any time. If ALJGSB cancels the training due to unforeseen circumstances beyond the control of ALJGSB, you are entitled to a full refund of the course fee, or your course fee can be credited toward a future training, based upon availability (providing payments have been made before original advertised date).
ALJGSB reserves the right to reschedule training at any time. If ALJGSB reschedules training due to unforeseen circumstances beyond the control of ALJGSB, the training will take place at the next available time. Participants will be informed via phone and/or e-mails.