Turnaround Management Adjusting The Marketing Mix To The Challenges Of The Turnaround Process

Turnaround Management. Adjusting the Marketing Mix to the Challenges of the Turnaround Process

Bachelor Thesis from the year 2011 in the subject Business economics - Offline Marketing and Online Marketing, grade: 1,8, University of Applied Sciences Essen, language: English, abstract: As one effect of the global economic crisis beginning in 2007, many companies suffered from strong decreases of incoming orders. At the same time, banks went over to a reserved willingness to grant credits, out of concerns about bankruptcies of debtors. This led to the result that companies were not able to meet liabilities that were incurred during the prior phase of economic upswing. For some companies, this chain of events led to a massive decrease of solvency, possibly resulting in a bankruptcy. But concerning other companies, the worsening of their economic situation was just accelerated by the economic crisis. The main reason for their company crisis was the fact that severe mismanagement had occurred in the past. Mismanagement often is the cause of a so-called strategic crisis. This means that the general market orientation of a company is inadequate. However the problem with this is that it cannot be detected at first sight, and therefore often no countermeasures are taken in order to avoid a negative development. The strategic crisis can then develop into an earnings crisis. In this stage, the indicators that certain things are going wrong within the company are more significant and measurable within the company’s figures. If countermeasures are not taken, this will finally lead to a liquidity crisis, in which the company faces massive problems. It is not able to pay liabilities, loan capital cannot be acquired and the company faces the danger of illiquidity or bankruptcy. This is where turnaround management gets involved. The main objective of turnaround management is to reverse negative trends that have are likely to become or already have become an existential threat to the company and to ensure its long-term success. One factor which has a massive influence on a company’s success is its marketing. Marketing, however, is a complex term, which can be discussed under various aspects and covers several areas and activities of a company. One possibility to assess the term marketing by a practical approach is the concept of marketing mix. Hereby, the marketing of a company is made visible by dividing the application of marketing activities to the market into the four elements product, price, place and promotion. This leads to the possible question of how the marketing mix and its single elements can be adjusted to the challenges of the turnaround process, in order to contribute to the overcoming of a crisis.

Marketing Turnarounds

MARKETING TURNAROUNDS: A Guide to Surviving Downturns and Rediscovering Growth Knowledge of the intricate dynamics of marketing turnarounds is a fundamental requirement for business survival and growth today. The intense desire to survive in a slow market and find new avenues for growth has become a pressing goal for companies. The objective of this book is to enable the pursuit of this goal by providing a guide for managers on various marketing approaches that can lead to growth and profitability. The science of marketing turnarounds is based on an accurate understanding of how consumers respond to their changing environment. This book provides such an understanding by developing a framework of the various approaches to successfully executing marketing turnarounds. The framework and tools discussed not only enable managers to combat sales and profitability downturns, but also guide them in their aggressive pursuit of innovative ways to further nurture their businesses in stable and growing markets. "Marketing Turnarounds is a step by step guide to stop the bleeding and reposition your company for profits. Whether it's due to the economy or management blunders, this book will help you decide if a company or brand can be salvaged, how to cut costs without hurting sales, how to reposition the company or brand to take advantage of consumer and environmental trends, how to price, and how to promote - even in a bad economy. I strongly recommend this book for any company whose profits have started pointing south. I also recommend it for would-be entrepreneurs - reading this will help you avoid some of the mistakes you would otherwise make." -Marlene Jensen, CEO of Pricing Strategy Associates and author of Pricing Psychology Report and The Tao of Pricing "A step by step marketing manual for a much ignored subject: turnarounds " -Jeffrey F. Willmott, Former Chairman of RCG Companies "A must have for all marketers. It is timely and an important tool kit for marketers and a path breaking work in marketing." -Rajneesh Suri, Associate Professor of Marketing, Drexel University "Marketing Turnarounds is a timely and extremely valuable addition to the current literature, not only for practitioners and students of marketing, but it is also a 'must read' for leaders and managers in all disciplines who are interested in growing the top and bottom lines of their businesses" -William V. Catucci, Former CEO of AT&T Canada Long Distance Services

Corporate Turnaround