Well put, Tvotapka! You remind me of the saying I heard a long time ago. "when business is good, you should advertise. When business is bad, you have to advertise."
You don't seem to mention anything about selling Services here.
Is that a viable strategy?
Sell a product once but sell so many services tacked onto the product so as to keep both the bottomline as well as Rank and file employees persistently busy.
You cut Advertising because Sales have fallen which leads to further falls in sales(because less consumers know about your product);which leads to further falls in sales.
The thing is generic approaches to marketing to consumers don't work today.
You need outside the box approaches which create brand re-call and value that is very-very effective in the long run.
Will most manufacturers adapt to this reality of doing more with less(while still maintaining an out of the box viewpoint???).
I don't think so.
That's precisely what seperates the wheat from the chaff in a recession.
There is an alternative. They need to have access to cheap credit(which the US Federal Reserve) so happily obliged them with for so long.
Its only now that the Banks whose balance sheets are bleeding so bad from all the bad loans that they made during the past booms ;which is forcing them to pull back & shrink their loan portfolios sharply.
The only alternative left for the US federal reserve today (to kick-start this economy) is to dump Dollars from Helicopters ala Ben Bernanke;even then I am not so sure it will create a lasting boom.The chances are much-much higher we will see most people using them to pay down their loans,become debt-free and more frugal in their approach.
I remember reading a very interesting Economics study which directly blamed the US Federal Reserve and its easy money policies(&cheap credit) for creating both unsustainable booms and the consequent busts that followed.
Do you think that angle needs to be looked at more carefully by the esteemed Team at EBN?
EBN Dialogue enables and encourages you to participate in live chats with notable leaders and luminaries. Not only editors and journalists, but the entire EBN community is able to comment and ask questions. Listed below are upcoming and archived chats.
Archived Dialogues
Thailand Stages a Comeback Join EBN contributor Jennifer Baljko on Thursday August 23, 2012, at 11:00 a.m. EST for a live chat on how electronic manufacturers in Thailand have shored up their supply chain to reduce the impact of future natural disasters.
Euro-Crisis: What It Means for High-Tech Firms Join EBN Editor in Chief Bolaji Ojo and Contributing Editor Jennifer Baljko on Thursday, July 12, at 10:00 a.m. EDT for a Live Chat on high-tech and Europe's economic difficulties.
Microsoft Surface: Potential Winners & Losers What are the implications for the electronics industry supply chain of Microsoft Corp.'s decision to launch its own tablet PC? Join industry veteran and EE Times' systems and OEM expert Rick Merritt on Tuesday, July 3, at 12:00 pm EDT for a Live Chat on this subject.
Join EBN contributor Jennifer Baljko on Thursday August 23, 2012, at 11:00 a.m. EST for a live chat on how electronic manufacturers in Thailand have shored up their supply chain to reduce the impact of future natural disasters.
Peter Drucker famously said "Trying to predict the future is like trying to drive down a country road at night with no lights while looking out the back window." Yet in the razor's-edge world of electronics—with a lean supply chain and just-in-time demands—the need to know the future is vital.
While no one really can accurately predict the future, we can take guidance from another Drucker saying which is the best way to predict the future is to create it.
You've heard the saying "the No. 1 supply chain risk is your people." That hasn't always been the case. But today's complex global supply chain requires a new type of multitalented employee. It's one who understands, finance, marketing, economics, is savvy with technology, graceful with relationships and can think analytically.
Where are these people? Are universities properly preparing the next generation supply chain professionals? How do train your existing workforce for these new, demanding positions?
Brian Fuller, editor-in-chief of EBN, will lead a 60-minute Avnet Velocity panel discussion that will ask and answer these and other questions swirling around today's supply-chain talent challenges.
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