Marketing Strategies of Companies in Bulgaria in Times of Economic Crisis

Abstract

The aim of the current article is to find out how the marketing strategies of companies in Bulgaria have been affected by the economic crisis and to study the basic approaches to their adaptation to the changed environment. To achieve this goal the study addresses the following questions: What kind of changes occurs in general marketing strategy in periods of economic crisis? What kind of changes occurs in marketing communications in periods of economic crisis? What kind of changes occurs in product strategy in periods of economic crisis? What kind of changes occurs in pricing strategy in periods of economic crisis? The conclusions are based on a nationwide survey, conducted in August- September 2011, as well as on analysis of secondary data for the period 2008-2011. The research, on which the present paper is based, attempts to answer the question: to what extent the economic crisis can be treated as a deterrent to the marketing activities of the companies operating in Bulgaria, or it can be seen as an incentive to marketing innovation. The findings provide valuable insights for marketing researchers and managers of Bulgarian companies in times of economic crisis. This paper proceeds with a statement of research importance and research questions, followed by methodology, findings and conclusions.