Successful corporate strategies during economic crises

Abstract

The global economic crisis of 2008-2009 has spread around the world rapidly and to a certain extent it has touched all the industries and business sectors. In Russia, many companies went bankrupt and lost their market share. Nonetheless, there were some examples of business which have still thrived during tumultuous times of financial instability. Large Russian organisations, which were capable of keeping their leading market positions, were able to recognise the upcoming changes as they responded quickly and efficiently to the crisis. The purpose of this thesis was to explore how three Russian companies could adapt their marketing strategies to the ongoing changes in the business environment. It transpired that they have leveraged themselves during the economic downturn as they considered it as a challenging opportunity for their development and growth. This study has chosen qualitative research methods for its data collection and analyses. It has followed Strauss and Corbin’s (1990; 1998; 2008) grounded theory as its methodological stance whilst undertaking fifteen semi-structured interviews. In depth face-to-face and phone interviews were carried out with managers and executives from the investigated companies who hailed from the Telecommunications, Electronics and the Food and Beverage industries in Russia. Additionally, the primary data was also gathered from audio conferences, companies’ annual reports and presentations. The results of the entire research have demonstrated that all the three companies have chosen similar marketing strategies that have led them to a successful marketing performance in spite of the economic crisis. Common features were clearly identified and presented within this project. This study provides relevant recommendations to business practitioners about how to tackle economic crises conditions. It shows that proactive marketing and growth strategies are vital for businesses if they want to reach high level of organisational performance during the times of recession.