![]() Oil and gas prices have soared to previously unthinkable highs, while resurgent inflation is hitting shoppers directly in the pocket. The cost-of-living crisis that emerged in the second half of 2021 shows few signs of abating and is now being super-sized in many aspects by the knock-on economic effects of war in eastern Europe.Īccording to KPMG, one in three British households will trim their household spending this year and most people will likely cut the products they see as superfluous. The cost-of-living crunch is set to define 2022 In a new series for WARC, industry experts examine each of the 4 Ps in the context of a cost-of-living crunch and offer practical advice on how marketers can respond. But the basic principles of marketing – the famous 4 Ps of price, place, product and promotion – will need a rethink if brands want to stay top of mind as the screws tighten for consumers. Many marketers who did the hard yards during COVID are benefitting from lessons learned about scenario planning and ensuring business stability in a ‘black swan’ event. A cost-of-living crunch, ongoing supply-chain issues and the economic impact of the invasion of Ukraine have changed the calculus once again. Unfortunately, the first three months of the year have turned those good intentions upside down for many marketers. For brands, that meant a welcome return to growth and stepping away from the crisis-management whiteboards. With the successful vaccine rollout promising an end to two years of COVID tumult, there were indications that life would – at long last – go back to something resembling normality. WARC’s Anna Hamill introduces a new series in which industry experts consider what it all means for the 4Ps of marketing.Ĭoming into 2022, brands hoped that the new year would herald a more optimistic outlook for business after a long period of upheaval. Now war in Ukraine is dialling up the impact. 2022 was always going to be a difficult year as the after-effects of the pandemic played out.
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