Marketing in the Period of High Inflation
DOI:
https://doi.org/10.58423/2786-6742/2024-6-146-160Keywords:
crises, inflation, 4P, ethical advertising, value for money, packaging, advertising styleAbstract
Our publication examines the relationship between marketing and crises during periods of high inflation. In the history of the third millennium in Europe, three significant crises have occurred: the 2007-2008 financial crisis, the economic crisis caused by the Covid-19 pandemic, and the inflation crisis exacerbated by the post-pandemic surge in demand and Russian aggression. Inflation has become a critical issue affecting economies worldwide. In Hungary, the energy sector is particularly impacted, leading to drastic price increases. The aim of this article is to examine the situation of the Hungarian economy and marketing activities during periods of high inflation and to define what constitutes ethical and effective marketing. Our research tasks were as follows: 1. Review the relationship between marketing and crises. 2. Data collection in North Transdanubia and the capital from December 2023 to January 2024. 3. Define ethical marketing practices. 4. Analyze changes in consumer behavior and preferences. 5. Develop strategic recommendations for companies.
Our research yielded several important findings: consumers prefer value for money, residents of larger cities stick to their favorite products. The packaging and portioning of products are important so that they are consumed before the expiration date. Humorous advertisements elicit mixed reactions, while rational, informative ads are preferred over annoying styles. Women are more likely to associate lower prices with poorer quality. Low-income consumers believe that cheaper products are of lower quality. Although our sample is not representative, our results are logically consistent, suggesting they should be tested on a representative sample. Future research should also examine the impact of digital solutions on marketing effectiveness during crises. Marketing strategies need to be flexible during periods of high inflation. Companies must leverage digital opportunities and maintain transparency and credibility. We hope that the causes of inflation will subside, and that Ukraine can resume its path to development.
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