Reflection 5 - Research Paper Example

Reflection 5 The implications of the Eurozone crisis particularly in Greece for marketers is for them to adopt a wait and see attitude. Survey showed that people are not sure if Greece can recover from the crisis nor are they sure that help from other governments from the Eurozone would suffice. Having an an uncertain macroeconomic environment will make business to play safe. Almost all businesses will be affected by the crisis because because will not expand their operation for fear that the economy will collapse that in effect will not allow them to recover their loss.

There are however industries/businesses that will be immediately and severely affected with this crisis. In particular, banks will be the first hit because they adopt a cautionary stance in lending out money because they are uncertain if borrowers can repay given the current dismal economic condition. Second is the housing industry. A home is the single largest investment that an individual will make and it is very unlikely that an individual will make his or her largest investment during a crisis.

Without a market or having a market that is overly cautious, housing industry will surely contract. Third are the manufacturing companies who needs infusion of capital to finance its fix assets for expansion. As lending institutions are in doubt of the economy’s future, they will be heistant to lend money to industries. The manufacturing industry in effect will not have enough funds to finance its expansion resulting for it to contract.2. Giving the current trend both in the US and Canada where consumers eating habits are changing, both food manufacturers and grocery stores has to adjust.

For food manufacturers, they have to realize the increasing preference of consumers towards discounts and buying in scale to save money. Such, they may want to reconsider their packaging that would accommodate the increasing preference for scale and value. For grocery stores, they now have to reconfigure their service to include delivery as consumers now are preferring to have their groceries delivered to save on gas. 3. There is an increasing trend for consumers to use social media. Research showed that adults spend at least six hours per week in social media and this would continue in the future.

Such, marketers may want to adjust their marketing plans and diversify to non-traditional media such as social media (facebook, twitter, etch) to capture the market to are frequenting these sites. Also the trend in technology purchases such as smartphones may slow down because research shows that consumers would prefer to wait 12 months more before they will purchase a new smartphone. This change in buying patters is largely influenced by the recent crisis that consumers are becoming more cautious in buying high ticket commodities.

The effect of this changing buying pattern among consumers is an intensified competition among technology companies to make that once a year sell to their potential customers. While the market in smartphone is expanding, it also showed that more manufacturers are venturing into technology market that increases competition.This is being facilitated by the