Marketing strategies in financial crisis : with change in mobile phone technology

Abstract: The financial crisis has affected every economy during the last decade thus under this changing environment that effect the marketing strategies and these strategies began to change according to the buying behavior of the people. In this research the consumer perspective is examined with the change in mobile phone technology. This is an industry of constant change and innovation in which manufacturers are continually developing new technologies for consumers. As the buying behavior of the consumer is changing but how these changes in mobile phone technologies are effecting the consumer is analyzed in this research. The technologies used in the mobile phone are upgrading quickly that effect the prices and technology of every new version of mobile phone. This made the consumer confused to make a buying decision of mobile phone. We examined the problem with consumer buying behavior, in which the consumers purchase decision and post purchase decision were analyzed under the impact of financial crisis. Furthermore, the buying process of consumer helped us examining the attributes and satisfaction of purchase decision. For this purpose, we formulated four propositions which were based on research problem and these propositions were analyzed through different variables. We conducted questionnaire survey from the consumers in Umea, Sweden and collected data from 150 respondents. To analyze and draw conclusion from the collected data, we ran different univariate and bivariate analysis. The marketing strategies were analyzed through the buying behavior which involved usage situation and source of information for making the decision. The impact of financial crisis was examined through the change in spending of consumer. The change in technology of mobile phone was examined through the features and performance of mobile phone used by the consumer.  Thus, we concluded that the buying behavior of people changed due to change in income, but this change showed more effect on the sales of the mobile phone than on its technology. We analyzed that consumer want to retain their mobile phone for a long period, but the technologies used by the mobile phone manufacturers are attracting them by showing different benefits. As a result, the effect of different marketing strategies attracted the consumer to purchase mobile phone with advanced technologies. On the other hand, financial crisis didn’t show a major impact on the mobile phone market. The spending of the consumer in crisis did not increase the demand for new technology but the change was due to the nature of the mobile phone because it was considered as a commodity by the consumer. Mobile phone performance and technology has built satisfaction in the people mind because mobile phone manufacturers are providing advance technologies to the people.