Adaptation Strategies Of The Trading Sector To The Economic Crisis Cover Image

Стратегије прилагођавања трговинског сектора на економску кризу
Adaptation Strategies Of The Trading Sector To The Economic Crisis

Author(s): Sreten Ćuzović, Svetlana Sokolov-Mladenović
Subject(s): Economy
Published by: Универзитет у Нишу
Keywords: Global Economic Crisis; Trading Sector; Innovation; Product Assortment; Price

Summary/Abstract: The global market is facing changes manifested as the economic recession on the one hand and institutional and functional innovations on the other hand. Scientific and technical progress spawned, on the one hand, a new economic model, better known in the economics literature as the "new economy −knowledge-economy" and, on the other hand, a new business format, the so-called "digital web trading". This caused changes in consumption, not only in buying habits, but also in the perception of value being delivered. In marketing terms, the global customer is "rationalized" and internationalized. In such circumstances, trade is facing major challenges, especially when the battle for competitive position becomes more difficult and uncertain. Thus, marketing managements of trading companies are required to redefine their business model and adapt to the changing environment. At the same time, there is the question of finding a method for further development of the trading sector in the economic crisis. A challenge for theorists and practitioners is to research and implement new business models of trading companies that are primarily based on an innovative approach. Owing to the fact that the global economic crisis is reflected in it, the trading sector needs to properly adapt to the new circumstances. The paper emphasizes the necessity of an innovative approach to the strategy of product and service assortment on the one hand and to price strategy on the other hand, which has been recognized by scholars and practitioners in the field of trade, trade management, and marketing. An innovative approach to product assortment strategy is based on the conceptual model of assortment strategy development, which is a landmark for many companies in their strategic response to the challenges of the economic crisis. An innovative approach to pricing strategies is based on the conceptual model of pricing strategy development, which trading companies can also use as a strategy to adapt to the challenges of the economic crisis. Implementation of these strategies is largely dependent on the characteristics of the markets in which trading companies operate.

  • Issue Year: 2013
  • Issue No: 01
  • Page Range: 117-139
  • Page Count: 23
  • Language: Serbian