Processes a business can use to stay competitive during a recession

Abstract

The economy in Thailand has fallen into a critical situation during the past four years. Almost every type of business has been affected by the economy and many of them had to close their business. Construction had been one of the most successful businesses from 1987 to 1996. They made a lot of money since there was so much housing and businesses growing in the past fifteen years. The construction business is in a very serious situation now because of this recession and it is losing income and profit caused by the slowing down in other businesses. Kow Hong Glass Company, one of the leaders in construction supply in Bangkok, Thailand, is also affected by this recession. The company lost customers and income during the last three to four years. The CEO of the company is trying to solve this problem in order to maintain the level of sale volume and profit during the recession. This research examined the three objectives in which their role can influence the business: customers, cost reduction, and marketing strategy. A survey will be used to determine how companies in Bangkok remain competitive in a recession. The survey examined what marketing strategies are used to keep customers, while at the same time reducing costs to stay competitive in a downturn economy. Approximately 30 companies will be surveyed. Survey questions were developed based on information obtained from the review of literature.