The Great Depression and the current crisis: brand-related attitudes

Abstract

History should prevent us from repeating the mistakes of the past. This article focuses on the analysis and interpretation of the branding and promotion events that occurred during the Great Depression (1929-1933), projected on the decision of the marketing and management specialists of our times. The economic manifestations, such as: the unemployment rate, the decrease of the purchasing power, the crediting related difficulties, etc., specific to both periods of recession, revolve around the consumer and the way he modifies his consumer behavior. This paper tries to find an answer to the following question: given the decisions made by the managers in the 30’s, what brand strategies are recommended for this period? The answers to the question above are the object of the conclusions of this article. The recommendations provided herein invite us to meditate upon the depression from the previous century and to take a critical look at various marketing related attitudes, such as the disregard for rebranding or brand creation and the diminution of the promotion budgets.