The effect of economic crisis to the marketing strategy of Volkswagen Literature review

The effect of economic crisis to the marketing strategy of Volkswagen in Asian market - The Case of Vietnam - Literature review Example All relevant literature dealing with the impact of global financial crisis on the automotive industry in general and a special note on its impact on the automotive industry in Vietnam’s automotive sector have been included in this chapter. Moreover since the research study takes a case study approach of studying the impact of economic downturn on Vietnam, the economic and business scenario in Vietnam and its automotive industry and the impact of the economic downturn would also be discussed here. It is important to know the business environment in Vietnam because for companies like Volkswagen which is willing to enter into the automotive industry of the country, it is necessary for them to assess all the environmental impacts that its business might have to face while establishing their business in Vietnam and make it sustainable for the future. In addition to this the oil consumption behaviour in Vietnam would also be studied which is directly related with the economic develo pment of Vietnam and its automotive industry. The oil consumption behaviour and its associated trend can help us to gain insight about how the Vietnam’s economy had been performing during period of global economic meltdown and would also enable us to answer to the research question as to whether the economic downturn had an adverse effect on the economic conditions of the country or not. The changing behaviour of the consumers in the automotive industry and the existing competition in the market would also be discussed because it would help to gain insight on the changing marketing strategies followed by the organisations. The initial requirement in the formulation of any business strategy or marketing strategy of a company is to assess the consumer behaviour in the particular region where the organisation is trying to market its products. Most of the business organisations today are market oriented. Hence their first priority is to develop products in accordance with the spe cific needs and requirements of the customers so that it can best satisfy their expectation levels from having the product. Hence reviewing the literature for the changing consumer behaviour related to the automotive industry worldwide and in Vietnam would serve as a precursor for assessing the needs and requirements of the automobiles consumers in Vietnam which could be further utilised to formulate an optimum marketing strategy by any companies like Volkswagen. Some theories related to formulating marketing strategies in case of financial crisis situation have also been discussed which is directly related to the objective of this research study. The existing literature in alignment with the recent trend in marketing strategies followed by the business organisations would be reviewed and analysed. This would help us to gain understanding about the set of marketing