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29-Sep-2019 19:41

business cycle dating committee national bureau-72

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During recessions, non-family firms tend to decrease advertising intensities and rates of new product introduction, while family firms are likely to maintain advertising and new product introduction.

Family firms outperform non-family firms during recessions. Firms more often underspend on R&D, and overspend on advertising.

Before 2000, academic marketing research on the topic was scarce.

In a 2005 review by Srinivasan, Rangaswamy and Lilien (p.

Reckitt put this down to its proactive marketing strategy to persuade its customers to still pay for its more expensive branded products, even when times got tough.

To convince its customers, the firm increased its spending on marketing by 25% that year, while most of its competitors cut their marketing budgets considerably. According to an eight-year study by consulting firm Bain & Co.

that analyzed the net profit margins and sales of more than 2500 companies, about 24% more firms moved from the back of the pack to a leadership position in the 2001 downturn compared with the subsequent period of economic calm.

business cycle dating committee national bureau-72

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Figure A first distinction is based on the focus of the study, where we distinguish three streams of research.

This definition has been applied in marketing studies by, among others, Kamakura and Du ().