My View: Trade must meet new marketing challenges

Information should be used to react rapidly to meet new challenges and whether there are thriving times, or times of uncertainty, businesses must be marketing led.

It is relatively easy for businesses to sell goods and services within the "boom town" mentality of a thriving economy. But in times of environmental uncertainty, "customers" will naturally scrutinise their spending and be more selective. It is the job of marketing to make it their company's product or service that customers select.

Effective marketing can help organisations to cope with the problems of increasingly uncertain and discerning customers and come out in front. This can be done in a number of ways.

Changes in the market should be identified through market research. This information should be analysed and strategies re-aligned rapidly to meet new challenges. Highlighting any products or services that truly add value to their customers, should be drawn to their attention.

In times of uncertainty, successful organisations will be able to recognise and adapt to changing conditions. The faster the change in the environment, the faster the response from the organisation must be.

Dr John Rudd is at Aston Business School and marketing commentator on BBC Five Live