Lessons from the Recession (2007-2009): Make Products that Consumers want and Offer a Competitive Price
The Great Recession that started in 2007 is “very likely over at this point” claimed Federal Reserve Chairman Ben Bernanke during his address at The Brookings Institution. (Refer to his address to The Brookings Institution on Tuesday, September 15, 2009). When I started my previous post on the lessons I have learned from this recession, I dwelled on the fact that the recession was affecting all equally – manufacturers and retailers, and recovery was going to be a long road. The fed chairman seems to concur and as he put it – recovery may be moderate because of the depth of the recession. There are countless articles out there talking about the need for improvement in Consumer Confidence. That makes sense. As a consumer you are worried about the decline in your net worth, the stagnation in your wage growth and the rising unemployment numbers. These issues affect your spending patterns. (Refer to my previous article on “ Bull Whip Effect ” and how your spending patterns can af...