1. Deeper, more frequent customer research: understand how consumers are redefining value.
2. Maintain marketing spending: there may be an opportunity where your competitors are cutting back.
3. Adjust product portfolios: consumers will be looking for more value, so focus more on reliability, durability, safety and performance and less on gimmicks.
4. Stress market share: if you do have room to cut pricing, doing so may help you capture the market share of competitors.
5. Support your distributors: by securing a reliable supply, you’ll be able to more proactively determine your pricing and manage your market share.
6. Retain core values: demonstrate how the company is working to cut expenses and not quality
7. Strategic pricing tactics: determine whether you have room for more price promotions or other customer incentives, such as quantity discounts previously reserved for your best customers.
Source: Canadian Marketing Blog (http://www.canadianmarketingblog.com/)

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