A Qualitative Analysis of the Influence of the 2020 Economic Recession on Marketing Decisions: A Cross-Organizational Study
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Abstract
The study examined the impact of the 2020 economic recession on the marketing strategies of several firms in Nigeria. A qualitative research approach was employed, and data was collected from twenty (20) individuals across four sectors: telecommunications, real estate, media and entertainment, and banking. Data was collected utilising a semi-structured interview framework. A majority of the responders, 13 (65%), were females, with a mean age of roughly 33 years. Findings indicated that businesses had justifications for making a variety of marketing decisions. In addition to a substantial decrease in budgetary allocation, organisations implemented modifications in transitioning to digital advertising platforms, enhancing digital business operations, aligning organisational processes with technology, and embracing a customer-centric advertising approach. The findings suggest that while digital advertising offers cost efficiencies, companies should anticipate rising platform costs and algorithm changes by diversifying their marketing strategy.
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Alabi, S., Tayo Popoola, & Moshood-Abiola Arogundade. (2025). A Qualitative Analysis of the Influence of the 2020 Economic Recession on Marketing Decisions: A Cross-Organizational Study. Economit Journal: Scientific Journal of Accountancy, Management and Finance, 5(2), 95-110. https://doi.org/10.33258/economit.v5i2.1344
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References
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Aondover, P. O., Aondover, E. M., & Babele, A. M. (2022). Two nations, same technology, different outcomes: Analysis of technology application in Africa and America. Journal of Educational Research and Review, 1(1), 001-008.
Belanová, K., & Sivák, R. (2020). " Too much debt will kill xou": although not in Central Europe, yet. Ekonomický časopis, 68(10), 981-1001.
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Bradač Hojnik, B., & Huđek, I. (2023). Small and medium-sized enterprises in the digital age: Understanding characteristics and essential demands. Information, 14(11), 606.
Braun, V. & Clarke, V. (2006). Using thematic analysis in psychology. Qualitative Research in Psychology, 3 (2): 77- 101.
Carroll, N., McLafferty, B., Conboy, K., & Donnellan, B. (2021, December). Normalising a Digital Transformation. In ICIS.
Chan, T. H. (2023). How brands can succeed communicating social purpose: engaging consumers through empathy and self-involving gamification. International Journal of Advertising, 42(5), 801-834.
Chang, Y. (2025). Comparative Analysis of Investment Opportunities in the Consumer Goods Industry: Procter & Gamble, Unilever, Colgate-Palmolive, and Kimberly-Clark. Advances in Economic Management & Political Sciences, 145, 103-110. DOI: 10.54254/2754-1169/145/2024.LD19032
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Cutolo, D., & Kenney, M. (2021). Platform-dependent entrepreneurs: Power asymmetries, risks, and strategies in the platform economy. Academy of management perspectives, 35(4), 584-605.
Davenport, T., Guha, A., Grewal, D., & Bressgott, T. (2020). How artificial intelligence will change the future of marketing. Journal of the Academy of Marketing Science, 48, 24-42.
Demsar, V., Sands, S., Campbell, C., & Pitt, L. (2021). “Unprecedented,”“extraordinary,” and “we're all in this together”: Does advertising really need to be so tedious in challenging times?. Business Horizons, 64(4), 415-424.
Donthu, N., & Gustafsson, A. (2020). Effects of COVID-19 on business and research. Journal of business research, 117, 284-289.
Finneman, T., Diwanji, V. S., Greene-Blye, M., & Martens, C. (2024). “Is It Smart to Be Thrifty?”: How Advertisers Navigated Message Strategies During the Great Depression. Journalism History, 50(1), 42-59.
Furth-Matzkin, M. (2017). On the unexpected use of unenforceable contract terms: Evidence from the residential rental market. Journal of Legal Analysis, 9(1), 1-49.
Gunduzyeli, B. (2025). Programmatic Advertising in E-Commerce: Trends, Challenges, and Strategic Opportunities. In Avoiding Ad Fraud and Supporting Brand Safety: Programmatic Advertising Solutions (pp. 145-174). IGI Global Scientific Publishing.
Kersenhout, R. (2020). A critical realist interpretation of a health narrative derived from young adults in Suriname during COVID-19: a politico-economic excavation into the ideological substructure of health.
Kim, H. Y. (2024). What’s wrong with relying on targeted advertising? Targeting the business model of social media platforms. Critical Review of International Social and Political Philosophy, 1-21.
Kitchens, B., Johnson, S. L., & Gray, P. (2020). Understanding echo chambers and filter bubbles: The impact of social media on diversification and partisan shifts in news consumption. MIS quarterly, 44(4).
Kotler, P., Pfoertsch, W., & Sponholz, U. (2021). H2h marketing: Putting trust and brand in strategic management focus. Academy of Strategic Management Journal, 20(2), 1-27.
Kumar, V., Sindhwani, R., Behl, A., Kaur, A., & Pereira, V. (2024). Modelling and analysing the enablers of digital resilience for small and medium enterprises. Journal of Enterprise Information Management, 37(5), 1677-1708.
Larios-Hernandez, G. J. (2024). Alibaba in Mexico: Adapting the digital villages model to Latin America. The Information Society, 40(2), 120-135.
Lythreatis, S., Singh, S. K., & El-Kassar, A. N. (2022). The digital divide: A review and future research agenda. Technological Forecasting and Social Change, 175, 121359.
Marinova, R. (2022). Accounting aspects of the risk of digital payment operations in Bulgarian banks. Известия на Съюза на учените-Варна. Серия Икономически науки, 11(2), 105-113.
Markovic, S., Iglesias, O., Singh, J. J., & Sierra, V. (2018). How does the perceived ethicality of corporate services brands influence loyalty and positive word-of-mouth? Analyzing the roles of empathy, affective commitment, and perceived quality. Journal of Business Ethics, 148, 721-740.
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Mojaye, E. M., & Aondover, E. M. (2022). Theoretical perspectives in world information systems: A propositional appraisal of new media-communication imperatives. Journal of Communication and Media Research, 14(1), 100-106.
Morrison, A. M. (2022). Hospitality and travel marketing. Routledge.
Mosopefoluwa, T., Jaiyesimi, B. J., & Aondover, E. M. (2024). Product placement in namaste wahala in the global film industry and brand recall in Nigeria. Interdisciplinary Journal of Linguistics, Marketing and Communication (IJLMC), 11(2), 96-110.
Obal, M., Friske, W., & Morgan, T. (2024). Customer participation in new product development and the impact of remote work. Journal of Business & Industrial Marketing, 39(7), 1626-1641.
Obasi, I. C., & Benson, C. (2025). The Impact of Digitalization and Information and Communication Technology on the Nature and Organization of Work and the Emerging Challenges for Occupational Safety and Health. International Journal of Environmental Research and Public Health, 22(3), 362.
Ozili, P. K. (2022). Financial inclusion and sustainable development: an empirical association. Journal of Money and Business, 2(2), 186-198.
Pantano, E., Pizzi, G., Scarpi, D., & Dennis, C. (2020). Competing during a pandemic? Retailers’ ups and downs during the COVID-19 outbreak. Journal of Business research, 116, 209-213.
Ploythanachai, P., Taeshapotiwarakun, C., & Tananpang, C. (2023). Effects of Technological Revolution on Housing Buying Behavior in Bangkok. International Journal of Professional Business Review: Int. J. Prof. Bus. Rev., 8(5), 3.
Purcărea, T., Ioan-Franc, V., Ionescu, Ş. A., Purcărea, I. M., Purcărea, V. L., Purcărea, I., ... & Orzan, A. O. (2022). Major shifts in sustainable consumer behavior in Romania and retailers’ priorities in agilely adapting to it. Sustainability, 14(3), 1627.
Sadiku, A., Lesjak, D., Kohun, F., Pushavat, K., & Natek, S. (2022). Future of traditional banking and its digitalization. Issues in Information Systems, 23(3).
Saint, E. J., Aondover, E. M., Ebele, U. C., & Onyejelem, T. E. (2024). Influence of social media on newspaper patronage among lecturers in University of Nigeria, Nsukka. LingLit Journal Scientific Journal for Linguistics and Literature, 5(3), 142-157.
Sharabati, A.-A. A., Ali, A. A. A., Allahham, M. I., Hussein, A. A., Alheet, A. F., & Mohammad, A. S. (2024). The Impact of Digital Marketing on the Performance of SMEs: An Analytical Study in Light of Modern Digital Transformations. Sustainability, 16(19), 8667. https://doi.org/10.3390/su16198667
Shenge, N. A., Dosunmu, F. A., & Fashola, T. (2021). Thematic analyses on perceived product and service quality by nigerians during COVID-19 pandemic. Journal of Marketing Management and Consumer Behavior, 3(3), 32-40.
Sheth, J. (2020). Impact of Covid-19 on consumer behavior: Will the old habits return or die?. Journal of business research, 117, 280-283.
Tellis, G. J., & Tellis, K. (2009). Research on advertising in a recession: A critical review and synthesis. Journal of Advertising Research, 49(3), 304-327.
Thilagavathy, N., & Venkatasamy, R. (2023). Artificial Intelligence (AI) technologies adaptation in business management. Artificial Intelligence (AI), 18, 2485-95.
Vitalis, P. O., Aondover, E. M., Ogunbola, O., Onyejelem, T. E., & Ridwan, M. (2025). Accessing Digital Divide and Implications in Nigeria: The Media Dimension. Budapest International Research and Critics Institute-Journal (BIRCI-Journal), 8(1), 1-12.
Vitalis, P. O., Onyejelem, T. E., & Okuneye, A. P. (2023). Understanding advertising in the era of social media. Information System and Smart City, 3(1), 502-502.
Wall Street Journal (2020). DOmino’s Pizza says coronavirus drove up demand. https://www.wsj.com/articles/dominos-says-pandemic-sparks-stronger-demand-in-u-s-11594903923
World Federation of Advertisers (2020). Large multinationals tighten ad spend squeeze according to WFA Covid-19 Response Tracker. https://wfanet.org/knowledge/item/2020/05/13/Large-multinationals-tighten-ad-spend-squeeze-according-to-WFA-Covid-19-Response-Tracker
Yu, Z., Razzaq, A., Rehman, A., Shah, A., Jameel, K., & Mor, R. S. (2021). Disruption in global supply chain and socio-economic shocks: a lesson from COVID-19 for sustainable production and consumption. Operations Management Research, 1-16.
Aday, S., & Aday, M. S. (2020). Impact of COVID-19 on the food supply chain. Food quality and safety, 4(4), 167-180.
Ahmed, M. O., & Aondover, E. M. (2022). Assessment of the spread of fake news of Covid-19 amongst social media users in Kano State, Nigeria. Computers in Human Behavior Reports, 6, 100189.
Akyüz, A., & Ercilasun, M. (2014, July). The role of advertising during recession. In Proceedings of International Conference of Eurasian Economies (pp. 199-205).
Aliyu, M. A., Msughter, A. E., & Nneka, A. Q. (2023). Comparative Study of National Development Plans in Nigeria and India: Media Dimension. SIASAT, 8(4), 202-212.
Aondover, E. M., Igwe, E. C., Akin-Odukoya, O. O., & Ridwan, M. (2024). Influence of Social Media on News Consumption and Credibility in Nigeria. Konfrontasi: Jurnal Kultural, Ekonomi dan Perubahan Sosial, 11(2), 80-92.
Aondover, P. O., Aondover, E. M., & Babele, A. M. (2022). Two nations, same technology, different outcomes: Analysis of technology application in Africa and America. Journal of Educational Research and Review, 1(1), 001-008.
Belanová, K., & Sivák, R. (2020). " Too much debt will kill xou": although not in Central Europe, yet. Ekonomický časopis, 68(10), 981-1001.
Belk, R. W. (2013). Extended self in a digital world. Journal of consumer research, 40(3), 477-500.
Belyi, A. V. (Ed.). (2020). Beyond Market Assumptions: Oil Price as a Global Institution. Springer Nature.
Bernanke, B. S. (2018). The real effects of disrupted credit: Evidence from the global financial crisis. Brookings Papers on Economic Activity, 2018(2), 251-342.
Bevanda, L. M., Zaimović, A., & Arnaut–Berilo, A. (2021). Performance of value and growth stocks in the aftermath of the global financial crisis. Business Systems Research: International journal of the Society for Advancing Innovation and Research in Economy, 12(2), 268-283.
Bradač Hojnik, B., & Huđek, I. (2023). Small and medium-sized enterprises in the digital age: Understanding characteristics and essential demands. Information, 14(11), 606.
Braun, V. & Clarke, V. (2006). Using thematic analysis in psychology. Qualitative Research in Psychology, 3 (2): 77- 101.
Carroll, N., McLafferty, B., Conboy, K., & Donnellan, B. (2021, December). Normalising a Digital Transformation. In ICIS.
Chan, T. H. (2023). How brands can succeed communicating social purpose: engaging consumers through empathy and self-involving gamification. International Journal of Advertising, 42(5), 801-834.
Chang, Y. (2025). Comparative Analysis of Investment Opportunities in the Consumer Goods Industry: Procter & Gamble, Unilever, Colgate-Palmolive, and Kimberly-Clark. Advances in Economic Management & Political Sciences, 145, 103-110. DOI: 10.54254/2754-1169/145/2024.LD19032
Coldwell Banker Richard Ellis (CBRE) (2021). Shifts in Marketing Department Expenditures Reveals Changes In Tactics During Recession. https://www.cbre.com/insights/articles/shifts-in-marketing-department-expenditures-reveals-changes-in-tactics-during-recession
Creswell, J. W., & Poth, C. N. (2016). Qualitative inquiry and research design: Choosing among five approaches. Sage publications.
Cutolo, D., & Kenney, M. (2021). Platform-dependent entrepreneurs: Power asymmetries, risks, and strategies in the platform economy. Academy of management perspectives, 35(4), 584-605.
Davenport, T., Guha, A., Grewal, D., & Bressgott, T. (2020). How artificial intelligence will change the future of marketing. Journal of the Academy of Marketing Science, 48, 24-42.
Demsar, V., Sands, S., Campbell, C., & Pitt, L. (2021). “Unprecedented,”“extraordinary,” and “we're all in this together”: Does advertising really need to be so tedious in challenging times?. Business Horizons, 64(4), 415-424.
Donthu, N., & Gustafsson, A. (2020). Effects of COVID-19 on business and research. Journal of business research, 117, 284-289.
Finneman, T., Diwanji, V. S., Greene-Blye, M., & Martens, C. (2024). “Is It Smart to Be Thrifty?”: How Advertisers Navigated Message Strategies During the Great Depression. Journalism History, 50(1), 42-59.
Furth-Matzkin, M. (2017). On the unexpected use of unenforceable contract terms: Evidence from the residential rental market. Journal of Legal Analysis, 9(1), 1-49.
Gunduzyeli, B. (2025). Programmatic Advertising in E-Commerce: Trends, Challenges, and Strategic Opportunities. In Avoiding Ad Fraud and Supporting Brand Safety: Programmatic Advertising Solutions (pp. 145-174). IGI Global Scientific Publishing.
Kersenhout, R. (2020). A critical realist interpretation of a health narrative derived from young adults in Suriname during COVID-19: a politico-economic excavation into the ideological substructure of health.
Kim, H. Y. (2024). What’s wrong with relying on targeted advertising? Targeting the business model of social media platforms. Critical Review of International Social and Political Philosophy, 1-21.
Kitchens, B., Johnson, S. L., & Gray, P. (2020). Understanding echo chambers and filter bubbles: The impact of social media on diversification and partisan shifts in news consumption. MIS quarterly, 44(4).
Kotler, P., Pfoertsch, W., & Sponholz, U. (2021). H2h marketing: Putting trust and brand in strategic management focus. Academy of Strategic Management Journal, 20(2), 1-27.
Kumar, V., Sindhwani, R., Behl, A., Kaur, A., & Pereira, V. (2024). Modelling and analysing the enablers of digital resilience for small and medium enterprises. Journal of Enterprise Information Management, 37(5), 1677-1708.
Larios-Hernandez, G. J. (2024). Alibaba in Mexico: Adapting the digital villages model to Latin America. The Information Society, 40(2), 120-135.
Lythreatis, S., Singh, S. K., & El-Kassar, A. N. (2022). The digital divide: A review and future research agenda. Technological Forecasting and Social Change, 175, 121359.
Marinova, R. (2022). Accounting aspects of the risk of digital payment operations in Bulgarian banks. Известия на Съюза на учените-Варна. Серия Икономически науки, 11(2), 105-113.
Markovic, S., Iglesias, O., Singh, J. J., & Sierra, V. (2018). How does the perceived ethicality of corporate services brands influence loyalty and positive word-of-mouth? Analyzing the roles of empathy, affective commitment, and perceived quality. Journal of Business Ethics, 148, 721-740.
McKinsey & Company. (2020). The great consumer shift: Ten charts that show how US shopping behavior is changing. https://www.mckinsey.com/capabilities/growth-marketing-and-sales/our-insights/the-great-consumer-shift-ten-charts-that-show-how-us-shopping-behavior-is-changing
Mojaye, E. M., & Aondover, E. M. (2022). Theoretical perspectives in world information systems: A propositional appraisal of new media-communication imperatives. Journal of Communication and Media Research, 14(1), 100-106.
Morrison, A. M. (2022). Hospitality and travel marketing. Routledge.
Mosopefoluwa, T., Jaiyesimi, B. J., & Aondover, E. M. (2024). Product placement in namaste wahala in the global film industry and brand recall in Nigeria. Interdisciplinary Journal of Linguistics, Marketing and Communication (IJLMC), 11(2), 96-110.
Obal, M., Friske, W., & Morgan, T. (2024). Customer participation in new product development and the impact of remote work. Journal of Business & Industrial Marketing, 39(7), 1626-1641.
Obasi, I. C., & Benson, C. (2025). The Impact of Digitalization and Information and Communication Technology on the Nature and Organization of Work and the Emerging Challenges for Occupational Safety and Health. International Journal of Environmental Research and Public Health, 22(3), 362.
Ozili, P. K. (2022). Financial inclusion and sustainable development: an empirical association. Journal of Money and Business, 2(2), 186-198.
Pantano, E., Pizzi, G., Scarpi, D., & Dennis, C. (2020). Competing during a pandemic? Retailers’ ups and downs during the COVID-19 outbreak. Journal of Business research, 116, 209-213.
Ploythanachai, P., Taeshapotiwarakun, C., & Tananpang, C. (2023). Effects of Technological Revolution on Housing Buying Behavior in Bangkok. International Journal of Professional Business Review: Int. J. Prof. Bus. Rev., 8(5), 3.
Purcărea, T., Ioan-Franc, V., Ionescu, Ş. A., Purcărea, I. M., Purcărea, V. L., Purcărea, I., ... & Orzan, A. O. (2022). Major shifts in sustainable consumer behavior in Romania and retailers’ priorities in agilely adapting to it. Sustainability, 14(3), 1627.
Sadiku, A., Lesjak, D., Kohun, F., Pushavat, K., & Natek, S. (2022). Future of traditional banking and its digitalization. Issues in Information Systems, 23(3).
Saint, E. J., Aondover, E. M., Ebele, U. C., & Onyejelem, T. E. (2024). Influence of social media on newspaper patronage among lecturers in University of Nigeria, Nsukka. LingLit Journal Scientific Journal for Linguistics and Literature, 5(3), 142-157.
Sharabati, A.-A. A., Ali, A. A. A., Allahham, M. I., Hussein, A. A., Alheet, A. F., & Mohammad, A. S. (2024). The Impact of Digital Marketing on the Performance of SMEs: An Analytical Study in Light of Modern Digital Transformations. Sustainability, 16(19), 8667. https://doi.org/10.3390/su16198667
Shenge, N. A., Dosunmu, F. A., & Fashola, T. (2021). Thematic analyses on perceived product and service quality by nigerians during COVID-19 pandemic. Journal of Marketing Management and Consumer Behavior, 3(3), 32-40.
Sheth, J. (2020). Impact of Covid-19 on consumer behavior: Will the old habits return or die?. Journal of business research, 117, 280-283.
Tellis, G. J., & Tellis, K. (2009). Research on advertising in a recession: A critical review and synthesis. Journal of Advertising Research, 49(3), 304-327.
Thilagavathy, N., & Venkatasamy, R. (2023). Artificial Intelligence (AI) technologies adaptation in business management. Artificial Intelligence (AI), 18, 2485-95.
Vitalis, P. O., Aondover, E. M., Ogunbola, O., Onyejelem, T. E., & Ridwan, M. (2025). Accessing Digital Divide and Implications in Nigeria: The Media Dimension. Budapest International Research and Critics Institute-Journal (BIRCI-Journal), 8(1), 1-12.
Vitalis, P. O., Onyejelem, T. E., & Okuneye, A. P. (2023). Understanding advertising in the era of social media. Information System and Smart City, 3(1), 502-502.
Wall Street Journal (2020). DOmino’s Pizza says coronavirus drove up demand. https://www.wsj.com/articles/dominos-says-pandemic-sparks-stronger-demand-in-u-s-11594903923
World Federation of Advertisers (2020). Large multinationals tighten ad spend squeeze according to WFA Covid-19 Response Tracker. https://wfanet.org/knowledge/item/2020/05/13/Large-multinationals-tighten-ad-spend-squeeze-according-to-WFA-Covid-19-Response-Tracker
Yu, Z., Razzaq, A., Rehman, A., Shah, A., Jameel, K., & Mor, R. S. (2021). Disruption in global supply chain and socio-economic shocks: a lesson from COVID-19 for sustainable production and consumption. Operations Management Research, 1-16.