The following article was introduced in AMA newsletter for April 7, 2009, at http://english.china.com/zh_cn/business/finance/11021621/20090403/15414822.html
Marketers bullish on China's recovery
2009-04-03 09:09:44
China.com Special Report: Global Financial Crisis
BEIJING, April 3 -- Top marketers based in China believe that the country's economy will recover more quickly than the West, and is likely to turn around by 2010, according to a survey conducted by market research firm Millward Brown-ACSR and communications agency Hill & Knowlton.
The survey of 59 chief marketing officers and senior marketing directors (85 percent of whom are from multinationals) indicated that cautious optimism exists in marketing departments, with 75 percent of correspondents believing the economy would return to a booming state next year, as Chinese consumers had been less affected than those in the West.
Senior management expressed more confidence (81 percent) than other levels (71 percent) about the country's economic recovery by 2010.
The findings also showed that overall marketing budgets in 2009 will not be reduced, even though the pressure to cut costs is mounting in boardrooms worldwide.
Sixty-three percent of interviewees said they will increase or maintain their marketing spending this year compared to 2008, while only 18 percent indicated that their budgets would be cut by over 20 percent.
The survey also revealed that "retaining existing clients" was the top priority for marketers (50 percent), while "retaining talented employees" was of the least importance (5 percent).
The current economic hardship is making marketers explore more cost effective media channels in 2009, with a marked interest in digital media. Smaller, focused marketing channels were the first to be cut.
Jason Spencer, managing director of Millward Brown-ACSR's Shanghai office, warned that this tactic could ultimately be self-defeating.
"The survey shows that marketers claim to be cutting down on lower reach channels such as sponsorship and events, which may be somewhat shortsighted, especially if they are looking to connect more strongly with their current customer base, as only such targeted channels can," he said.
The survey was conducted in March, with 61 percent of the correspondents from the mass consumption goods sector, and the rest from the automobile, finance, property, and retail industries.
(Source: chinadaily.com.cn)
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bullish
新闻标题中往往使用名词和形容词来表达谓语的意思，此处bullish(adj.)意为充满信心的，即营销者对全球金融危机下中国市场的恢复表示信心
turn around
相当于turn round，商务英语中特指（股票、证券市场）转向、走势显示相反的动向，如回暖等
cautious optimism
英文释义为positive feeling which is somewhat reserved, restrained feeling of optimism，即有保留的乐观。根据专项调研（8成以上为跨国公司营销专业人士）的结果，超过75%的受访者认为中国消费者受危机冲击较小，次年经济将回暖(booming state)。管理人员中，高管们相对而言表达出更多的信心(expressed more confidence，此处也可理解成高层人士更在意给媒体一个正面的公司形象)，认为2010年国家经济将恢复。
mount
此处意为（压力）增加、上涨，专项调查的结果表明用于营销的预算在压力下并未有所缩减，而董事会上讨论削减开支的压力已成全球性现象(worldwide)。根据调查结果，63%的受访者(interviewees)称将增加或维持上一年度的预算开支，仅有18%表示将会削减20%的额度。
priority
优先做的事。在金融危机面前，该花的还得花，但成本问题往往导致公司更倾向于短期目标，即如何消减当前的成本。因此调查结果也揭示了一个战略家们并不认可的普遍做法，即公司在危机面前仍会将顾客视为上帝（挽留客户，retaining existing clients），而牺牲掉员工(talented employees)——这本该是公司建立竞争优势的唯一资产。
cost effective
有成本效益的，即以相对较低的成本获得最大的产出。在金融危机面前，现金流的压力使经营者尽可能的选择短平快的媒体渠道，如数字媒体；在营销渠道的选择上优先砍去针对性强的（focused原意指营销中的聚焦战略，此处指渠道具有针对性，可以最小成本达到目标客户群）。不过该做法也引来了异议，Jason Spencer总监认为这会适得其反(self-defeating)，因为短视(shortsighted)的做法会导致忽视那些与目标客户群(customer base)联结更紧密但覆盖面不足的渠道(lower reach channels such as sponsorship and events)——营销者们通常会砍去(cut down on)这些成本。
文末指出了该专项调研的样本构成情况，其中61%为大众消费品(mass consumption goods)部门，其余的来自汽车(automobile)、金融(finance)、地产/不动产(property)、零售(retail)行业，这可能说明调研的结论只具有特定的意义而无广泛适用性。