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A survey of marketing executives within randomly selected, major firms in the Philippines investigates firms′ marketing actions in response to stagflation caused by the 1990 Persian Gulf crisis. A central premiss is that there will be differences in sensitivity to macroeconomic conditions between industry sectors. Results show that the manufacturing sector redirects pricing, product and research and development strategies more extensively than non‐manufacturers. These differences may be explained by the extent to which the industry sector is capital‐intensive in its formation and operation. Empirically demonstrates the effects of macroeconomic conditions on firms′ marketing practices and the relevance of the stagflation paradigm outside the United States.