Relevance of marketing in economic downturn

As the country and companies overcome myriad challenges during the economic downturn. I would like to open this blog to all the sales and marketing professionals out there on 'Is Marketing Relevant in the Economic Downturn' or 'Can Marketing add the EVA to a company's bottomline when market doesnt want to buy'

I think, Yes, but with some qualifiers

a) The tranditional definition of marketing from building a brand needs to change as price conscious customers are leaning away from brand preferences (who knows which brand will survive.....). The sales and marketing need to collaborate more closely to have 'customer specific retention programs'

b) The marketing needs to build and support products and services that generate tremendous and unparallel value for the customer at a profit margin thats sufficient for sustenance in these tough times

c) Re-define the customers they want to win and retain. How long will the government funded customers be able to drive sales...should marketing be focused on customers who can pay today vs. tomorrow?

I am sure you have more thoughts, which I would like to listen and enrich this community.