Strategic Management in Times of Crisis

Abstract

This aim of this article is to identify unusual strategic-management matters in times of crisis. The research scope is strategic management processes, the characteristics of the processes and methods of strategic crisis management. The study reports research on the contemporary state of strategic crisis-management problems and provides an analysis of some theoretical and methodological principles. The analysis includes a classification of the main problems which must be solved for efficient, strategic, crisis management. The article indicates strategic and tactical management methods used by corporations and raises questions about the functional distribution of strategic management within relevant authorities; it makes practical recommendations for the functional realization of strategic management goals at all stages of a crisis; it identifies the responsible supervisory entities and the main results of strategic management. The range of problems of the subsystems of strategic management in a crisis period is researched; a basic set of strategic competences of the management authorities is found; and the functional distribution of strategic management in crisis conditions is shown. The suggested mechanism for strategic management in crisis situations is the instrument for the prevention and liquidation of crisis phenomena; it increases the efficiency of the adoption and realization of strategic plans to counter crises. Using planned scenarios and mechanisms to run corporations during a crisis may provide the opportunity to maintain strict governance of the actions of corporate top management and to identify the main tasks for neutralizing crisis events as they develop during the crisis situation. Quick and effective implementation of the set tasks during a crisis will help a corporation to increase the efficiency of its anti-crisis measures.

Measuring and Assessing the Impact of the Global Economic Crisis on European Real Property Market

“…2013-2016), the building industry grew on average at a rate of 1.9% y/y, whereas employment in the building industry kept dropping on average by 2.3% y/y. Higher annual growth in the building production in relation to employment in the building industry may testify to increased labour efficiency in the area of the real property market (more information on the rise in effectivity in times of a crisis can be found, among others, in the works by Groh (2014) and L. Tanning and T. Tanning (2013)). An interesting situation was recorded for the examined housing price indexes.…”

The Impact of Strategic Planning on Crisis Management Styles in the 5-Star Hotels

“…Through incorporating crisis management into an organisation's strategic planning processes and vice versa, strategies can be developed to take advantage of these 'silver lining' opportunities in the midst of crises. Crisis strategic planning is a way of integrating the two into one resilience planning process [20,24,28]. Preble stated that "adding crisis management's defensive preventative capability to strategic management's offensive market positioning orientation can yield a more comprehensive approach to strategic management of organisations" [28].…”

“…Considering and planning for both at the same time increases the organization's ability to prevent, mitigate or manage a crisis successfully. Incorporating crisis management into strategic planning processes and vice versa, improve the ability of organisations to not only survive but also to thrive, both in good and crisis times [19][20][21][22][23][24].…”

“…The specific problem is that there is a research gap in the literature regarding the connection between strategic planning and crisis management. However, some literature promoted the integration of crisis management with strategic planning [3,[19][20][21][22][23][24][25][26][27], there is limited empirical research on the relationship between strategic planning and crisis management. In particular, there is a lack of empirical research that examining the relationship between strategic planning and crisis management in the hotel industry in general and in Egyptian hotels in particular.…”

Using of Fuzzy Modelling in Anti-Crisis Management of Agricultural Enterprises

“…Anti-crisis management is a system of strategic measures aimed at preventing a crisis situation, and in case of its emergence -a system of measures to overcome the crisis, taking into account all the available opportunities with minimal losses and future positive result achievement (Korotkova and Yehorova, 2011). Groh (2014) states that crisis strategic management is a special type of management, which has common management features and non-specific characteristics. Its principles are: the early diagnosis of the crisis in the financial activity of the firm, the speed of the reaction to the crisis phenomena, the adequacy of the reactions to the real threats to financial wealth, and the achievement of total potential in order to overcome the crisis.…”