Strategic Responses in a Market Crisis: A Cross-Industry Comparative Analysis During the Subprime Crisis and Epidemic of 2008

Abstract

This thesis examines two different types of market challenges, the financial crisis, and the pandemic crisis, and seeks similarities and draws conclusions by summarising and analyzing the coping strategies of industries under the 2008 financial crisis and comparing them with those of related industries under the current pandemic crisis. It is found that cost control and enhancement of corporate image are two commonly used strategies during the crisis, with the former helping to maintain competitiveness during the crisis and the latter facilitating the enhancement of brand value. In addition, new market development and the development of new business models are also effective strategies to cope with crisis. The study cases include Tesla, China Southern Airlines, and McDonald's, and by analyzing the coping strategies of these companies during the crisis, some strategies that can cope with both the financial crisis and the pandemic crisis have been derived. However, given the limitations of the number of cases, the coverage of the findings of this study could be improved. Future research could further explore coping strategies in public relations crises and political crises.