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Strategic Management In Times Of Crisis

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  • Maximilian Groh

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.

Suggested Citation

  • Maximilian Groh, 2014. "Strategic Management In Times Of Crisis," American Journal of Economics and Business Administration, Science Publications, vol. 6(2), pages 49-57, June.
    • Handle: RePEc:abk:jajeba:ajebasp.2014.49.57
    DOI: 10.3844/ajebasp.2014.49.57
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    References listed on IDEAS

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    1. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "Varieties of Crises and Their Dates," Introductory Chapters, in: This Time Is Different: Eight Centuries of Financial Folly, Princeton University Press.
    2. Robert J. Shiller, 2012. "The Subprime Solution: How Today’s Global Financial Crisis Happened, and What to Do about It: With a new preface by the author," Economics Books, Princeton University Press, edition 1, number 9853.
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    Cited by:

    1. Geurts, Amber & Geerdink, Tara & Sprenkeling, Marit, 2022. "Accelerated innovation in crises: The role of collaboration in the development of alternative ventilators during the COVID-19 pandemic," Technology in Society, Elsevier, vol. 68(C).
    2. Karam M. Ghazi, 2017. "The Impact of Strategic Planning on Crisis Management Styles in the 5- star Hotels," Tourism Research Institute, Journal of Tourism Research, vol. 18(1), pages 148-164, November.
    3. Wiesława Lizinska & Roman Kisiel & Alina Zrobek-Rozanska, 2020. "Foreign Direct Investment in Poland and Changes in the Branch Structure," European Research Studies Journal, European Research Studies Journal, vol. 0(Special 1), pages 201-214.

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