Strategic Management in Times of Crisis

Groh, Maximilian (2014): Strategic Management in Times of Crisis. Published in: American Journal of Economics and Business Administration , Vol. 6, No. 2 (27 June 2014): pp. 49-57.

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.

• Item Type: MPRA Paper
• Language: English
• Keywords: Corporation, Crisis, Strategic-Management Methods, Strategic Leadership, Strategic Management
• Subjects: F - International Economics > F2 - International Factor Movements and International Business > F23 - Multinational Firms ; International Business; M - Business Administration and Business Economics ; Marketing ; Accounting ; Personnel Economics > M1 - Business Administration > M16 - International Business Administration; M - Business Administration and Business Economics ; Marketing ; Accounting ; Personnel Economics > M2 - Business Economics > M20 - General

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