engleski

Firm's Competitive Behavior in Crisis Times

The current business environment is extremely dynamic and turbulent, where firms are pressed by economic uncertainty in the aftermath of global economic crisis. Surviving in such conditions poses a significant managerial challenge, in which firms need to adapt and use appropriate strategies to respond to business crises. Various types of strategic responses to crises are available ; however contemporary business challenges require a re-examination of existing response strategies in times of crises. Posessing adequate organizational capabilities and strategies to face the crisis is a key to organizational survival. This paper will provide review of the present view on organizational crisis and crisis stages, with focus on anticipative, preventive phase of crisis management. Pro-active planning strategy shall be analyzed, together with crisis strategies and measures available for preparing, preventing and handling of crisis. Furthermore, research will present literary review and analysis of available firm's strategies in crisis times and its specifics, as well as stress new strategy development and adjustment paths. Vast number of determinants in turbulent environment are present and can trigger the crisis, and accordingly, various organizational measures and activities exist to prevent such events. Research results will thus provide insight into a process of accepting new, holistic business 10th EBES Conference - Istanbul May 23-25, 2013, Istanbul, Turkey 1495 strategies in times of crises, which include a number of organizational measures and activities along the strategy itself, such as environmental scanning, organizational flexibility, organizational learning and knowledge management which help avoid and lessen the crisis effects, as well as improve the decision makers insights and response options when determining adequate crisis strategy. Stated measures are assessed in order to provide a broader view of effective strategy formation. Theoretical research based on examination of secondary information from recent relevant scientific sources shall be used. Furthermore, this research will contribute to a better understanding of modern tendencies in crisis management and strategies available to firms in crisis. Additional value of this work is that the arguments presented intend to expand the current crisis management perspective. Subsequently, the results of this research could be of interest not merely to management, but also to shareholders, academia and wider community.

Crisis management; organizational measures; corporate strategies; crisis times.

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