Staying Alive in a Declining Economy
Staying Alive in a Declining Economy
Stephen Brooks
Liberty University
Abstract
In 2007, the United States was officially declared to be in “recession.” Incomes had drastically reduced; prices had significantly increased; and businesses had begun to collapse. In order for businesses to stay alive in declining conditions they had to revamp their marketing strategies. They have had to adopt more focused marketing campaigns. In addition, companies had to streamline their hiring process to focus on hiring multi-skilled individuals. Many have restructured their company by retraining their staff to take on cross-functional roles. Others have consolidated by acquiring other companies, downsizing their present company, and combining internal processes. Two such companies to manage to stay alive in this economic crisis are The Walt Disney Company and Wal-Mart. These companies have strategically restructured company process, staffing, and investment strategies in order to remain alive in a declining economy.
Introduction
Year 2007 was the “beginning of the end” for some. Life as many knew it, drastically change in a matter of months. An economic downfall was on the rise. The start of such economic downfall began in the United States and spread like an epidemic around the globe. The global economic climate suddenly became dim. It has been coined by some, as the worst crisis since the Great Depression in the United States (Challenger, 2009). Due to the collapse of the housing market and other areas of the U.S. economy, the economic climate of the country began to downfall. Many businesses closed or have been on the brink of bankruptcy due to the rise in cost and the decrease in sales. The unemployment rate began to soar into double digits, prices started to rise, and consumer confidence began to drop. Millions of new homes were being left vacant on the market. Several million families that had a significant drop in income could not afford their homes and begun going
Stephen Brooks
Liberty University
Abstract
In 2007, the United States was officially declared to be in “recession.” Incomes had drastically reduced; prices had significantly increased; and businesses had begun to collapse. In order for businesses to stay alive in declining conditions they had to revamp their marketing strategies. They have had to adopt more focused marketing campaigns. In addition, companies had to streamline their hiring process to focus on hiring multi-skilled individuals. Many have restructured their company by retraining their staff to take on cross-functional roles. Others have consolidated by acquiring other companies, downsizing their present company, and combining internal processes. Two such companies to manage to stay alive in this economic crisis are The Walt Disney Company and Wal-Mart. These companies have strategically restructured company process, staffing, and investment strategies in order to remain alive in a declining economy.
Introduction
Year 2007 was the “beginning of the end” for some. Life as many knew it, drastically change in a matter of months. An economic downfall was on the rise. The start of such economic downfall began in the United States and spread like an epidemic around the globe. The global economic climate suddenly became dim. It has been coined by some, as the worst crisis since the Great Depression in the United States (Challenger, 2009). Due to the collapse of the housing market and other areas of the U.S. economy, the economic climate of the country began to downfall. Many businesses closed or have been on the brink of bankruptcy due to the rise in cost and the decrease in sales. The unemployment rate began to soar into double digits, prices started to rise, and consumer confidence began to drop. Millions of new homes were being left vacant on the market. Several million families that had a significant drop in income could not afford their homes and begun going
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