Sep 12, · The economy goes through different cycles and, one of them is the recession. According to blogger.com, Economic recession is a period of general economic decline; typically defined as a decrease in Gross Domestic Product (GDP) for two or more consecutive quarters Abstract A recession is full-proof sign of declined activity within the economic environment. Many economists generally define the attributes of a recession are two consecutive quarters with declining GDP. Many factors contribute to an economy's fall into a recession, Essay On Life In A Recession According to the National Bureau of Economic Research, the most prolonged economic recession, which started in in the United States, has been over since June Nevertheless, American people are still experiencing its damaging consequences
Global Economic Recession - Words | Help Me
Recession in economics refers to slump in economic essay on economic recession or contraction in business cycles. The most recent recession that adversely affected the world was experienced in The recession affected strategic planning of companies, management and their ethical decision making process. It is important for businesses to have strategic plans to guide towards achieving their objectives.
Managers in a business context are responsible for drafting and implementing these plans to ensure that their organizations achieve the set targets. Strategic planning is concerned with strategies that a business uses to reach or achieve a certain goal.
It guides in making of the essay on economic recession decision by considering various factors such as availability of resources and human capital, hence ensuring that a certain mission is achieved Cheung et essay on economic recession. For instance, in strategic planning, the intention of an initiative must be defined, the benefits known essay on economic recession the steps required for achieving the set goals identified.
The recent recession affected strategic planning of many companies. Most companies had set their plans for essay on economic recession years and therefore did not factor in the possibility of a recession occurring.
It caught many of the companies unaware. They had to revisit and readjust their plans. The recession affected the performance of economy negatively leading to reduction in GDP and unemployment.
It affected the goals that organizations had earlier set. Managers faced many challenges during the recession period. They had to employ their skills and expertise to ensure that their organizations survive the economic downfall.
Managers form essay on economic recession, implement and evaluate to see whether they work or not. They ensure that all operations are running smoothly.
One of the challenges faced by managers during recession concerned management of cash flow and working capital of their organizations. Sometimes, it was difficult for the managers to convince banks or lending institutions to supplement their cash shortfalls. This was a challenge which many managers had to grapple with to ensure that their organizations proceeded with their functions. The issue of labor also presented challenges. Due to inadequate finances, essay on economic recession, many organizations had to relinquish their human capital to sustain themselves and move on with their operations.
During the recession, essay on economic recession, business managers realized that they needed to carry out business risk analysis before developing a business case. For instance, it became apparent that many decisions were made that did not add value to the business. Therefore, this was a wakeup call for businesses to ensure that any project was scrutinized before adoption.
It also led to fierce competition between businesses. Some managers thought that their workers had lost negation power because of reduction in the rate essay on economic recession movement of goods. Therefore, decisions are important in ensuring that a company achieves it goals and remains competitive in the market. During a recession, many companies are faced with dilemma in making decisions concerning their businesses.
Businesses are required to be ethical in the decisions they make. They should put into consideration the effects of their actions to third parties. The actions should impact positively on the lives of the people or the society in which they operate.
Most of the decisions that were made during the recession period impacted negatively on the society, essay on economic recession. For instance, many employees were laid off from their duties.
The amount of cash flow in the economy was less, making it hard for such people to afford basic needs and other essential goods. The managers had no alternatives but to layoff some workers to enable the businesses to continue operating. This action was unethical in the normal circumstances because workers were not given enough time to essay on economic recession for the shock.
It affected them psychologically and changed their life. Many employees suffered stress and depression, which increased the rate of diseases and complications in their health, essay on economic recession.
Therefore, due to this, many organizations recorded poor performance in terms of their level of profits. Even though companies laid-off workers to recuperate from the recession, the procedure used was not appropriate.
Some companies took this advantage to send their employees home in pretence that they were affected by the recession. This was unethical and unfair for such companies. Companies failed to plan in advance after the sign of economic down fall began to manifest in They waited until the situation became worse inthen began to put in mechanisms to solve it.
However, essay on economic recession, many organizations have managed to recuperate and are now recovering from the effects of the recession. Others have not yet recovered from the recession. In order for the organizations to remain successful during such conditions, they need to revise or readjust their strategic plans to reflect short-term objectives.
The managers and important stakeholders should essay on economic recession their activities and employ the best strategies that will enable them win the approval of banks to help them with working capital Cheung et al. Recession is a threat to the economy and business. However, with good policies in place and flexible strategic plans, managers can deal with the challenge amicably.
Most companies were affected, leading to job loss and reduction in profits. There is still hope that the economy can still go back to normalcy if concerned parties act appropriately.
A business has a duty to the society and therefore, with the economic recession, they need to be ethical in their decision-making. Recession, especially the recent one, should serve as a lesson to many corporations to be always prepared for unknown eventualities. Cheung, Andrew, Eric Kutcher, and Dilip Wagle. Strategic planning in a crisis, McKinsey Quarterly, 3 : Graham, Roger, and Kristina Frankenberger.
The earnings effects of marketing communication expenditures during recessions, Journal of Advertising, Pearlman, Eileen, and Sandra Steder. How to cope with the recession and still keep in balance. A Review of General Semantics, Need a custom Essay sample written from scratch by professional specifically for you? certified writers online.
Economic Recession and Strategic Planning. Introduction Recession in economics refers to slump in economic activities or contraction in business cycles. Learn More. We will write a custom Essay on Economic Recession and Strategic Planning specifically for you!
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Sep 12, · The economy goes through different cycles and, one of them is the recession. According to blogger.com, Economic recession is a period of general economic decline; typically defined as a decrease in Gross Domestic Product (GDP) for two or more consecutive quarters Abstract A recession is full-proof sign of declined activity within the economic environment. Many economists generally define the attributes of a recession are two consecutive quarters with declining GDP. Many factors contribute to an economy's fall into a recession, Essay On Life In A Recession According to the National Bureau of Economic Research, the most prolonged economic recession, which started in in the United States, has been over since June Nevertheless, American people are still experiencing its damaging consequences
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