On average, more than 500,000 businesses have failed in the United States during each of the 10 recessions that have occurred since the end of World War II. However, academic and practitioner understanding of how to prepare for and respond to the challenges of the economic downturn is very limited. The paper analyzes and synthesizes information from academic theory and business experience to manage through the downturn. To help businesses to successfully navigate the economic downturn, we offer a program that includes positioning, holding positions in several markets and regions, planning, developing a turnaround plan for facing a sharp decline in sales, promotion by supporting marketing initiatives and training, in anticipation of recovery economy. "Hide
by Steven C. Michael, John A. Pierce Source: Business Horizons 9 pages. Publication Date: May 15, 2006. Prod. #: BH194-PDF-ENG
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