Order Now. How the current recession has impacted on the sales of various businesses in Barbados 1, essay on recession. Customers are the major driving force of an economy through their investments and continued spending. com, Oct 28, Pssst… we can essay on recession an original essay just for you. This is because of the higher production cost, higher energy cost and greater amount of national debt.
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Recession in economics refers to slump in economic activities 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 essay on recession. It guides in making of the right decision by considering various factors such as availability of resources and human capital, hence ensuring that a certain mission is achieved Cheung et al.
For instance, in strategic planning, the intention of an initiative must be defined, the benefits known and 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 seven years and therefore did not factor in the possibility of a recession occurring. It caught many essay on recession 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 policies, 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, many organizations had to relinquish their human capital to sustain themselves and move on with their operations. During the recession, business managers realized that they needed to carry out business risk analysis before developing a business case, essay on recession.
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 of 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. For instance, essay on recession, 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 essay on recession operating. This action was unethical in the normal circumstances because workers were not given enough time to prepare 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.
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 essay on recession took this advantage to send their employees home in pretence that they were affected essay on recession 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, many organizations have managed to recuperate and are now recovering from the effects of the recession, essay on 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 adjust 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, essay on recession. 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, essay on recession.
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 essay on recession crisis, McKinsey Quarterly, 3 : Graham, Roger, essay on recession, 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 essay on recession. 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. We use cookies to give you the best experience possible. If you continue, we will assume that you agree to our Cookies Policy. Introduction Recession in economics refers to slump in economic activities or contraction in business cycles, essay on recession. Learn More. We will write a custom Essay on Economic Recession and Strategic Planning specifically for you! Not sure if you can write a paper on Economic Recession and Strategic Planning by yourself?
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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. Ordinary people are far more concerned with their family economics, and are in the midst of a struggle for their well-being. As Barack Obama claimed, for millions of unemployed people, for those who have trouble paying their bills from day to day, recession is still very real. After the official end of Great Recession, real GDP has increased only by 2. S household Read more Family Supply Chain Wedding Unemployment Banking Job Depression Workplace Social Issues Financial Crisis Recession Demand 2 Pages Essay On Inflation On The Sterling Pound And Its Impact On Tesco Inflation on the Sterling Pound and Its Impact on Tesco.
Recently, the term inflation has become very common in economics as almost every country and society in the world was hit by an increase in the general prices of goods and services over the last four years. Inflation is the term used to refer to this general rise in the cost of living over a given period, which is usually a shorter time than expected in an ideal economy Boyes, W. In addition, inflation implies that the currency at that particular time will absolutely decrease in its value, as each unit of money will buy lesser quantities Unilever International Corporation has been investigated in detail as the main rival to the company. Its current market analysis has been elaborated in detail, while its current strengths, weaknesses, opportunities and threat are explained in detail in the SWOT analysis section.
Opinions on the industry and the marketing strategies have been sought from various sources, in order to allow managers to understand what the Read more Business Management Finance Marketing Company Strategy Unilever World SWOT Market Products Brand 14 Pages Case Studies On Challenges To Chain Management When the economic recession of hit global consumer markets, FMCG companies were forced to relook their supply chain management strategies in order keep their prices below those of competitors. With prices of raw material and power soaring, the company had to review its supply chain management and make several adjustments to remain competitive. Kraft Foods, the second largest food company in the world, has kept a keen eye on future growth requirements, even before the economic recession had set in.
Philippe Lambotte, Senior Read more Business Management Marketing Company Money Customers Food Supply Chain Kraft Foods Cash Products Cash Flow 10 Pages Course Work On Management Question 1. The terminology business cycle is used to denote the fluctuations in the economy in production or any other economic activities over a given period of time. These fluctuations occur around a long-term expansion trend and often involve changes over time between periods of high and vigorous growth and periods of relative stagnation Tvede, , p 7. The components of a business cycle include boom, recession and recovery. Boom refers to the economic period where businesses are experiencing large sales which results in high profit margins.
During this period, the levels of employment are relatively high Freiber, J. Read more Business Disaster Workplace Marketing Company Economics Financial Crisis Unemployment Recession Period Davis Deere 7 Pages Dollar Tree Business Analysis Research Paper The economic situation in the United States and the world in general is expected to continue its recovery from the recession over the next one year Forbes. Improvements are expected in key economic indicators such as gross domestic product, inflation levels, employment levels and interest rates. It is expected that in the next one year, the high rates of unemployment currently being experienced in the United States will be on the decline which the rate of inflation is also expected to reduce. However, due to the political turmoil in the Middle East, it is expected that the price of Read more Business Taxes United States Trade Marketing Company Customers Industry Growth Dollar Dollar Tree Tree 5 Pages Case Study On Challenges To Kraft Foods Supply Chain Management When the economic recession of hit global consumer markets, FMCG companies were forced to relook their supply chain management strategies in order keep their prices below those of competitors.
Philippe Lambotte, Read more Business Management Marketing Company Money Customers Food Supply Chain Kraft Foods Cash Cash Flow Flow 10 Pages Colombia Underdevelopment Research Paper Introduction. The nature of underdevelopment in poor countries has been one of the contentious social issues in recent times. Each country has its own version as to why it is underdeveloped. Colombia is a third world country and is ranked amongst the underdeveloped countries in the world. Being located in Latin America, Colombia borders other third world countries like Brazil and Venezuela. However, it is illogical to assume that the general problems that are associated with underdevelopment in Latin America are a replica of underdevelopment in Colombia. The following research and discussion offers insightful information on the nature of underdevelopment in Colombia Read more United States Business Education Politics Investment Economics Caribbean World Colombia Underdevelopment Economy America 6 Pages Business Intelligence Analysis Report For Procter And Gamble Report Executive summary.
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Remember: This is just a sample from a fellow student. Starting from 3 hours delivery. Sorry, copying is not allowed on our website. We will occasionally send you account related emails. This essay is not unique. Sorry, we could not paraphrase this essay. Our professional writers can rewrite it and get you a unique paper. Want us to write one just for you? We use cookies to personalyze your web-site experience. This essay has been submitted by a student. This is not an example of the work written by professional essay writers. The Great Recession Subject: Economics Category: Economic Issues Topic: Economic Problem , Economy Page 1 Words: Published: 03 January Downloads: 45 Download Print.
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