A Study on the Innovative Business Strategies Adopted by Different Firms in the Construction Industry during the Global Economic Crisis in the U.A.E
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Date
2010-11
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The British University in Dubai
Abstract
Firms around the world must often manage and survive economic crisis. This paper examines how companies are affected by economic crises, to assess the type of strategies adopted by companies in such conditions, and to identify which strategic methods were effective for the companies to maintain successful performance, despite turbulence in the operational environment. This article analyzes and synthesizes the information from academic theory and business experience about managing through an economic recession.
Semi structured interviews was conducted with the five different organisations in the UAE construction sector. Data were analyzed and the results were summarized in three tables. The findings provide valuable insights for decision makers and business strategic developers in times of economic crisis. Various strategic approaches adopted, at the time of recession, by the companies in the construction sector, were studied; the modification of strategies appropriately can maintain or improve their performance in time of crisis.
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Keywords
recession, pressure, threats and opportunities, business strategy, construction industry, global economic crisis, United Arab Emirates (UAE)