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diTh e r
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ngdamagiaso n f
o
ngt r thatis
hecompany' s
b
ste
r
aca
t
eugsiep
c ma
os c
ir
ton
i
o eci
nonoe
t
h mics
l
o ng hars
una.signi ficanti mpactonbusi ne s
Ps
ros
f t
.r
a
R t
i
ce
agy
rd,oBr it
t o
particul arlyi nt imesofcr isis.GDP,i nt erestr aDt
eos,
cte
ox
r c
ih
n a
Bng
ue
s ir
naet
e
sssA,dmi nis tration
unempl oymentr ates,andot hereconomi cindi cator sar eal lpar toft hedai l
y
conver sat i
onamongstmanager s,whoar ei nsear chofbenchma Prrk
os
f.t
Lo
uiazid
Cain
rni er
adjust ingt hei rcor poratest rat egi es.Theymustexpl or emar ketoppor t
uni t
ies
Pr of essorofI nt erna tiona lMa rk etinga ndS tra tegy
whi l
eal sobei ngcaut iousoft hr eat scomi ngf rom t heenvi r
onment .
 4

Graph2-Evol
uti
onofwor
ldGDP-1980-2018-%Sour
ceandPr
epar
ati
on:
I
MF-Wor l
dEconomicOut
lookDat
abas
e,2020
 5
Ec
onomicsand
St
rat
egy:Thebasi
cs
Growthr atesvar ywitht hefl
uct uat
ionoftheeconomy,alongwi ththerestofthe
majormacr oeconomi cindicators,suchastheexchanger at
e,inflat
ion,
employment ,andi nt
erestrates.Whati stheexpect
edreactionofmanager sin
ti
mesofcr ises?Whatar ethenecessar ychangesandadapt ationsincorporate
str
ategy?Ther oleofthemacr oeconomicmanagerofthecount ryistoimprove
theoverallaver ageoft heeconomy .However,t
heroleofacompany’ s
manageri st oplacehi sorhercompanyabovet heaveragef ortheeconomy .
Bothrolescanbeseenascompl ementary-andtheycertai
nlyar e-yetthey
aredist
incti ntheirspecifi
cgoal sandtools.

I
nacl assi
car t
icl
eont hetopi
c,Bour geoisdi
scussedthismatterin1985.For
hi
m,bot htheli
teratur
eonst r
ategyandt hepracticeofcompaniesseem t obe
det
achedf rom economicanalysi
s( Bourgeoi
s,1985).Afewyear slat
er,
McCabeconduct edastudyintwosect orsoft
heAmer i
caneconomy-l ogist
ics
andaviati
on-concl udi
ngsimil
arly
,thattheenvironmentalanalysi
sproduced
di
sconnectedef f
ectsonstrat
egicbusinessdecisions(McCabe,1990) .
 6

Graph3:Es
timat
edperc
ent
agepointchangei
neconomicsect
ors
causedbyt
heoutbr
eakofc
oronav
irusCOVID-19i
nChinai
n2020( St
ati
sta,2020)
 7
Por t
er ,themosti nfluentialauthorint hef i
eldofst rategy,saidt hatdevelopinga
strategyshoul dleadt hecompanyt obedi ff
erent,asi ttakesonuni que
chal l
engest hatr epresent svaluet opl entyofcust omer s,inor dertojustif
ythe
effortandi nvest ment( Porter,1996) .Suchcompani esshoul dbedi f
ferentinthe
wayt heyposi tiont hemsel vesi nthemar kets,int hewayt heypr esenttheir
valuepr opositions,int heirwill
ingnesst oinvesti nscal eeconomi es,etc.Such
choi cesar eul t
imat elydet erminedbymat chingt heent erpri
se’schar acteri
sti
cs
withenvi r
onment alcondi ti
ons.Por t
er’smodelsuggest st wobasi cpositi
oning
model s:costleader shipanddi f
ferenti
ation.Thei mpactofPor ter'
sideaswer e
soi nfluenti
althatmuchoft hel i
teratureinst r
ategyt hathasevol vedsincet hen,
wasul timatelyder ivedf r
om t heset womai npat hs.Hol l
ey ,PiercyandSaunder s
(2005) ,f
orexampl e,suggestal i
stofal ternati
vest rategiesthatwi l
lbef urt
her
discussedher e,eachcl earlyinspiredbyPor ter’
st hought s.

Thus,i feconomi ccondi ti

onschange,t hecompany’ sstrategyshoul dbe
reassessed.Notal lsectorsar eequal l
yaffectedbychangesi ncl imat eoft he
economy( SeeGr aph3) .Evi denceshowst hatsomesect orsar elessaf f
ected
bycr isisandbyconsumpt ion expansi on-t hereisevenempi ri
calsuppor t
asser ti
ngt hatt herear e" anti-cycl
ical"sect ors,whichgr owmor eintimesof
downt urnt hani ntimesofexpansi on( Besley&Br igham,2008) .Heal th,food,
andbasi cclothing,ar ecommonl ycitedexampl esofant i-
cyclicalsect ors.But
thecent ralissuer emai nst hesame:whatar ethemostappr opriatepol ici
esi n
responset oeconomi cchanges?Eveni nacompanyoper ati
ngi nan
anti
-cycl icalsect or,economi ctransformati
onswi l
laffectitsper formance,
however ,i
nt heopposi t
edi rectiontot heothersect ors.Onemi ghtar guet hat
ther ecessi onf orexampl e,af f
ectsallcompani esatt hesamet i
me,and
therefor e,ther elativepositionbet weent hem woul dber emai nt hesame.But
thi
si snotexact l
ycor rect.Andeveni fitwascor rect,organizationst hatr eact
betterandf asterinacr isiscont extwoul dgai nanadvant age,socr i
siscoul dbe
consi der edi nanycase,at riggertot hechangesofcompet i
tiveadvant ages
(LaevenandVal encia,2013) .

Incontrast,t
hevolati
li
tyofgrowthrat
es,def
i
nedasthedistancebetweenthe
peaksandval l
eysoftheseratesisgr
eateri
nemergingmarkets,manager
’s
abil
i
tytor eassessthei
rstr
ategyisvit
alt
ocompany’ssuccessinthese
countr
ies.
 8
How canI
nternat
ionalBusi
nesses
prot
ectyourcompanyintimesof
cr
isi
s?
Mar ketvolatil
ityhasbeent heonl y“constant
”i nagl obali
zedwor ld,especi
all
y
since2008.Gr owthr atefl
uctuat i
ondemandspubl i
csectoract i
ons,which
i
mpact si nterestratesandgl obalcurrenci
es.Al lofthesefactorsimpacta
company' sper for
mancei ninternati
onalbusiness.Themomentt hatgl
obal
currenciesswi ngsdown,causedbydol l
arst
r engthening,itharmsi mport
sbut
i
ncr easest heexpor tcompet it
ivenessbetweensomecount r
ies.Cavusgil
l,
KnightandRi esenber ger(2013)suggestt wosetofact i
onst oenj oybenef
it
sin
thei nt
ernationalbusi nessint i
mesofvol ati
li
t
y .

Combi nati
onofexpor tswi t
hi mpor t
s:Thi spol icyact sasa" nat uralhedge"
asopposedt oa" f
inancialhedge, "whi chisabanki ngpr oductt oprotect
businessesagai nstcur r
encyf luctuations.Thebenef i
tistwofol d.First
ly,
thi
scombi nationmi t
igatescur rencyr i
skitself,leadingt hecompanyt o
haver eceivablesandasset sinf oreigncur renci essi mult
aneousl y.
Secondl y
,itoffersthecompanyt hechancet oexpl orether elative
att
racti
venessofi nternationalmar ket sindifferentcondi t
ions-whi lea
countryismor elikelyt oexpor t
,other swillbemor el i
kelytoimpor tatleast
consideri
ngt heexchanger atefactor.Aconcr eteexampl eoft hispractice
canbeseeni ntheaut omot iveindust ry
.Firmst hati nter
national i
zet hei
r
producti
onwi thassembl yfacili
ti
esscat t
eredi nvar iouscont i
nent s,by
i
mpl ementingast rongpol i
cyofi ntra-groupi nternationaltradei nordert o
benefitf
rom exchanger atechanges,out per f
or mt hosewhodonotwhodo
notdevelopt hisst r
ategy( Anfavea,2015) .

Diversi
fi
cati
onofmar kets:Itdil
utest
hevol ati
lit
y,produci
nganeffectat
l
eastpar t
ial
lyli
keanat uralhedge.Alt
hought hecur r
enci
esofemer gi
ng
countri
es depreciateagai nstthedol
larmor et hantheaverage,other
curr
enciesindevel opingcount ri
esdepreciateaswel l
.TheUS’sonly
productsfacegreaterdi f
fi
culti
esastheyl argelydependonconsumer s
abroad.Forinstance,Appl ehasasi gnif
icantover seascustomerbase,so
thedemandi nti
mesofcr isi
sisheavil
yaf fect
edduet ocurr
ency
fl
uctuat
ions(Nguyen,2020) .
 9
Manager smustbeawar et hatstrat
egi ci
mpl i
cat i
onsoft heseact ionsare
i
mmense.Acompanyt hat’
sinanyway ,li
nkedt oforei
gnt rade,eitherasa
producerorasadi str
ibutor,tendstospeci alizeincer tainmar ketsorproducts
anddonothavet heabovedi versif
icati
on( Dougl as&Cr aig,2011).Therefore,
t
heor ganizat
ionshoul dmakeanef for
ttoimpl ementor ,ifthisisnotfeasible,at
l
eaststructur
ewel ldefinedpl anst o" r
everse"t hedi r
ectionofi t
sinter
nati
onal
t
radef l
owsatt hest ar
toft heeconomi ccont ext’stransfor mation(Luo&Wang,
2012).
 1
0
Di
ver
sif
yyourSt
rat
egy
Loweconomi cgr owt h,impact satdiffer entlevels,bothf ami l
ies’ and
compani es’purchases.Cl assicconsumerbehavi orinthesecont extsi s
mi gr
atingt ocheaperpr oducts-pushi ngt hecompanyt owar dsast rategic
change( Kunc&Bandahar i
,2013) .Simi l
artoCavul gil
’ssuggest i
on,
diversif
icati
onseemst obet hekeyt ot hisstrategicimpasse.I facompany
seekst oposi t
ioni tselfinamar ket,withaf ocusondi f
ferent i
ati
on,i twi l
lsuff
er
theconsequencesofachangei neconomi cgr owthwi t
hgr eateri ntensitythan
acompanywi thaf ami lyofmor eext ensi vepr oducts,i
ncl udingmor eaf for
dable
i
tems.Gi venthepossi blerest
ricti
onsofexpandi ngpr oductf ami l
iesf orreasons
ofbr andmanagement ,adiff
erentopt iont oconsi derwoul dbet heopeni ngof
newbusi nessuni ts,pr esentedt othemar ketunderdi f
fer entbr ands.Thi swould
offermor eaf f
ordabl epr oductsinunf avor ableeconomi ccondi ti
ons.

Suchstruct
urecanbepl acedpermanent
lywit
hdif
fer
ent
iat
edpr oduct
sevenif
l
ow-costproduct
sar eof
feredaswell
.Otherwi
se,t
hecompanycanposi t
ion
i
tsel
fandplanoptionstobeimplementedinti
mesofmarketchange.

Ont heot herhand,compani esadopt i

ngt hecl assicstrategyofl eadingwi th
costwi llal sobeaf fected.Wi thl owersal esvol umes,compani eswi l
lobser ve
thegr owt hoft heiraver aget otaluni tcost.Ifthei ncr
easei ncost sisabsor bed
byt hecompany ,itwi l
limpactpr ofit
abil
it
y .Ifitispassedont otheconsumer ,i
t
compr omi sesi tscompet i
ti
veposi t
ion.Simi l
ar l
yt owhathasbeensai df or
compani esf ocusingondi ff
er entiati
on,thef irmt hatoper ateswi thCost
Leader shi ppositioningcan,i nt i
mesofcr isisandl owpr oductionscal e,seekt o
addval uet otheirpr oducts,cr eatef amil
iesofpr oducts,orbusi nessuni ts
aimedt opur sueoppor t
unit
iesi nt hiscont ext.Butofcour se,itisnotf easible
withinashor tper i
od.Thi sappr oachi smor ef easi bl
eforor ganizati
onsal ready
str
uct uredaccor dinglyoralreadyof f
eri
ngpr oduct swit
hinadi fferenti
ati
on
str
at egy .Successi salsogr eat erforcompani est hathavepr epar edt heent i
re
str
uct ureandpl anofact i
onpr eempt i
vel
y ,readyt obeputi nact i
onint i
mesof
cri
ses.
 1
1
Businessli
terat
urehasdi scussedt hediff
icult
iesofthishybr
idposit
ioning,
though.Compani esl i
keIndiangroupTat a,whi chin2008acquiredtheJaguar
andLandRoverbr ands,highl
ightsthechal l
engesofmanagi ngsuchdi ff
erent
businessunit
sint ermsofposi ti
oning.Therefore,belowwepr esentsome
consider
ati
onsandsuggest i
onsofst r
ategies,tocir
cumventtheef f
ectsofthe
cri
siswit
hinthesamemar ketapproach.
 1
2
CostLeader
shipStrategy:
How canacostleadercutcost
s?
Acompanyt hatadopt
saCostLeader shipappr
oachinthemarketmayalsobe
af
fect
edbyacr i
si
s.I
tneedstoreactbyevaluat
ingaddi
ti
onalopt
ionst
okeep
i
tsoperat
ionsupandr unni
ng.Therearethreemainwaystopromotecostcut
s
i
ncompani es:Downsi
zing,Downscoping,andStr
ategi
cAll
i
ances.

•Downsi zing:Def inedast heef f

ortofstreamliningcompany' s
operations,t hi
sst rategyi susedt okeepal lthemai noper at
ionsoft he
organizat i
onr unni ng,butwi t
hwi despreadcut t
ingofcost s.Muchcr iti
ci
zedin
t
he90sasast rategyt hatdi dnotpr oducet heexpect edr esult
sandeven
punishedt heor gani zationbecauseoft helayoffsandot hercostcut s,
downsi zingisnowseenasanact ionthatshouldbet akenr out i
nel
yby
businesses,anat uralcostmanagementt ool(Hitt
,2002) .Compani esmay
prohibi
tnonessent ialtravelsorpr ofessi
onalevent s:In2020,t echandculture
f
estivalSout hbySout hwestl ai
dof froughlyone-thir
dofi tsf
ull-t
imewor kf
orce
duet ot hespr eadofcor onavirus(Sonnemaker ,2020) .Whi l
e,Nor wegianAir
pl
annedt olayof fupt o50% ofi tsempl oyeesacr ossal ldepar tmentsbecause
ofadecl i
nei nf l
ights( Pietsch,2020) .

•Downscopi ng:Si mil

artoDownsizi
ng,Downscopi nghast he
parti
cul
ar i
tythatitdoesnotpr oposethewidespr eadcostcut t
ing,butinstead,
overspecifical
lyunat t
ract
ivebusinessuni
tsthatar elessrelevanttothe
companycor ebusi ness.In2019,BayersolditsAni malHeal t
huni ti
nor derto
reducecost sand,att hesame,t obeabletof ocusonLi f
eSci ences
(McCor mick,2019) .
Strat
egicAl l
iances:Theseal l
iancesaimtopromot ecostshar ingbetween
compani es.Ther earet hr
eemai ntypesofStrategicAll
iancesasdescr i
bed
below.
 1
3
Str
ategi
cAlli
ances:Theseal
l
iancesaimtopromot
ecostshar
ingbet
ween
compani
es.Ther
earethreemaintypesofSt
rat
egi
cAll
i
ancesasdescri
bed
bel
ow.

•Syner gistic:Thegoaloft hisstrategyi sthesearchf orscope

economi es,analternati
vetot helossofscal eeconomypr ovokedbyt hecri
sis.
Synergisti
crel
ationshipscanbei nt hef orm ofjointoper
ationssuchasa
merger,acquisi
ti
on,oropeni ngofaj oi
ntvent ure.Ambev’ sandWhi r
lpool
’sjoint
vent
urei sagoodexampl e.Toget her,theycr eatedacompanycal ledB.Blend
todevelopahomeappl iancef ormaki ngdr i
nks.Al one,bothcompani es
would’
vehadgr eatdiff
icult
ytot hriveint heBr azil
ianmarket(Brigatt
o,2016).

•Fr
anchi si
ng:Bestknownf orcr
eati
ngretai
lmodel swiththi
rdcapit
al
cont
ri
but
ionandt r
ansferofright
s,ther
earesever alpossiblewaysf ora
companytobenefitfr
om Franchisi
ng.I
tmaygr antanot hercompanyt heright
touseatrademark,anditmayal sosharemarketst ock,usingthir
d-par
ty
tr
ademarks,oratt
ractcapi
taltooperat
einspecifi
cmar kets.

•Compl ement aryAlliances:Si milartoSyner gisti

c,thisischar acteri
zed
bythedeci si
onoftwoormor efirmst omut uall
yreli
nqui shpar toftheir
oper ati
onsbef or
ecompet i
tors.Twocompani esoper ati
ngi nthemar ketoffering
afullrangeofser vices,canuseal li
ancest ocompl ementt hei rport
foli
oof
services.BRFoodsf rom BrazilandSi ngapor eFoodI ndustrystruggledf orthe
foodmar ketinAsiawher ebot hper f
ormedt hewhol epr ocess,from pr oduction
todistri
bution.BRFoodsappear edtobest r
ongeri npr oductionwhi l
et heSFI
hadmor eexper t
iseinlogisti
cs.Aj ointventurebetweent het wopr ovided
mut ualbenef i
tsf
ort hei
roper ati
onsi nAsia:whi l
eBRFoodscoul ddevot emor e
i
ntensel ytofoodpr oducti
on,SFIent eredthepar tnershipstructureof f
ering
l
ocall ogist
icssuppor t(
BRF,2015) .
 1
4
Adaptat
ingyourDi
ffer
entiat
ion
Str
ategyincont
extofcri
sis
Insteadofmi grat
ingt owardsast rat
egyofcostl eadershi
p,afi
rmf ocusingon
dif
ferenti
ati
oncanal soaddr essacrisi
sbydeepeni ngit
sposit
ioning.This
opt i
oncar r
iesri
sks,likeallotheranti
cri
si
sstrategies,butmayr epresentanexi
t
strategythatpreservesthebr and'sposit
ioni
ngi nthelongrun,ratherthan
compr omisei t
.Someoft her ecommendedst rategiesareasfollows(Hooley
,
2005) :

•IncreasetheQual i
ty:Theor ganizat
ioncanlookforwayst obett
er
understandwhattheircustomersexpecti ntermsofquali
tyandincreaseit
skey
el
ement s.Theresultofi
ncr easi
ngqualit
ymaybet helossofcustomerloyal
ty
astheymi gr
atetomor eaffordablealt
ernati
ves.Yet,pr
iceincr
easesmayhel p
of
fsetthemarginslostbythel owersalesvol ume.

•I nnovat ion:Li kethe“ IncreasetheQual it

y”st r
at egy,thisappr oachai ms
t
obr i
ngt ot hemar ketani nnovat i
vepr oduct,thatiscapabl eofi ncreasengt he
productlineswhi chwer ebei ngsubst i
tutedwi t
hl ower -costcompet i
tors
(Batt
ist
ella,Biotto,DeToni ,201 1).Somef ir
msst artedt oviewt hecor onavirus
outbreakt hathappenedi n2020asauni quebusi nessoppor tunit
y.I nChi na,
robotmanuf acturers,suchasRocosGl obal,managedt ocreatenewpr oducts
t
hatcoul dper form cleaningandf oodpr eparationj obs-consi dereddanger ous
f
orhumanst ocar ryout ,duet o possibleincreaseofi nfecti
onspr ead
(Demai tr
e,2020) .

•Increasei nServi
ce:Thisisanothervariat
ioninordert
oincr
easet he
val
uedeliveredtocustomers.Dist
i
nctfr
om I nnovati
on,thi
shastheadvantage
ofl
owercostandf ast
erdeploymentt
imet hanstrategi
esinvol
vi
ngphysical
changestopr oducts.
 1
5
•IncreaseinCommuni cati
onVal ue:Manycust omersstopbuyi
ngthe
product
sofacompanyact i
vei nthedif
ferenti
ati
onstrategyf
orfai
li
ngtosee
t
hebenef i
tsembeddedintheirproduct
s.Thisfactortendstobeaccentuat
ed
i
nt i
mesofcr i
si
s.Thi
sstrat
egyi sverysi
mpl etoperform,butdependsonthe
abil
it
yofmanagerstoident
ifytheamount snotperceivedbycustomersand
f
ormulatewaystocommuni catethem.

•Sub-Segment ationorNi cheSt rategy:Thisacti

onaimst oidentify
sub-groups,orevenindi vidualcustomers,whosespeci f
i
cneedsar enot
adequat el
ymetbythef i
r m.Thef ir
m uti
li
zesthisunderst
andingtopr omot ethe
acti
onsneededt oretaint hesecust omerst hr
oughcustomizedvaluedel ivery
.
Thet erm"homebodyeconomy"wasi nvokedin2018t odescri
bea
phenomenonofpeopl ewhol i
ketostayhomeei t
herdoinghomeof f
iceoreven
notwoki ngatall
.Whilet hebr oadermar ketmayt umbleinunfavorable
economi ccondit
i
ons,st ocksf orthehomebodyeconomym ,whichincludet he
video-conf
erenci
ngser viceZoom,t hefit
nessequi pmentmakerPel oton,and
technologycompaniesl ikeNet f
li
x,arer i
si
ng( Nguyen,2020).
 1
6
Keepmovi
ng,
keep
i
nnovat
ing
Themai nconcl
usi
onoft
hisdiscussionpointst
ot heneedfororganizati
onsto
observet hei
rval
uechai
ncareful
ly,and tolookforopport
uni
ti
est oadaptthei
r
st
rategiestolar
gemovementofmacr oeconomicindi
cator
s,especiall
yinti
mes
ofcri
sis.

Facedwi ththeevi denceoft hi

swor kitwi l
lbeimper ati
vet hatcompani esi n
gener al
,par ti
cularl
yt hoseofemer gingcount ri
es,seekt odevel opa
compet i
tiveadvant agei nt i
mesofcr i
ses.Thi spresent ssuper iorattri
but esor
dif
ferenti
ationincompar isont ocompet i
tor
s,consi deringt hel i
mi t
ingf actorsof
theeconomi cenvi ronmenti nwhi chtheyar eoper ati
ng.Thevol ati
li
tyofmar kets
evidencedbyt hisst udyi ndicatesthatt hestrat
egyf orsust ainabil
ityofbusi ness
i
scl osel
yl inkedt oinnovat i
on.Innovat i
onher eisf ocusednotonl yi npr oducts,
butmai nlyi nproduct i
onpr ocessesandi nnovationi nther elationshipwi ththe
mar keti
nt er msofnegot i
ations,l
ogistics,etc.I
nt hiscont exti tcanbe
consideredf undament alforthecompanyt oprepar emanager stobel eader si
n
i
nnovat i
on.Manager sshoul dunder standenvi r
onment alchangesandt heir
i
mpactont hecompany' sst rat
egiesandseekst r ategiesint hel i
teraturet he
foundationsnecessar ytoenhancet hei rdecisi
onmaki ngpr ocess.
Ref
erences
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