|Title:||Strategy formulation in the retail sector under economic crisis conditions|
|Subject:||Hong Kong Polytechnic University -- Dissertations|
Retail trade -- Management
|Department:||Graduate School of Business|
|Pages:||ix, 164 leaves : ill. ; 30 cm.|
|Abstract:||The objective of this research was to find out how small and medium sized retail firms in Hong Kong operated and responded to economic changes. It also sought to determine if retail firms' resources and capabilities were related to their ability to thrive and achieve their goals through strategic adaptation to changing circumstances. The relevant research literature related to strategy formulation, planning, and economic crisis management was reviewed. It was also devoted to the examination of the most critical and key strategies firms employed to cope with economic crises.|
In this research qualitative research was carried out to acquire an in-depth understanding of how the small and medium sized Hong Kong retail firms coped with the economic crises. Eight small and medium sized firms were selected from different trades in Hong Kong's retail sector, to find out how and what they did to cope with the major economic downturn during the Asian Financial Crisis that began in 1998 and the SARS epidemic (February 2003 to June 2003). The findings of this research suggested that three out of the eight firms could cope successfully and survived both the short and long term economic crises. They could minimize risk while maximize the opportunities for profit in the two economic crises. The other five firms were found facing extremely difficult conditions in attempting to conduct their businesses.
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