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Surviving economic crisis through pro-active strategies. Experiences from the Zimbabwean economic crisis

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Listed:
  • Josphat Nyoni

    (Women’s University in Africa, Harare, Zimbabwe)

  • Martin Dandira

    (Namibia University of Technology, Zimbabwe)

  • Elias Kandjinga

    (Namibia University of Technology, Zimbabwe)

Abstract

Existing literature argue that pro-active and innovative strategies remain the most effective strategies for firms experiencing an economic crisis. However, given the dynamic nature of economic crisis globally, this study aimed to examine the influence of the pro-active strategies on the performance of manufacturing firms during the 1996-2014 economic crisis in Zimbabwe. The study also attempted to determine the most effective pro-active strategies that manufacturing firms operating in an economic crisis need to focus on and embrace in order to survive and remain competitive during and after the crisis. The study was guided by the positivism resrach philosophy and adopted an explanatory research design. Data for this was collected using a structured questionnaire. Data was analysed for correlation using the MATLAB software.A total of 102 manufacturing firms that exercised pro-active strategies formed the sample of the study. The study showed that pro-active strategies moderately improved performance in periods of economic crisis.The findings of the study showed that pro-active strategies had a positive butmoderate influence on profitability and growth dimensions of performance. The study showed that the pro-active strategies of introducing new products, consistently seeking new opportunities and rapid expansion by taking over struggling firms during the period of economic crisis only moderately improved performance. The study concluded that manufacturing firms thatthe adoption of pro-active strategies may not significantly lead to survival and sustainability in economic crisis. The study recommends that manufacturing firms operating in economic crisis must in addition to pro-active strategies adopt other supportive and complementary strategies such as being more analytical and innovative e in all pro-activetactics and strategies in periods of economic crisis

Suggested Citation

  • Josphat Nyoni & Martin Dandira & Elias Kandjinga, 2021. "Surviving economic crisis through pro-active strategies. Experiences from the Zimbabwean economic crisis," International Journal of Research and Scientific Innovation, International Journal of Research and Scientific Innovation (IJRSI), vol. 8(3), pages 65-70, March.
    • Handle: RePEc:bjc:journl:v:8:y:2021:i:3:p:65-70
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    References listed on IDEAS

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    1. Dietmar Sternad, 2012. "Adaptive Strategies in Response to the Economic Crisis: A Cross-Cultural Study in Austria and Slovenia," Managing Global Transitions, University of Primorska, Faculty of Management Koper, vol. 10(3 (Fall)), pages 257-282.
    2. Kuckertz, Andreas & Brändle, Leif & Gaudig, Anja & Hinderer, Sebastian & Morales Reyes, Carlos Arturo & Prochotta, Alicia & Steinbrink, Kathrin M. & Berger, Elisabeth S.C., 2020. "Startups in times of crisis – A rapid response to the COVID-19 pandemic," Journal of Business Venturing Insights, Elsevier, vol. 13(C).
    3. Brahim Herbane, 2019. "Rethinking organizational resilience and strategic renewal in SMEs," Entrepreneurship & Regional Development, Taylor & Francis Journals, vol. 31(5-6), pages 476-495, May.
    4. Rollins, Minna & Nickell, David & Ennis, Justin, 2014. "The impact of economic downturns on marketing," Journal of Business Research, Elsevier, vol. 67(1), pages 2727-2731.
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