Knowledge-Management in the Hungarian Economy
Knowledge-Management in the Hungarian Economy

Summary/Abstract: The key to a successful crisis management is prevention. In crisis management, not only the strategy and scenario development play an important role. One way to deal with the financial crisis is to cut costs by downsizing and reducing production, but, as some businesses have chosen, it is also possible to invest in innovation and quality improvement. Value creation for customers is essential, even if consumption may temporarily decline during this period. As soon as the recession ends, new products may be in competitive advantage against the competitors who have been trying to adapt with reduced prices. This study examines the strategies and management tools of businesses that have experienced only a small decline or even a business-growth during the global financial crisis. It highlights the importance of investing in innovation, quality management and human recourses, since these are critical factors also in prevention and crisis management, not only in income maximization

• Details
• Contents