Strategies of Business Actors in Facing the Economic Recession

Abstract

According to the International Monetary Fund and World Bank predictions that in 2020 there will be a global economic recession. According to the two institutions, broadly speaking, global economic growth will decline to negative 2.8%. The business world has begun to have a very significant impact, so that the government's concern about an economic recession in Indonesia has become a matter of concern to all levels of society, including business actors. This study aims to determine the strategies used by business actors in maintaining their business in the midst of an economic recession. This research is a descriptive study, using the library method where research is carried out by studying and collecting data from the library, both in the form of journals and scientific studies from research that has been published in general journals. The results of the study concluded that some of the strategies of business actors in facing the economic recession were developing startup business innovations and supporting MSME business actors, providing training and potential development for HR, re-evaluating the strategies used, and reinventing other value innovations. This new strategy can create new markets, financial restructuring, productivity improvement; competitiveness, increase market share, product development in the form of healthy competition, and optimize marketing relationships with customers through customer relationship marketing in order to create loyal customers who have the potential to make repeat purchases and recommend products to other potential customers. By implementing this strategy, it is hoped that the businesses of business actors can continue to survive, and have a positive impact on society and the economy.