An analysis of the business survival strategies implemented in the uncertain economy by businesses in Zimbabwe: A survey of businesses in Bindura, Zimbabwe.
- Author
- Katerere, Kilford
- Title
- An analysis of the business survival strategies implemented in the uncertain economy by businesses in Zimbabwe: A survey of businesses in Bindura, Zimbabwe.
- Abstract
- This research project sought to establish the business survival strategies implemented by businesses in Zimbabwe to survive in the uncertain economy. Qualitative research involving semi-structured questionnaires and virtual interviews were applied to come up with qualitative data and for the presentation of the research findings. Data were analysed and presented through the use of SPSS statistical software and Microsoft Excel on charts, and graphs as well as tables. The study’s findings depicted that businesses implemented growth survival business strategies through market penetration, product development, market development, diversification, and strategic alliances. Moreover, the research discovered that swift technological shifts, changes in consumer taste preferences, falling demand, and inconsistencies in the formulation and implementation of government policies are the leading threats in the uncertain economy. It also emerged that the banking crisis which was worsened by the outbreak of the Covid-19 crisis caused a lot of chaos in the economy which resulted in shortage of foreign currency, and decrease in firm’s performance. However, businesses managed to grow and survive as a result of successfully applying and integrating the business survival strategies, resilience, embracing technology, and the Critical Success Factors (CSFs) in several sectors.
- Date
- 2023
- Publisher
- BUSE
- Keywords
- Volatile environment
- Business survival strategies
- Supervisor
- N/A
- Item sets
- Department of Accountancy