Since the expansion of globalization, there has been an icrease in economic crisis. Financial crisis, no matter country wise or worldwide, affect the companies. In order to minimize the negative effects of economic crisis, countries and companies consider various methods and strategies. Similarly, in accommodation establishments, special studies in the fields of marketing and general management are investigated in order to reduce the negative effects of financial crisis. Many companies struggle to minimize the investments and expenditures during times of hardship. The accommodation companies prepare themselves for the probable crisis, as long as they consider their previous experiences and determine the factors that cause the crisis and the consequesces of crisis on their companies. It is necessary to act quickly when diagnosing the problem and transition into implementation processes. One needs to respond to crisis efficiently, carefully and rapidly.
Crisis, financial crisis, effects of crisis