The economic crisis and company management: influences and consequences

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Technická Univerzita v Liberci
Technical university of Liberec, Czech Republic
The tourism industry has been considerably affected by the global economic crisis over the most recent years, with its roots identified in the US mortgage market segment. This crisis has caused fluctuations in the markets across all industries, triggering uncertainty in nearly every businessperson in the Czech Republic. By their nature, tourist services are non-essential products, used by customers to satisfy their needs only. Thus, in those times of uncertainty, customers tend to cut down on these services to a certain minimum level. This fact manifested itself during the crisis in 2007–2012. The article presents the impact of the global crisis on the tourism industry, in particular, on accommodation providers in the Olomouc region. The aim of the article was to explore the impact of this crisis on management of group accommodation facilities. The introductory chapter discusses the theoretical aspect of the economic crisis and its relations with company management, as well as the impact of the crisis on provision of accommodation services in the reference period across the nation. Following this, hypotheses are established, to be subsequently assessed by means of the primary research run as the questionnaire poll in the Olomouc region. The article focuses essentially on a change of managers in accommodation facilities, other measures taken by managers during the crisis, and the consequences of these measures.