When the Great Recession crushed Spain’s nascent commercial archeology business, at least two-thirds of the firms failed, but others rode out the recession and later prospered. Based on a survey of 217 owners and CEOs, this study demonstrates that the successful firms were more likely to reinvent themselves by offering new services, approaching new markets, restructuring existing operations, or finding a specialty niches. For example, whereas the pre-recession market including numerous government-funded archeological projects, one firm turned that heritage-based business into a knowledge generator for local educational institutions, while another added technology to catalogue and created 3-D reconstructions to promote archeological knowledge.

Carlos Martin-Rios and Eva Parga-Dans (2016), “Service response to economic decline: Innovation actions for achieving strategic renewal,” Journal of Business Research, 69, 2890-2900.

Keywords : Economic downturn; Strategic renewal; Organizational innovation; Service firms; Process theory.

Biographies

Carlos Martin-Rios is a professor of Ecole hoteliere de Lausanne, world first hospitality management school

Dr. Carlos Martin-Rios

LHRC fellow

Associate Professor - Human Resources

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