From Crisis to Resilience: Analyzing Strategic Responses of International Firms During Economic Crisis

Recent years have seen the implementation of monetary policy measures in Turkey that have resulted in sudden fluctuations in exchange rates and a persistent rise in inflation, thereby creating the conditions for an economic crisis that has had a significant impact on businesses. In the midst of the prevailing crisis, businesses have faced a multitude of challenges. The objective of this study is to comprehend the impact of the economic crisis on international companies operating within the province of Mardin, the strategies employed by these companies during this period, and the contributions these strategies made to their performance. In the scope of the study, data was collected and analysed through semi-structured interviews with 13 international companies operating in various sectors in the province of Mardin. The data shows that the crisis resulted in a decline and stagnation in production, an increase in costs, a decrease in employment, uncertainty regarding new investments and plans, a decrease in demand and financial difficulties. It was determined that companies developed certain strategies to maintain their situation; in this context, they turned to savings, diversification, innovation, and financial strategies, and also adopted employee support, motivation, and quality-focused strategies. It shows that the successful strategies have contributed to survival by maintaining their situation, to their success by ensuring efficiency, and to their growth by providing a competitive advantage.