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Acta Economica et Turistica ; 7(2):227-243, 2021.
Article in English, Croatian | CAB Abstracts | ID: covidwho-1837574


After the corona virus pandemic is over, we can expect significant changes in management systems due to a further decrease in industrial commodity trade and, simultaneously, an increase in service trade, digital technology services in particular. The consequences of this crisis will be evident in all segments of economy and will relate to globalisation process, production and international trade. Global COVID-19 pandemic has caused a severe supply and demand crisis of both products and services, on local and international markets. In economies, which base their production on low costs and low inventory and on last minute supply of raw materials and spare parts, supply chains have been disrupted and all this has resulted in major disorders on the market. The problem is effusing from one market to another. Reduced production has led to a sharp decrease in consumption, which is a result of decreased profits. In 2020 world trade has fallen by 9%, foreign investments by 40% and service trade by 60%. For these reasons, it is important to look closely into what has been going on, what is going to be happening, and how it is going to affect business organizations, their stability, safety and business performance in the long run. In order to analyse the environment, facts and factors which affect, both directly and indirectly, our business activities in this globalized society and economy, it is crucial to apply well-structured analytical concepts and to conduct them systematically, especially in these difficult periods of crisis. The application of analytical concepts (analyses) enables business organizations to prepare appropriately for the challenges they are going to face. The use of modern analyses like PEST, BCG matrix, VRIO and SWOT provide essential information about the real level of potentials and resources that an organization has at their disposal. Considering the dynamics of technological and techical changes, and trends of consumers' habit and need changes, analyses are becoming increasingly important in terms of monitoring our internal environment, analysing product and service portfolios and analysing value chains. This paper explores the application and results of the use of modern analyses in the business organizations in Croatia, with a focus on use in times of sharp socio-economic changes, which were caused by the recent crisis.