Different types of relevant literatures are reviewed for the purpose of attaining some conceptual findings regarding research work.
From the perspective of impact of financial crisis in late 2008, Platt, Carper, and McCool (2010) have presented their views. As per the findings of the author, it can analyzed critically that recent financial crisis have been proved quite critical for business organizations operating across the world. The failure of some of the major business organizations has induced different domestic as well as multinational business organizations to change the norms of their business practices and strategies for the purpose of minimizing risks in their business operations2. Kotler, Bowen, and Makens (2011) have presented the theory of strategic change in the market. As per the theory, external environmental factors can be responsible factors for changes in the market place. As per the theory, although the major impact of recession have been seen in the operations of finance sectors organizations, yet still there are some other sectors such as hospitality, manufacturing, and automobile, that have been affected quite significantly after the occurrence of this financial slump across the globe 3
In contrast to such findings, Corgel, and Woodworth (2012) have explained the impact of recession over hospitality sector. Authors have argued quite critically that hotel industry is one of the industries which directly relates with other business industries. The recession has affected the patterns and trends followed by different hotel organizations4. In the support of this Shi, White, Zou, and Cavusgil (2010) has elaborated that such crucial differences can be observed in the context of product and service offerings, internal administration, operations, and marketing strategies. Due to shortage of financial resources during the time of recession, hotel organizations have started to be more concerned about refining their