Choose an industry that was hit the hardest or one that benefited from the collapse and describe how managers in that industry responded to the events.

the lingering impact of lehman brothers’ bankruptcy

One industry that was impacted significantly by the economic collapse of 2020 was the hospitality industry. Hotels, restaurants, and other businesses that rely on in-person interactions and high levels of consumer spending suffered greatly due to the pandemic. In response to this many managers had to quickly adapt their strategies so they could remain profitable despite these difficult conditions. Some implemented various cost-cutting measures such as reducing staff hours or salaries, while others focused on ways increase revenue through creative marketing or alternative offerings such as virtual experiences for guests. Many hotels also restructured their operations with an emphasis on ensuring a safe environment for visitors and staff alike by implementing stricter cleaning protocols and contactless check-in procedures.

Meanwhile some restaurants offered delivery services or outdoor dining options in order make up for lost sales from indoor seating areas being closed off due to health concerns.Managers also used this time take advantage of technological advancements like online ordering systems which allowed them operate more efficiently while providing customers with a better experience than before. Finally, some hospitality businesses even found new opportunities when people began taking staycations instead of traditional vacations; this led many managers pivot towards offering more intimate experiences tailored specifically towards local guests who wanted something special during these trying times. All these responses demonstrate how managers within the hospitality industry successfully adapted their strategies in order survive economically during the pandemic’s worst moments all while still providing quality service throughout it all.