Table 1.

Strategic crisis response categories.

Category	Explanation
Retrenchment summarizes measures that aim at substantial cost/overhead and/or asset reductions.	These measures tend to be effective as instruments of short-term survival of the organization through the crisis and “may even be the only perceived way forward in the short run” (Wenzel et al., 2020, p. V13). However, the long-term effects of this type of response strategy tend to be more ambiguous, ranging from opening up renewal opportunities to “irrevocable damages such as the loss of synergies that retrenchment measures entail” (Wenzel et al., 2020, p. V13).
Persevering refers to measures aiming to preserve the status quo of the organization and its activities.	Examples include debt financing or the consumption of slack resources. In general, it is considered effective as a response strategy, particularly in the medium run.
Innovating refers to strategic renewal of the organization during the crisis.	This response may turn out to be an important move in long-lasting crises that tend to provoke “irrevocable traces in the business landscape that render a return to the previous order impossible” (Wenzel et al., 2020, p. V13).
Exit refers to the discontinuation of an organization's activities. It can be either a forced outcome of an unviable business setting or a strategic response to crisis.	This includes possibilities of freeing up committed resources for future business opportunities. Therefore, “an exit is not necessarily a manifestation of business failure per se” (Wenzel et al., 2020, p. V14).