843636601-BUSINESS SINK OR SWIM IN THE FACE OF COVID

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Nov 24, 2024

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Business Sink or Swim During Covid-19 Crisis 1 BUSINESS SINK OR SWIM IN THE FACE OF COVID-19 CRISIS Course Professor Institution Institution Location Date

Business Sink or Swim During Covid-19 Crisis 2 Impact of the COVID-19 on the Supply Chain Since the outbreak of COVID-19, all forms of business operations hugely affected thereby affecting the world economy as well. Several aspects of business operations saw increased revenues while others, especially small firms or businesses were reported bankrupt. Production lines were immensely affected following the interruption of supply chains. The spread of the virus saw most of the supply chains linked to businesses like the hotel industry and restaurants stall following the decreasing demands for raw materials from the farmers due to decreased production as many of the workers were laid off and consumers who traditionally took the meals from the restaurant were now in lockdown. Farmers experienced reduced demand for their farm products as the consumers were only a few due to the lockdown. Other manufacturing industries, such as Apple, normally rely on chips from other manufacturers, and they are no longer received on time (Ferrell and Hartline, 2022, p. 306). Prominent Changes in Consumer Changes Many consumers during COVID-19 became vulnerable in purchasing their goods, with the saving culture becoming more popular. Most consumers developed the trend of purchasing their products and food online, such as groceries (Ferrell and Hartline, 2022, p. 302). Although online purchasing was already working, more consumers wanted to try it for the first time. This trend has affected how people will want services in the near future, especially in transport and other public services. More consumers will avoid public interactions and increase online shopping, meaning businesses should be more involved in online services. Business Adaptation to Crises

Business Sink or Swim During Covid-19 Crisis 3 Now that the COVID-19 crisis put many businesses into a state of emergency, not knowing what to do, there has a new way of developing a systematic understanding to adapt to the changing business environment to remain in a stronger position. Businesses now should be able to map potential ramifications regarding behavioral trends to determine the exact business opportunities like some of the businesses were fast to switch to online services. In addition, the organizational behavior of the business must sensitize itself concerning new habits together with the cascading indirect impacts to spot weak signals in markets.

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Business Sink or Swim During Covid-19 Crisis 4 References Ferrell, O. C., & Hartline, M. 2022. Marketing strategy, text and cases (8th ed.). Cengage Learning; HUMAS INABA.

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