Effective factors in dealing with industrial crises caused by widespread virus outbreaks
Social Determinants of Health,
Vol. 9 (2023),
1 January 2023
,
Page 1-16
https://doi.org/10.22037/sdh.v9i1.43226
Abstract
Background: The global spread of the COVID-19 virus has not only posed a severe threat to public health but has also triggered a profound economic crisis affecting numerous industries. Addressing and mitigating the economic repercussions of the pandemic is imperative to prevent further damage. While prior research has explored the negative impacts of the COVID-19 pandemic on various industries, there has been a notable gap in understanding the specific factors that influence how industrial crises stemming from viral outbreaks are managed.
Methods: This article undertakes a comprehensive investigation into these influential factors. Through in-depth interviews with industry experts, we identified a set of 30 pivotal variables in this context, forming the basis of an initial model. Subsequently, a questionnaire was administered to a cohort of one hundred managers and industry experts to assess these variables. Employing exploratory factor analysis, we categorized the 30 variables into six distinct categories: producer-related factors, supplier-related factors, distributor-related factors, retailer-related factors, consumer-related factors, and government-related factors.
Results: Our findings revealed several strategic considerations for effectively addressing industrial crises in the face of viral outbreaks. These include the importance of building trust with customers in emerging markets, streamlining the adoption of digital technologies by customers, enhancing the customer relationship management process, prioritizing awareness, concern, and environmental consciousness, and providing support to consumers during times of viral spread.
Conclusion: To effectively navigate industrial crises triggered by the widespread dissemination of viruses like COVID-19, businesses and governments should prioritize strategies that align with the identified factors. By focusing on these key areas, industries can bolster their resilience and minimize the adverse effects of such crises, ultimately contributing to economic stability and recovery in the face of global health emergencies.
- Disease Outbreaks
- Emergencies
- Factor Analysis, Statistical
- Industry
How to Cite
References
Shahabi V, Azar A, Razi FF, Shams MFF. Simulation of the effect of COVID-19 outbreak on the development of branchless banking in Iran: Case study of Resalat Qard–al-Hasan Bank. Review of Behavioral Finance. 2020;13(1):85-108.
Donthu N, Gustafsson A. Effects of COVID-19 on business and research. Elsevier; 2020. p. 284-9.
Cacioppo JT, Hawkley LC. Perceived social isolation and cognition. Trends in cognitive sciences. 2009;13(10):447-54.
Campbell AM. An increasing risk of family violence during the Covid-19 pandemic: Strengthening community collaborations to save lives. Forensic science international: reports. 2020;2:100089.
Pray IW, Grajewski B, Morris C, Modji K, DeJonge P, McCoy K, et al. Measuring Work-related Risk of Coronavirus Disease 2019 (COVID-19): Comparison of COVID-19 Incidence by Occupation and Industry—Wisconsin, September 2020 to May 2021. Clinical Infectious Diseases. 2023;76(3):e163-e71.
Ulak N. A preliminary study of novel coronavirus disease (COVID-19) outbreak: A pandemic leading crisis in tourism industry of Nepal. Journal of Tourism and Hospitality Education. 2020;10(1):108-31.
Zheng Q. The impact of the epidemic on consumer behavior: people's conception of medical products in the post-epidemic era: ISCTE-Instituto Universitario de Lisboa (Portugal); 2021.
Eger L, Komárková L, Egerová D, Mičík M. The effect of COVID-19 on consumer shopping behaviour: Generational cohort perspective. Journal of Retailing and consumer services. 2021;61:102542.
Alves JC, Lok TC, Luo Y, Hao W. Crisis management for small business during the COVID-19 outbreak: Survival, resilience and renewal strategies of firms in Macau. 2020.
Kanno M. Assessing the impact of COVID-19 on major industries in Japan: A dynamic conditional correlation approach. Research in International Business and Finance. 2021;58:101488.
Wenzel M, Stanske S, Lieberman MB. Strategic responses to crisis. Strategic Management Journal. 2020;41(7/18):3161.
Brown RS, Kline WA. Exogenous shocks and managerial preparedness: A study of US airlines’ environmental scanning before the onset of the COVID-19 pandemic. Journal of Air Transport Management. 2020;89:101899.
Adomako S, Amankwah-Amoah J, Donbesuur F, Ahsan M, Danso A, Uddin M. Strategic agility of SMEs in emerging economies: Antecedents, consequences and boundary conditions. International Business Review. 2022;31(6):102032.
Suk M, Kim W. COVID-19 and the airline industry: crisis management and resilience. Tourism Review. 2021;76(4):984-98.
Kuckertz A, Brändle L, Gaudig A, Hinderer S, Reyes CAM, Prochotta A, et al. Startups in times of crisis–A rapid response to the COVID-19 pandemic. Journal of Business Venturing Insights. 2020;13:e00169.
Zaazou ZA, Salman Abdou D. Egyptian small and medium sized enterprises’ battle against COVID-19 pandemic: March–July 2020. Journal of Humanities and Applied Social Sciences. 2022;4(2):94-112.
Parker SC, Congregado E, Golpe AA. Is entrepreneurship a leading or lagging indicator of the business cycle? Evidence from UK self-employment data. International Small Business Journal. 2012;30(7):736-53.
Cowling M, Liu W, Ledger A. Small business financing in the UK before and during the current financial crisis. International Small Business Journal. 2012;30(7):778-800.
Arslan A, Golgeci I, Khan Z, Ahokangas P, Haapanen L. COVID-19 driven challenges in international B2B customer relationship management: empirical insights from Finnish high-tech industrial microenterprises. International Journal of Organizational Analysis. 2021;30(7):49-66.
Cankurtaran P, Beverland MB. Using design thinking to respond to crises: B2B lessons from the 2020 COVID-19 pandemic. Industrial marketing management. 2020;88:255-60.
Hofacker C, Golgeci I, Pillai KG, Gligor DM. Digital marketing and business-to-business relationships: a close look at the interface and a roadmap for the future. Emerald Publishing Limited; 2020. p. 1161-79.
Crick JM, Crick D. Coopetition and COVID-19: Collaborative business-to-business marketing strategies in a pandemic crisis. Industrial Marketing Management. 2020;88:206-13.
Hartmann NN, Lussier B. Managing the sales force through the unexpected exogenous COVID-19 crisis. Industrial Marketing Management. 2020;88:101-11.
Bartik AW, Bertrand M, Cullen ZB, Glaeser EL, Luca M, Stanton CT. How are small businesses adjusting to COVID-19? Early evidence from a survey. National Bureau of Economic Research; 2020.
Shafi M, Liu J, Ren W. Impact of COVID-19 pandemic on micro, small, and medium-sized Enterprises operating in Pakistan. Research in Globalization. 2020;2:100018.
Beraha I, Đuričin S. The impact of COVID-19 crisis on medium-sized enterprises in Serbia. Economic Analysis. 2020;53(1):14-27.
Gustavsson S, Larsson S. Marketing Innovation for SMEs during COVID-19 Pandemic: A case study of the hospitality industry in Norrbotten. 2020.
Acee-Eke BC, Ogonu GC. Pandemic marketing strategies and customer patronage of SMEs. www accexgate com. 2020;1(1):18-32.
Gondwe G, Adae EK. Media campaign strategies in communicating HIV/AIDS in Zambia: comparing risk and crisis communication strategies in mitigating behavior change among sex workers. International Journal of Communication. 2021;15:20.
James R, Kengatharan N. Exploring the effect of Covid-19 on small and medium enterprises: Early evidence from Sri Lanka. 2020.
Ritter T, Pedersen CL. Analyzing the impact of the coronavirus crisis on business models. Industrial Marketing Management. 2020;88:214-24.
Kang J, Diao Z, Zanini MT. Business-to-business marketing responses to COVID-19 crisis: a business process perspective. Marketing Intelligence & Planning. 2021;39(3):454-68.
Tao H, Sun X, Liu X, Tian J, Zhang D. The impact of consumer purchase behavior changes on the business model design of consumer services companies over the course of COVID-19. Frontiers in Psychology. 2022;13:818845.
Chowdhury MT, Sarkar A, Paul SK, Moktadir MA. A case study on strategies to deal with the impacts of COVID-19 pandemic in the food and beverage industry. Operations Management Research. 2020:1-13.
Akbari M, Ahmadi FS. Identifying the Challenges of the Business Model of Small and Medium Enterprises (SME) in the Path of Digital Transformation during the COVID-19 Epidemic. Journal of Advertising and Sales Management. 2022;3(4):70-88.
Brakhas H, Boroumand MR, Dastoom S, Bozorgpour B. Business Management in Crisis Period: Factors, Challenges and Strategies (Study of the sports industry in record conditions caused by Coronavirus). Sport Management Studies. 2021;13(66):297-326.
Alsharif HZH, Shu T, Obrenovic B, Godinic D, Alhujailli A, Abdullaev AM. Impact of entrepreneurial leadership and bricolage on job security and sustainable economic performance: An empirical study of Croatian companies during COVID-19 pandemic. Sustainability. 2021;13(21):11958.
Borgatti SP, Everett M, Johnson J. Centrality. Analyzing social networks. 2013:189-208.
Johnson RB. Examining the validity structure of qualitative research. Education. 1997;118(2):282-92.
Holstein JA, Gubrium JF. The active interview: Sage; 1995.
Pirasteh A, Hidarnia A, Asghari A, Faghihzadeh S, Ghofranipour F. Development and validation of psychosocial determinants measures of physical activity among Iranian adolescent girls. BMC public health. 2008;8(1):1-10.
Pantano E, Pizzi G, Scarpi D, Dennis C. Competing during a pandemic? Retailers’ ups and downs during the COVID-19 outbreak. Journal of Business research. 2020;116:209-13.
Jackson JK, Weiss MA, Schwarzenberg AB, Nelson RM, Sutter KM, Sutherland MD. Global economic effects of COVID-19. Congressional Research Service Washington, DC; 2020.
Zuber S, Brüssow H. COVID 19: Challenges for virologists in the food industry. Microbial Biotechnology. 2020;13(6):1689-701.
Jribi S, Ben Ismail H, Doggui D, Debbabi H. COVID-19 virus outbreak lockdown: What impacts on household food wastage? Environment, Development and Sustainability. 2020;22(5):3939-55.
Laing T. The economic impact of the Coronavirus 2019 (Covid-2019): Implications for the mining industry. The extractive industries and society. 2020;7(2):580-2.
Loxton M, Truskett R, Scarf B, Sindone L, Baldry G, Zhao Y. Consumer behaviour during crises: Preliminary research on how coronavirus has manifested consumer panic buying, herd mentality, changing discretionary spending and the role of the media in influencing behaviour. Journal of risk and financial management. 2020;13(8):166.
- Abstract Viewed: 167 times
- PDF Downloaded: 125 times