An Examination of the Impact of COVID-19 and Response Strategies Adopted by Businesses

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An Examination of the Impact of COVID-19 and Response Strategies Adopted by Businesses

October 3, 2020 Economics and Management 0

The aim of the research was to investigate the effects of Covid-19 and the response strategies employed by companies. They found five separate economic sectors. The companies and sectors selected are: hospitality (presidential hotel), health care (New Yale Haven Hospital), development (Innoson Vehicle Manufacturing), finance (Radix Pension Managers) and the oil and gas (Seplat Petroleum) industries. The research adopted the method of cross-sectional survey and produced data through desk analysis of secondary materials, telephone interviews, and chats on social media. Fifteen (15) top-level members of the targeted organisations made up the population of the sample. With literary discussions, the results were recorded thematically. In several of these companies, COVID-19 has been shown to have a negative impact on business activities, resulting in the loss of significant company sales. The study further revealed that the predominant response strategies of most organisations included improved communication, diversification and innovativeness. The study therefore, recommended hat there is need for firms to develop and sustain effective response strategies that will enable them mitigate the impact of Covid-19 and it’s associated uncertainties.

Author (s) Details

O. Gabriel, Justin Mgbechi
Department of Management, Faculty of Management Sciences, Rivers State University, Port Harcourt, Nigeria.

Chika-Anyanwu, Hannah

Department of Management, Faculty of Management Sciences, Rivers State University, Port Harcourt, Nigeria.

Georgewill, Ibiba Ambie
Department of Management, Faculty of Management Sciences, Rivers State University, Port Harcourt, Nigeria.

Georgewill, Onengiyeofori Soye
Department of Management, Faculty of Management Sciences, Rivers State University, Port Harcourt, Nigeria.

Mrs. Tende, Ibiere
Department of Management, Faculty of Management Sciences, Rivers State University, Port Harcourt, Nigeria.

Nsirimovu, Ernest Alechi
Department of Management, Faculty of Management Sciences, Rivers State University, Port Harcourt, Nigeria.

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