Corona Virus (COVID-19)
According to WHO, coronavirus is an infectious disease. Its symptoms are fever, dry cough, tiredness and it takes 14 days to show their symptoms. This virus is majorly transmitted from human to human or just by shaking hands or in contact with the infected person. The person can be infected breathing in infected region and if you are close proximately to infected person or by touching that contaminated surface and then to his nose, eyes or mouth. The only cure of this virus is social distancing which causes breaking chain, self-isolation and by washing your hand regularly at least for 20 seconds. WHO declared as a public health emergency all over world and in February 11 ,2020 named it as COVID-19. At present it affects whole world very badly in economy, businesses.
Product Life Cycle
The product life cycle is the process a product goes through from when it is first introduced into the market until it declines or is removed from the market. The life cycle has four stages – introduction, growth, maturity and decline.
INTRODUCTION STAGE
The first stage is introduction stage in which product is launched in the market. In introduction stage company is more focused on marketing and promotion of the product and getting into the hand of consumers. During the C0VID-19 many startups are open i.e. Swiggy adds many different services with food delivery in his startup Swiggy add on services called are Swiggy genie in which they provide groceries, households items, medicines etc. at door step. like Swiggy Zomato also started this new service of grocery delivery at doorstep to start his new business because of Coronavirus situation. This is considered as introduction stage for Swiggy, Zomato.
GROWTH STAGE
In this stage consumer already consuming the product and demand is kept on increasing. Product becomes popular and its sales kept on increase and increasingly pull in revenue. Due to COVID-19 Pharmaceutical businesses grows very fast i.e. Hand sanitizer, Face mask and liquid handwash became in high demand. This is considered as growth stage for Dettol, Lifebuoy and Savlon.
MATURITY STAGE
In maturity stage product reaches at maturity level, where sales tend to kept on demand. At this point of time product have many competitors in the market. During COVID-19 situation, the demand of FMCG products kept on increasing because of this there is a graph is to be observe at the maturity level which shows the demand as well as the consumption of FMCG products during this pandemic.
DECLINE STAGE
In this stage sales of the product are decline and consumer behavior changes as there is less demand for the product. In this stage product losses, more and more market share. Due to COVID-19 many businesses face decline in sales or shut down businesses. The most affected sectors are Automobile, Real estate, Textile and Apparel.
Organization Focus on Six Key Areas
Crisis Management and Response
The Covid 19 virus comes with an unexpected variable where the management wasn’t preparing to handle. Many of the companies creates their plans and techniques to overcome this issue. Many companies make their management to do what’s next. This management also resolves many issues related to bringing back people to office as well as also identify areas for real time course correction. They also make some strategies in favor of organization to cover up their capital issues make this pandemic as an opportunity.
Workforce
Companies also takes many preventive measures to ensure the safety and protection of their people by avoiding physical touch or by providing work from home. They also make strategies so that employees and management are connected properly and helps to lead generation. Organization also provides different resources to their employees and workers to be productive specially work from home basis. They also explore their workforce and cut down the extra costs and withdrawal all the other un necessary employees. Organization always ready to evolve their market as well as make their business strategies at the time of recovery.
Operation and Supply Chain
This Covid 19 disease is difficult to handle but global business can recover through supply chain distributions. Organization also make their alternative to make their supply chain effective in different states specially at the time of new cases. They also make some steps for raw material substitution. Also, organization makes their strategies related to price and allocation of their customers.
Finance Liquidity
As because of this pandemic situation, many of business falls down steeply as well as many organizations faces less revenue problem just because of low cash flow. Because of this, our economy goes on weak as there is no proper management for cash managing as well as for liquidity positions.
Many models are formed and many models gets fail which directly impacts on the cash position. Organization also identify the financial and operational level to protect and generates cash. Many plans are also made to understand the financial condition during Covid 19. Even, tax relaxation is also taken as relief by the government.
Tax, Trade and Regulatory
In this pandemic situation, the crucial stage of tax functions as well as regulatory systems also affected. Organization also consider some situations related to economic, political and social issues. Organization also make their plans to manage their cash effectively and consider local government in this pandemic situation. Organization also make their strategic resources of the company in order to meet tax directly as well as indirectly. Organization also makes them as flexible organization in order to response in this situation.
Strategy and Brand
In this pandemic situation, companies move their strategies from reacting to mitigate the impacts of outbreak and make their strategies stronger. Organization take many steps to promote their brand digitally as well as to remove their gap in IT infrastructure, workforce as well as planning strategies. Organization also protect their growth and their profits by generating plans and financial modeling exercises to improve economy systems. They also make their long-term plans in core markets as well as make their business models in this pandemic situation.
