Assignment Task
The outbreak of Corona Virus in December 2019 brought panic not only in China, the virus epicenter but it widespread to the adjacent continents and in a few weeks, it overcame the entire world. Cases rose significantly and for the first time in history the whole world enforced a complete lockdown at once. This decision had dramatic effects on the world economy and on individual businesses specifically, its impact varied drastically and remains however uncertain making it difficult for policymakers to formulate appropriate macroeconomic policy response. Substantial global economic consequences included; declining GDP and growth levels, economic recession, rising costs, inflation and stagflation, negative supply and demand levels, slowed global network and distribution.
On the microeconomic level, businesses are enticed to conduct their own analyses to evaluate the economic impact of the pandemic, in terms of allocative resources, financial structure, future of the business, overall market forecast, sustainable recovery and resilient strategies.
Apply what you have learned by analyzing your chosen case study (company of your choice) and the specific issues facing it. Your analysis must cover the following area:
1- A brief history, development and growth of the business (include critical incidents that could be similar to the COVI-19 shock- how it contributed to its development)
2- A concise identification of the company’s internal strengths, weaknesses, available opportunities and underlying external and internal threats. A brief illustration of porter’s five forces when applicable.
3- The nature of the industry, structure and market the business is operating in, identifying its generic competitive advantages, corporate-level and business-level strategies and control structures to implement these strategies (eg: pricing policies, different market entries, mergers, new product lines, shifts, target audience, current products and services, demand and supply levels, cost structure)
4- A clear illustration of the external environment (macroeconomic) where the business interacts, pointing out the specific factors (eg: inflation, recession, exchange rate, government policies etc) directly impacting the flow of work and the extent of this impact in terms of survivability.
5- How did COVID-19 shock impact the business directly and what were the consequences of this impact on the business existence, operable market and adopted strategy?
6- Having learned basic economics for business decision-making, in your opinion; what is the key problem your business faced / is facing? how do you evaluate the adopted strategies in terms of efficiency and effectiveness? Do you suggest they should pursue the same strategy, or must it be altered? How do you, as a manger, suggest the company should plan to mitigate future negative impacts from external shocks and nevertheless cease opportunities in it to maximize its profits (ie: turn weaknesses into strengths- threats into opportunities)?
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