COVID-19: Implications for the Business Models

Article DOI: https://doi.org/10.57017/jaes.v15.4(70).13

Author(s):

Pavel ADÁMEK School of Business Administration in Karvina, Silesian University in Opava, Czech Republic
Lucie MEIXNEROVÁ School of Business Administration in Karvina, Silesian University in Opava, Czech Republic

Abstract:

This paper analyses the impact of COVID-19 on selected economic indicators of the European Union to bridge these impacts "marked as triggers" of changes to business models. The logic of the focus lies in the interconnection and integration of external changes in the connection of the reaction of managerial decisions for change, adaptability, and adjustment of the business model in newly formed economic systems. Economies are affected by the effects of the ongoing pandemic as part of restrictive and health-related measures, where there is a direct link to the performance of businesses that need to adapt to ongoing changes in response to the COVID-19 pandemic. Our survey is mainly based on reviews in articles COVID-19 on business activities which enable businesses to share knowledge, decisions, and prospects including analysis of selected indicators as an industry, construction, wholesale and retail trade, and services when the Eurostat statistical data (2020b) are used. We combine the approach of mapping of literature review associated with the impact of a pandemic on business and impact analysis within the European Union on the economic indicators. Subsequently, we examine what and how businesses can do to respond quickly to the stimuli, our main focus is on business models that allow to quickly operationalise the current business situation and then take measures to create a basis for sustainability. The output is a discussion and proposals for the necessary business model shifts so that companies are resilient, flexible, capture value in the long term. For businesses looking to establish update business models during COVID-19, we recognise that hiring entirely new models maybe not feasible.

We focus on viability updates business models over fully comprehensive functions after crises COVID-19. We develop managerial recommendations for the growing demand for innovation and flexibility for the resilience business model to adapt to the new changed “post COVID” business environment.

Copyright© 2020 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.

How to cite:

Adámek, P., & Meixnerová, L. (2020). COVID-19: Implications for business model. Journal of Applied Economic Sciences, Volume XV, Winter, 4(70), 860-877. https://doi.org/10.57017/jaes.v15.4(70).13

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