Question 1
Contemporary firm’s demanding role in business performance is demonstrated in
the market-driven strategies of successful organizations competing in a wide array
of competitive situations. Providing superior customer value, leveraging distinctive
capabilities, responding rapidly to diversity and change in the marketplace,
developing innovation cultures and recognizing global business challenges are
demanding initiatives which require effective business strategies for gaining and
sustaining a competitive edge. How can this competitive advantage be adequately
sustained amidst COVID-19? What plan of action needs to be followed within the
context of Pakistan?
Answer:
The Pandemic:
COVID-19 has changed the dynamics of the world in ways that people had never
imagined each and every sector of economy all around the world has been affected by it
in one way or another. The loss to world economy is colossal and many businesses
around the world have been forced to close their doors. Multiple industries have been
badly affected by this pandemic including aviation, retail, manufacturing, services,
construction, housing, food, tourism only naming a few. These are all indicators towards
the fact that it will take quite a long time in bringing those industries to the position
where they were before the pandemic. Half a million people have lost their lives and
millions have become jobless.
Pakistan:
The situation in Pakistan is no different, with an already crumpled economy even before
the pandemic hit the breathing space for a common man has shrunken even more.
Businesses all over the country have been reporting losses and surviving this tide has
become a great challenge for many.
The adoption of a business strategy which takes into account all these changing market
dynamics has become critical for survival of businesses,
The essence of strategy is choosing what not to do.” Michael Porter.
What is a business strategy?
Strategy is road map that provides the guidelines for action that are essential in delivering
superior customer value and in understanding customers, competitors, and the market
environment requires the active involvement of the entire organization. It focuses on
developing methods that enable the organization to continually learn from customers,
competitors, and other relevant sources to sustain a competitive edge.
Discussed below are some of the industries and the major players that operate within
those industries and how they are adopting new strategies in order to sustain their
businesses.
Food Industry:
Food industry was a business sector which was gaining momentum pre covid-19 be it the
restaurants, cafés or small shop vendors but after the spread of virus they were closed in
