Question

The coronavirus has affected not only public health, but business as well. Discuss the effects of the virus on marketing.

Answer 1

Coronavirus affected life or business. For Life: People are scared to step out of their houses but unfortunately they have to work for their livelihood. People are scared to eat outside food. Infact their is a negative feeling on any action we do. For Business: Even it is a medical emergency but some businesses are making more profits. Shopkeepers selling sanitizer, tissue, face mask, etc. in black (high prices without bill and even more than the M. R. P.). Companies like Yaatra and many more making high profits by not returning the refund amounts of the customers. Simce it's a medical emergency many flight are canceled but they are changing a lot more than usual cancellation charges. It also affected many companies in negative way, like many important meetings are canceled due to this coronavirus issue. Inface many organizations decided to avoid face to fave meetings which results a huge losses for some companies.

Investors fear the spread of the coronavirus will destroy economic growth and that government action may not be enough to stop the decline.

In response, central banks in many countries, including the United Kingdom, have slashed interest rates.

That should, in theory, make borrowing cheaper and encourage spending to boost the economy.

Global markets did also recover some ground after the US Senate passed a $2 trillion (£1.7tn) coronavirus aid bill to help workers and businesses.

But some analysts have warned that they could be volatile until the pandemic is contained.

In the United States, the number of people filing for unemployment hit a record high , signalling an end to a decade of expansion for one of the world's largest economies.
The travel industry has been badly damaged, with airlines cutting flights and tourists cancelling business trips and holidays.

Governments around the world have introduced travel restrictions to try to contain the virus.

In order to stop the spread of the Covid-19 outbreak, many countries across the world have started implementing very tough measures. Countries and world capital have been put under strict lockdown, bringing a total halt to major industrial production chains.

The European Space Agency has registered an impressive fall in pollution across the European skies.
When a crisis hits, investors often choose less risky investments.

Gold is traditionally considered a "safe haven" for investment in times of uncertainty.

But even the price of gold tumbled briefly in March, as investors were fearful about a global recession.
The coronavirus is spreading rapidly. The media is full of related articles. More and more of your employees and customers are becoming anxious about personal impacts and disruption. Panic buying is emptying store shelves of various products. Fewer people are attending events or leaving their homes for discretionary reasons.

How can you minimize the impact of the coronavirus on your business? Here are some relatively quick and easy actions that will reduce risk.
Practice working from home
You can practice working from home by sending one team or department home right now for a few days.
Through this practice, you are likely to discover the following issues:

Flaky home hardware and network in use by some of your employees.
Various laptop software and configuration issues.
Inadequate Internet bandwidth at the homes of some of your employees and at your business to support significant work-from-home traffic.
Inability to remotely access some business applications and network drives due to permission and network topology issues.
HR policy gaps related to core hours of work, assumptions that suitable spaces to work exist at home, allowable employee expenses, accommodation of various employee limitations and disabilities.

Coordinate with business partners
Your business partners are encountering the same issues you are. To minimize disruption of your supply chain, strengthen coordination with those business partners.
As you coordinate more with your business partners, you are likely to discover the following issues:

Lack of reasonable business continuity and disaster recovery planning.
Inability to ramp up or revise the previously agreed production schedule.
The dependence of your business partners on yet other suppliers.
Moving more data and applications to the cloud makes them easier to access from anywhere without taxing your business network infrastructure. The cloud often also simplifies business continuity and disaster recovery.
Example cloud providers that offer office software and store files include: