Question

Oman is experiencing the effect of COVID-19, which is considered a world pandemic. Many people died in China, Europe, and even in America. Most economies around the world are also affected. In Oman, Muscat has been in lockdown for weeks now. Some businesses have been heavily affected. The small and big retail shops are partially open with limited customers. For now, there is no sign that the COVID 19 threat will end soon.

a. As a retail business owner, what suggestion can you give to the government to minimize the effect of COVID-19 on all businesses in Oman, especially to the retailers?

b. What marketing strategy or plan will you adopt to survive during this pandemic and its aftermath? Discuss your answer based on the perspective of the different retail. Justify your answer with suitable example

Answer 1

a.I would suggest various kinds of bailout plans to the government so that various kinds of industries could survive and sustain in this medical emergency situations. I would also ask the government to lower the tax structure so that company could maximize their profits and there would be lesser unemployment because the company would be able to sustain.

I would also advocate quantitative easing and such monetary policy which will stimulate the demand in the economy and it could be done through lowering of interest rates and lowering of Reserve requirements of the banks.

b.I will try to survive through this emergency situation by holding highly liquid assets into my overall books of accounts and I would also like to go digital while doing my business in order to sustain and survive through this pandemic.

I would be dealing lesser on the credit and leverage and I would anyhow try to sustain and survive this market so that my business can prosper in future when the pandemic is over.