Question

A number of things affect the business ventures. Many challenges and factors can be held responsible for the way any business operates. What can be those factors that have the tendency to impact any venture? Explain and relate your answer to the current Pandemic crisis as well.

Answer 1

The outbreak of coronavirus (COVID-19) is causing global concern and economic hardship for businesses, consumers, and communities. COVID-19 pandemic has shaken the U.S. economy. With restaurants, stores, and more being closed, and most other the people forced to work from home, the nation is gearing up for a depression or recession that is hasn't experienced in almost a century. The pandemic has affected on almost on all the industries in an adverse manner. During times of economic uncertainty such as Covid 19 the brand loyalty decreases. Due to the economic downturn there is a sharp decline in consumer's propensity to spend and their spending behaviour changed drastically; and certainly it's the bad news from the world of brands. The financial crisis and shortages caused the people to prefer to choose more private label options with low costs over the national brands. The big and wealthy ventures themselves need to put efforts on the identification of new strategies to accommodate and boost in buzz to a vastly changed marketplace. The virus is spreading very fast and no vaccination till now has abruptly dented supply and demand in most of the industries. The negative demand shock due to Covid 19 caused prices to collapse and lead to an oversupply thus impacting new ventures in a negative approach