Answer to Question #263828 in Management for Mareeye

Question

“Over the Years, Markets have become global. But now the COVID -19 Pandemic is disrupting the structure and direction of international business.

 

Elaborate your answer with relevant examples.

PLO

CLO

Level

 

2

4

Answer 1

The global epidemic of COVID-19 has caused considerable hurdles for marketers. Multiple countrywide lockdowns continue to stifle, if not completely halt, the movement of raw materials and completed goods, causing manufacturers to suffer. The pandemic, on the other hand, hasn't necessarily posed any new obstacles to supply chains. COVID-19 revealed previously unknown weaknesses in some areas, and many organizations have experienced employee shortages and losses as a result of it. It has exacerbated and hastened issues that already existed in international trade. Following the COVID-19 pandemic's severe disruption, the study showed that companies like PLO and CLO had to rethink their supply chain strategy to become more robust, collaborative, and networked with customers, suppliers, and other stakeholders. To do so, they'll invest more in supply chain technology like artificial intelligence and robotic process automation, as well as retrain personnel. Companies often reduce their technology spending to a trickle in uncertain economic circumstances. During the COVID-19 epidemic, however, 92 percent of companies continued to invest in technology. This demonstrates the value of a digital supply chain in assisting businesses in navigating disruptive forces and responding more quickly to fluctuating supply and demand.