Marketing Innovation Responsiveness in the Food and Beverage Marketplace

Marketing Innovation Responsiveness in the Food and Beverage Marketplace

DOI: 10.4018/978-1-6684-8691-7.ch011
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Abstract

COVID-19 had a devastating effect on the wine industry, decimating wineries' on-premise sales and forcing down projected industry revenue for 2020 by 14%. The decline in wine producers' sales had a rippled effect on income and revenue. COVID-19 has forced small businesses in the wine industry to develop new approaches to gain revenue and gain new customers to be sustainable. This chapter uses action research to explore some winery best practices in adaptability and organizational sustainability when markets became disrupted due to COVID-19.
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Introduction

The conceptual frameworks within strategy formation change unilaterally, bilaterally, or multi-faceted within leadership in a static environment. Organizations are losing much relevance within the marketplace due to the influx of largely unstable markets because of technology. The global climate has rapidly changed to force organizations to reconsider product development innovation as products and services quickly fall outside the Product Life Cycle. Capital markets that were once sustained cannot leverage buyouts or thrive in the private industry due to increased general expenses.

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