“A business strategy that requires to update risk measurement and risk management models and force to allocate more space for unexpected events in the tails of probability distributions” as defined by Gunay and Kurtulmus (2020).
Published in Chapter:
Emergence of Services Business Strategies During COVID-19
Muhammad Abrar (Government College University, Faisalabad, Pakistan),
Rizwan Shabbir (Government College University, Faisalabad, Pakistan), and
Iqbal Hussain (Government College University, Faisalabad, Pakistan)
Copyright: © 2021
|Pages: 15
DOI: 10.4018/978-1-7998-7164-4.ch004
Abstract
The 21st century has been fighting against COVID-19, an infection caused by a virus SARS CoV-2. On 30th January 2020, the World Health Organization stated this condition as an international health emergency. Furthermore, on March 11, 2020, it was declared a global pandemic. The pandemic COVID-19 destroyed the health systems at a large scale and the businesses globally. Service, as well as manufacturing industries, faced significant challenges during this pandemic situation of COVID-19. Infodemic is one of the biggest challenges that creates severe problems for the business community. In such circumstances, businesses have to adopt unique business strategies to sustain and gain a competitive edge. The current study evaluates different business strategies like digital servitization, travel insurance, skunkworks structural approach, black swan, etc. adopted by different service sectors, based on a systematic review approach. Mostly, the research paradigm is focused on the aviation industry, and less attention is given to other service sectors like education, banking, etc.