Impacts of COVID-19: Funding Business Operations and Adapting Marketing Strategies
Impacts of COVID-19: Funding Business Operations and Adapting Marketing Strategies Authors: Sejin Hahn, Sarafat Hossain Supervisor: Jan Bodin Umeå School of Business and Economics Master's Thesis in Business Administration I, 15 Credits, Spring 2021 2 | P a g e Abstract Given the enduring COVID-19 pandemic, this thesis set out to reveal an updated perspective of the service-oriented small business experience, particularly in their access and choice of financial resources to fund operations and adapt marketing strategy. By the time this study started, it was clear which businesses had been rising with the new tides of swelled categorical demand vs. those that were persevering like embers in a 'slow burn' state of low income against persistent expenses. Therefore, the research sought to compare the results of marketing experimentation with current plans for increasing resiliency, or enabling robust growth, coming out of the pandemic. As the quantitative understanding of the business impacts had been generalized, a closer look was needed into what entrepreneurs and small business leaders were thinking about in the present moment, by reflecting on factors for survival / thriving, until this point and going forward. To capture this wide range of perspectives and strategies in formulation, qualitative methods with a diverse set of businesses were selected. Theoretically, customer-centric marketing principles were employed, focusing on three intangible firm resources (of the resource-based view): 1) Stakeholder Relationships; 2) Brand Equity and 3) Knowledge / Capabilities. With the realization that adequate financing is inaccessible and government support perceivably unreliable, small businesses naturally tested several emergent strategies within the limits of their available resources.
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