ADÁMEK, Pavel and Lucie MEIXNEROVÁ. COVID-19: Implications for the Business Models. Journal of Applied Economic Sciences. Journal of Applied Economic Sciences, 2020, vol. 4, No 70, p. 860-877. ISSN 2393-5162.
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Basic information
Original name COVID-19: Implications for the Business Models
Authors ADÁMEK, Pavel (203 Czech Republic, belonging to the institution) and Lucie MEIXNEROVÁ (203 Czech Republic, belonging to the institution).
Edition Journal of Applied Economic Sciences, Journal of Applied Economic Sciences, 2020, 2393-5162.
Other information
Original language English
Type of outcome Article in a journal
Field of Study 50204 Business and management
Country of publisher Romania
Confidentiality degree is not subject to a state or trade secret
WWW URL URL
RIV identification code RIV/47813059:19520/20:A0000179
Organization unit School of Business Administration in Karvina
Keywords in English COVID-19 pandemic; business model adaptation; business model ecosystem; European Union; firm behavior; technological change
Tags International impact, Reviewed
Changed by Changed by: Ing. Lucie Meixnerová, Ph.D., učo 7548. Changed: 2/3/2021 11:14.
Abstract
This paper analyzes the impact of COVID-19 on selected economic indicators of the European Union to bridge these impacts "marked as triggers" of changes to business models. The logic of the focus lies in the interconnection and integration of external changes in the connection of the reaction of managerial decisions for change, adaptability, and adjustment of the business model in newly formed economic systems. Economies are affected by the effects of the ongoing pandemic as part of restrictive and health-related measures, where there is a direct link to the performance of businesses that need to adapt to ongoing changes in response to the COVID-19 pandemic. Our survey is mainly based on reviews in articles COVID-19 on business activities which enable businesses to share knowledge, decisions, and prospects including analysis of selected indicators as an industry, construction, wholesale and retail trade, and services when the Eurostat statistical data (2020b) are used. We combine the approach of mapping of literature review associated with the impact of a pandemic on business and impact analysis within the European Union on the economic indicators. Subsequently, we examine what and how businesses can do to respond quickly to the stimuli, our main focus is on business models that allow to quickly operationalize the current business situation and then take measures to create a basis for sustainability. The output is a discussion and proposals for the necessary business model shifts so that companies are resilient, flexible, capture value in the long term. For businesses looking to establish update business models during COVID19, we recognize that hiring entirely new models maybe not feasible. We focus on viability updates business models over fully comprehensive functions after crises COVID-19. We develop managerial recommendations for the growing demand for innovation and flexibility for the resilience business model to adapt to the new changed “post COVID” business environment.
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