ADAPTING THE MARKETING MIX: ANALYSIS OF INDIAN COMPANIES IN RESPONSE TO COVID-19 FOR CUSTOMER RETENTION

Abstract

The worldwide coronavirus pandemic has touched the lives of countless individuals. As of September 2020, the World Health Organization (2020a) reported about 29 million confirmed cases of COVID-19, with over 900,000 fatalities. Quickly spreading from its January origin in China, the virus reached neighbouring nations. The United States has more than 6 million infected people, making it the country with the highest number of confirmed cases. Because the virus can spread so quickly from person to person, several countries have put travel bans, non-essential company halts, and stay-at-home orders into effect. The epidemic's detrimental impact on the economy is unrelated to people's health. According to Cantore, Hartwich, Lavopa, Haverkamp, Laplane, and Rodousakis (2020), a lot of countries are experiencing a recession irrespective of how much of an impact COVID-19 had on their income. Many people have made rapid lifestyle changes in response to this health crisis. Supply chain management, resource allocation, and marketing are just a few areas where many businesses struggle when attempting to alter their standard operating procedures. A company's marketing strategy needs to be flexible enough to adapt to the changing needs of its target market if it wants to minimize losses and maximize gains. Studying the effects of a pandemic on the economy and the ways in which marketing tactics have evolved is essential.