Covid Impact On Marketing And Sustainable Development

Abstract

During the crisis caused by the spread of COVID-19, companies had to revise their business models in real-time, change established approaches to their work with consumers, restructure internal and external communications. Many contradictions have become acute. In recent years, the concept of sustainable business development has gained recognition in various areas. However, its public adoption has not always led to real actions aimed at achieving a balance of economic, social, and environmental results. The unprecedented increase in the level of uncertainty, which characterizes the economic situation in both global and local markets, calls into question the feasibility of the concept under the current conditions. The article investigates trends in consumer behavior and business reactions in terms of using marketing and sustainable development means. The data are systematized and presented according to the structure of the triune concept of sustainable development. Most successful business cases in the context of the COVID-19 pandemic are collected. The research results demonstrate that conscious consumer behavior becomes one of the trends; economic aspects appear to be more important than environmental ones. Nevertheless, the concept of sustainable development does not lose its significance; moreover, corporate social responsibility programs become particularly relevant and contribute to the strengthening of the reputation. The global turmoil also requires the involvement of the government and international communities in addressing the identified problems. Depending on the nature of support, economic actors will choose marketing and sustainable development tools in the face of both one-off and recurring crises.