Abstract
When faced with extreme uncertainty and disruption, firms with superior knowledge and skills can not only identify more opportunities, but they can also envision how they will successfully exploit them. Firms that have developed the relevant knowledge, skills, and capabilities are more likely to act on perceived opportunities because they possess the expert schemas needed to focus on the most relevant information in the environment, process this information faster and more efficiently, and make decisions based on industry best practices. Despite the benefits of prior knowledge, deep expertise can also cause cognitive entrenchment leading experts to dismiss radically innovative and possibly disruptive ideas that fall outside the industry’s dominant paradigms.
Highlights
Welcome to this special issue of the Wine Business Journal (WBJ) focused on COVID-19 and its effect on the wine industry
The pandemic had a devastating effect on the wine industry, decimating wineries’ on-premise sales and forcing down projected industry revenue for 2020 by 14 percent (Lu, 2020)
The devastating effects of the pandemic were compounded by other crises, the unprecedented damages caused by climate change and the occurrence of wildfires in some of the world’s top wine producing regions
Summary
Welcome to this special issue of the Wine Business Journal (WBJ) focused on COVID-19 and its effect on the wine industry. The pandemic had a devastating effect on the wine industry, decimating wineries’ on-premise sales and forcing down projected industry revenue for 2020 by 14 percent (Lu, 2020).
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