A case study on strategies to deal with the impacts of COVID-19 pandemic in the food and beverage industry
- PDF / 421,847 Bytes
- 13 Pages / 595.276 x 790.866 pts Page_size
- 32 Downloads / 170 Views
A case study on strategies to deal with the impacts of COVID-19 pandemic in the food and beverage industry Md. Tarek Chowdhury 1 & Aditi Sarkar 2 & Sanjoy Kumar Paul 3
&
Md. Abdul Moktadir 4
Received: 1 July 2020 / Revised: 6 September 2020 / Accepted: 20 September 2020 # Springer Science+Business Media, LLC, part of Springer Nature 2020
Abstract This research investigates the impacts of the novel coronavirus disease, also referred to as COVID-19 pandemic, on the food and beverage industry. It examines both short-term and medium-to-long-term impacts of the pandemic and outlines strategies to reduce the potential consequences of those impacts. To this end, we use a qualitative, multiple-case-study methodology, collecting data from eight sample companies with fourteen respondents in the food and beverage industry in Bangladesh. The findings show that the short-term impacts of this pandemic, such as product expiry, shortage of working capital, and limited operations of distributors, are severe, while the medium-to-long-term impacts promise to be complex and uncertain. In the longer term, various performance metrics, such as return on investment by the firms, the contribution of the firms to the gross domestic product (GDP), and employee size, are all expected to decrease. Moreover, firms may need to restructure their supply chain and build relationships with new distributors and trade partners. The study proposes several strategies that managers in this sector can adopt to improve resiliency in the changing environment during and after the COVID-19 era. While this research is novel and contributes to both theory and practice, it does not consider small and medium-sized companies in the food and beverage industry. Therefore, the impacts and strategies we identify may not apply to smaller companies. Keywords COVID-19 pandemic . Food and beverage industry . Impacts . Resiliency . Strategies . Sustainability
1 Introduction The novel coronavirus disease, also referred to as COVID-19, was first identified in December 2019 in the city of Wuhan, which is in the Hubei province of China. Within a short time, the COVID-19 epidemic spread throughout the globe, becoming a true pandemic that has severely affected almost every country. The COVID-19 pandemic has a direct impact on * Sanjoy Kumar Paul [email protected] Md. Tarek Chowdhury [email protected] Md. Abdul Moktadir [email protected] 1
Abdul Monem Ltd., Barishal, Bangladesh
2
Melbourne, Australia
3
UTS Business School, University of Technology Sydney, Sydney, Australia
4
Institute of Leather Engineering and Technology, University of Dhaka, Dhaka, Bangladesh
public health (Paul & Chowdhury 2020a). As of September 6, 2020, COVID-19 had resulted in more than 26.9 million infections and more than 881 thousand deaths (Worldometers 2020). Along with its impact on public health, the pandemic has also impacted the operations of supply chains, sustainable economic growth, and the environmental performance of supply chains (Chowdhury & Paul, 2020; Khan
Data Loading...
