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Identifying Strategies as a Ploy for Overcoming Negative Effects of COVIDization of Economy

Author

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  • Radko Radev

    (University of National and World Economy, Sofia, Bulgaria)

Abstract

The main goal of this publication is to highlight the importance of the strategy as a ploy to overcome the negative effects as a result of COVIDization of the economy. The term COVIDization of the economy is the term that best describes the situation caused by COVID-19 in the short term and the long term consequences it will have for the business. The first wave presented the companies the economic challenges that they had to deal with in the short term. The subsequent two new waves also determined the need for strategic changes on the part of companies. In these conditions, all five strategies derived by Mintzberg appear – plan, a pattern of behavior, positioning, ploy, perspective. The article substantiates from a theoretical point of view the importance of strategy as a ploy through some of the most popular concepts used in strategic management - McKinsey’s 7S, the Pyramid for organizational development; through the Value-added chain, the Strategic map and Balance scorecard. Viewed in this way, “strategy†means the definition (undertaking) of a set of actions to achieve a specific goal under certain, set as a result of COVIDization, external conditions and available internal prerequisites. The presented empirical data are the result of a study conducted in the period March-April, 2020.

Suggested Citation

  • Radko Radev, 2021. "Identifying Strategies as a Ploy for Overcoming Negative Effects of COVIDization of Economy," Economic Alternatives, University of National and World Economy, Sofia, Bulgaria, issue 4, pages 489-503, December.
    • Handle: RePEc:nwe:eajour:y:2021:i:4:p:489-503
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    More about this item

    Keywords

    business strategies; COVID-19; COVIDization; strategic map; strategy as a ploy; strategic concepts; 7S; the Pyramid of organizational development;
    All these keywords.

    JEL classification:

    • D04 - Microeconomics - - General - - - Microeconomic Policy: Formulation; Implementation; Evaluation
    • D40 - Microeconomics - - Market Structure, Pricing, and Design - - - General
    • L21 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Business Objectives of the Firm
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance

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