Emergence of Services Business Strategies During COVID-19

Abstract

The 21st century has been fighting against COVID-19, an infection caused by a virus SARS CoV-2. On 30th January 2020, the World Health Organization stated this condition as an international health emergency. Furthermore, on March 11, 2020, it was declared a global pandemic. The pandemic COVID-19 destroyed the health systems at a large scale and the businesses globally. Service, as well as manufacturing industries, faced significant challenges during this pandemic situation of COVID-19. Infodemic is one of the biggest challenges that creates severe problems for the business community. In such circumstances, businesses have to adopt unique business strategies to sustain and gain a competitive edge. The current study evaluates different business strategies like digital servitization, travel insurance, skunkworks structural approach, black swan, etc. adopted by different service sectors, based on a systematic review approach. Mostly, the research paradigm is focused on the aviation industry, and less attention is given to other service sectors like education, banking, etc.