A Comprehensive Literature Review on Different Marketing Strategies Adopted by Various Industries during the COVID-19 Pandemic Period
15 Pages Posted: 28 Dec 2022
Date Written: December 19, 2022
Abstract
Marketing strategies can be identified as an organization's long-term and overall approaches to attaining its objectives through comprehending various consumer needs and forging an identifiable and long-lasting competitive advantage. In general, effective marketing strategies outline an organization's objectives by assisting to identify its ideal target market characteristics and providing beneficial ways to reach those target consumers. Consequently, the majority of businesses nowadays employ distinct marketing strategies to influence their potential consumers and persuade them to purchase their products and services. COVID-19 can be specified as one of the most hazardous crises in recent history that have transpired unexpectedly and significantly changed the lifestyles of people all around the globe. Also, the COVID-19 pandemic has generated serious economic repercussions in many countries all around the world. In addition to having an impact on the economy, the epidemic also created a negative impact on society as a whole, which has drastically altered the way both businesses and consumers behave and interact. Tourism, real estate, MSME, and the food and beverage industry can be identified as industries that were considerably affected by the COVID-19 pandemic due to lockdowns, travel restrictions, social distancing measures, etc. Accordingly, the marketing strategies utilized by those industries were also considerably altered. Hence, this paper evaluates different marketing strategies adopted by various industries during the COVID-19 pandemic period.
Keywords: Marketing strategies, tourism industry, real estate industry, MSME industry, food and beverage industry, COVID-19 pandemic
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