ADAPTING THE MARKETING MIX: A CROSS-ANALYSIS OF INDIAN COMPANIES IN RESPONSE TO COVID-19 FOR CUSTOMER RETENTION

ADAPTING THE MARKETING MIX: A CROSS-ANALYSIS OF INDIAN COMPANIES IN RESPONSE TO COVID-19 FOR CUSTOMER RETENTION

UNDER THE GUIDANCE OF
Mr. Sumit Koul

Submitted By

SHIVAM MODANWAL

SCHOOL OF BUSINESS , GALGOTIAS UNIVERSITY

INTRODUCTION

The Coronavirus pandemic has affected millions of lives worldwide. As of September 2020, World Health Organization (2020a) reported almost 29 million confirmed cases of COVID-19 and over 900,000 deaths globally. The outbreak started in China in January and quickly spreads to other countries. The United States accounts for the most positive cases with more than 6 million people infected currently. Due to the nature of the virus easily spreads from human contact, many countries have banned travelling, closed unessential business and even put out stay-at-home orders. The economy is suffering from the effects of the pandemic and it is not correlated to high health impacts. Regardless of income level and impact level from COVID-19, many countries are experiencing recession (Cantore, Hartwich, Lavopa, Haverkamp, Laplane & Rodousakis 2020).

This health crisis has influenced consumers to change their behaviors abruptly. Many businesses face difficulties altering how they usually work, from supply chain to resourcing to marketing. Companies must adapt their marketing strategy to the new needs and demands of their customers, to minimize the risks and capture any possible advantages. A research studies the impact of a pandemic on economy and what changes have been made to marketing strategy is necessary.