COVID-19 and the New Marketing Paradigm: Transitory or Permanent?

Abstract

The COVID-19 bubonic plague, ravaging and reoccurring in waves globally, has impacted all aspects of human lives including the understanding and practice in the marketing discipline. The situation has pushed human behavior to its fringes with measures such as complete and partial lockdown of communities, cities and countries enforced to mitigate spread. Hence, consumers appeared to have subliminally reviewed their priorities in life as evident in the buying of essentials, neighbourhood shopping and the shift from offline to online buying behavior. Prior to the emergence of the viral disease, there has been a gradual change in consumer behavior, with respect to buying practices, and firm behavior with respect to distribution and supply chain management; largely induced by advances in technology and e-commerce. However, the COVID-19 pandemic appears to have raised the bar and accelerated behavioral change in consumers and marketing organizations. With the attendant economic instability, consumers and organizations are experiencing behavioral transformation in response to the perceived vanities of life, changes in market dynamics, market -competitiveness, and the larger economic indices. In addition, there has been observable decline in capacity utilization and employee retention in response to the forced drop in demand and corresponding supply. This book chapter, with the aid of an in-depth review of literature, discusses the effects of COVID-19 on consumer and firm behavior with emphasis on the consequences of the sustained economic disruption for marketing strategies and policies. This was hinged on the relativity of business down cycles to the present pandemic in providing a basis for future post-COVID-19 crisis studies in order to understand consumer sentiments to crisis and its implications in the marketing discipline.

Citation

Oluwasanmi, O.O. (2022), "COVID-19 and the New Marketing Paradigm: Transitory or Permanent?", Eniola, A.A. (Ed.) Entrepreneurship and Post-Pandemic Future, Emerald Publishing Limited, Leeds, pp. 165-181. https://doi.org/10.1108/978-1-80117-902-720221010