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This paper aims to determine new-normal uncertainty considerations stemming from the COVID-19 pandemic to consider within transaction-cost analysis for pharmaceuticals. It also aims to propose new-normal market entry strategies to address the uncertainty as a result of COVID-19's implications and provide for lack of knowledge and information in an uncertain business environment by way of Internet of Things (IoT) ecosystem for pharmaceutical market entry.

In this paper, we focus on the uncertainty facet within transaction-cost analysis consideration and utilise a descriptive three-case study approach taking in Johnson and Johnson (J&J), GlaxoSmithKline (GSK) and Novartis to present an ADO (Antecedent-Decisions-Outcomes) understanding of their usual market entry approach, the approach undertaken during the pandemic and the outcomes thereafter facilitating new-normal uncertainty considerations to factor in. Further with this insight, we develop a conceptual framework addressing the transaction-cost analysis implications of uncertainties toward lack of knowledge and information for a new-normal market entry approach and operating strategy for pharmaceuticals applicable due to IoT (Internet of Things).

Uncertainty (external and internal) is different now in the new-normal business environment for pharmaceuticals and boils down to acute shortage of knowledge and information impact to make an appropriately informed decision. Therefore, considering the changed factors to consider, pharmaceuticals need to be able to undertake market entry with vaccines and medicines by way of IoT thereby enabling, the filling of the gap via real-time data access and sharing, including enhancing predictive analysis for sustenance.

The paper's findings have many theoretical implications highlighted in the manuscript.

The paper's findings have many practical implications highlighted in the manuscript.

This is the first study to our knowledge that throws light on transaction-cost analysis theory's uncertainty facet for pharmaceuticals. It is also the first study that provides a new-normal market entry strategy for pharmaceutical companies built on interoperability of real-time IoT.

This paper explores the new normal activities and strategic responses of the service industry towards the challenges created by the coronavirus disease 2019 (COVID-19) outbreak and other constructs and validates the measurement scale for socio-economic and technological new normal activities following lockdown and social distancing practices.

First, structured interviews with 28 participants helped us generate items and develop survey instruments for cross-sectional data collection in the second phase. So, the authors received 256 complete responses from the top and middle management of the services industry. Exploratory factor analysis helped us explore the factors and reliability of the items. Confirmatory factor analysis aided us in generating and confirming the factorial structure of the constructs.

Results indicated that amid COVID-19's pandemic, new normal activities are emerging in which organizations are deploying crisis strategies to safeguard their business and stakeholders. Organizations are re-opening swiftly, focusing on digital transformation, developing digital platforms for ease in working and improved consumer services, to name a few operational changes.

Discussion on empirical analysis revolves around the guidelines to service industry's managers and top management to improve shortcomings in combating the challenges they face in their operations.

Prior studies have provided substantial insights on the COVID-19 pandemic, but relatively little research exists on new normal activities in the supply chain network of the service industry. Among other reasons for such less empirical evidence on new normal activities is the unavailability of a comprehensive tool for measuring the socio-economic and technological new normal activities. This paper is a contribution to bridging this knowledge gap.

This paper aims to deliberate the significant impacts caused by the COVID-19 pandemic on small and medium enterprises (SMEs). It also discusses SMEs’ practical approaches to capitalise on the renewed opportunity in the new normal by expanding their businesses regionally and globally. This paper also discusses the tactical and strategic interventions SMEs need to take to charge forward.

The resource-based view of the firm (Barney, 1991) is used to explain how SMEs develop a sustainable competitive advantage in the new normal. The resource-based view focuses on the link between strategy and firm internal resources. Drawing from the resource-based view of the firm, internal analysis of the resources that are regarded as sources of competitive advantage controlled by the SMEs is imperative in today’s business environment. Based on the resource-based view theory, this paper focuses on reinventing SME’s strategies in the new normal to foster sustainability.

Post-COVID-19 pandemic, SMEs must essentially be dynamic, forward-looking and transformational in capturing the regional and global markets’ opportunities. They need to sharpen their internal competencies and realign their effective business strategy in seizing the vast opportunities in the international markets.

How SMEs respond to COVID-19 has important implications for subsequent performance in the new normal. This study focuses on the different potential SMEs’ reactions to COVID-19 and how their strategy affects SMEs performance and fosters sustainability in the new normal.

The sustainability of SMEs is critical for the nation’s socio-economy. This study offers a holistic view of how SMEs respond to their challenges and help them choose the right business options.

This paper’s contents are solidly based on accumulated evidence, observation and critical arguments on the impacts caused by the COVID-19 pandemic that caused numerous challenges faced by the SMEs, with a specific focus on SMEs operating in Malaysia.

Drawing on chaos theory as an overarching approach, as well as guidelines from effectuation and transformative learning theories, this study aims to evaluate the changing marketing channels in the hospitality industry in the wake of the COVID-19 pandemic. It also aims to develop a conceptual framework that demonstrates the transformation of the marketing structure; in particular, the transformation of hospitality organizations, employees and customers.

The study uses the hermeneutic method and conceptually evaluates the existing actors of the services marketing structure. It also discusses how to transform this structure into the new normal in the wake of the COVID-19 pandemic.

The findings of the study demonstrated that COVID-19 has resulted in changing marketing channels in the hospitality industry. These include external, internal, interactive and substitutional marketing channels. In response to these changes, the hospitality industry needs to adopt a more transformative marketing structure that requires the transformation of hospitality companies, employees and customers.

The conceptualized transformation of the services marketing structure could help hospitality practitioners, employees and customers to understand the new normal and acquire new abilities, meanings, awareness and learning accordingly.

This study uses chaos, effectuation and transformative learning theories to reconceptualize the hospitality services marketing structure. The contribution of this paper lies in the conceptual pathways it suggests for transforming hospitality firms, employees and customers and for demonstrating their transformed roles and positions in the wake of the pandemic.

Crises are major events or periods faced by individuals, groups and society. This paper aims to explore the value of facilitating (un)learning in and from crises. Educators have a key role in building futures literacy (FL) for dealing with uncertainties, understanding emergence and responding to rapid, complex change. Integrating crisis learning as part of FL is important for enhanced anticipatory and crisis responses.

Adapting from causal layered analysis (CLA) methodology, experimental virtual futures workshops were designed and hosted during the coronavirus pandemic. Participants discussed COVID-19 crisis responses and imagined the “new normal”. Sessions explored mindsets applied to make sense and derive meaning from the crisis, myriad ways of adapting to uncertainty, as well as lenses used to imagine post-crisis futures.

In the exploratory and participatory CLA exercises, participants shared on the COVID-19 pandemic and imagined post-crisis futures. Related hopes and fears concerned self, collectives and nature. Overall, despite the dramatic nature of crises, opportunities exist for learning and transformation. Educators play a central role in heightening awareness about the dynamics and nature of crises, and integrating crisis learning into FL, as important and transformative capabilities.

In exploratory dialogues, the “new normal” was applied as a frame for uncertainty. The workshops were hosted during the COVID-19 pandemic as a specific type of crisis. The workshop design is intended to be replicable in various crisis contexts and for iterative rounds with diverse groups. Therefore, futures images exemplify context-specific crisis-time sentiments. The findings presented here do not aim to be generalizable. They are liable to change across different crises, as a crisis evolves and across diverse stakeholders.

Dramatic change and crisis events offer potential moments for development, advancement and transformation. Educators have an important role in facilitating (un)learning in and from crises, elevating FL and expanding futures consciousness. The CLA methodology can assist educators to engage with multiple facets, layers and dimensions of crises. By considering crises intently, educators can help in anticipating emergence, imagining and preparing for diverse alternatives.

The contemporary world is volatile, complex and ambiguous volatile, uncertain, complex and ambiguous (VUCA), as revealed by multiple crises. Crises can spotlight new possibilities and horizons and may be possible turning points. The COVID-19 is an example of a crisis disruption, which provoked thinking and contributed to action about novel prospects. To realise transformative change however, it is important to integrate crisis learning as part of FL, and here educators are an important influence.

Integrating crisis learning into FL is proposed to improve responses to the rapid pace of change and uncertainty as well as to boost crisis preparedness. As part of this, there is value in applying and developing techniques such as CLA that help explore and question assumptions, to understand diverse, possible and transformed futures. This way, we can explore, imagine and expand new horizons.

After reading the case study, the students will be able to analyze the impact of post-pandemic “new normal” customer behavioral change on a start-up aggregator operating virtually. Recognize the need for the service marketing strategy to prepare a service provider/aggregator to sustain a dynamic and volatile consumer environment. Understand the importance of competitors’ analysis as a primary step of service marketing strategy in influencing “new normal” consumer behavior. Examine the utility of customer engagement through website blogs, social media posts, videos and continuously updated information on the mobile application in influencing the “new normal” customer behavior, from skinner operant conditioning behavior and Rusbolt’s investment model perspectives.

Rafeeg is a mobile application-based home maintenance service providing company, conceived and founded in 2017 by Khamis Alsheryani – who, as an Emirati entrepreneur, has a prior record of accomplishing successful mobile applications and business ventures since 2004. The unique selling proposition of Rafeeg in the Abu Dhabi market is its functioning as the home maintenance services aggregator bringing its suppliers and consumers under-one-roof alongside maintaining ensuring high quality, punctuality and security at competitive prices. Rafeeg has collaborated with approximately 1,000 licensed suppliers using nearly 5,000 technicians and maintenance workers with a customer base of about 70,000 households. Although it is formally situated in Al Salam St, Abu Dhabi, United Arab Emirates (UAE), the company communicates with its consumers virtually. However, with the outbreak of the COVID-19 pandemic in the UAE in March 2020, Rafeeg witnessed a considerable decrease in service requests. Consumers’ psychological fear of the pandemics spread into their houses through the technicians and maintenance workers and the degree of hygienic practices the latter follows before their service provision acted as the major reason behind the fall in requests. Despite Alsheryani’s assurance on the provision of only those suppliers who are verified of their hygienic practices, negative COVID-19 test reports and their availability to the consumers as proof and regular temperature checks of the technicians, the consumer apprehensions remained stagnant and the loss of new service requests, as well as revenue, continued. The pandemic’s spread and consequent lockdown of services in the UAE affected Rafeeg’s business operations gravely, as projected by its sudden drop-in service requests – from 53,638 average monthly customer requests in January and February to approximately 10,000 in March and April. The sudden drop of 81% in new requests drove Alsheryani to develop a service marketing strategy in May to boost consumer behavior, encouraging them to resume their requests without further apprehensions. However, with the continuous rise in the pandemic and vaccines still under trial and research, Alsheryani contemplates the viability of the new marketing strategy. Alsheryani took measures in supplier training programs, excommunicating with suppliers who fail to comply with his strict safety regulations, developing the app with clearly stated, uniform, safety procedures and bearing the additional safety-related costs small suppliers provide quality work as part of the strategy. Despite so, will there be an increase in new requests? Will the bearing of additional costs on the suppliers’ behalf jeopardize its competitive advantage in UAE? Should he consider an alternate business model to adapt to the new normal environment?

This case is written for undergraduate students majoring in consumer behavior, consumer engagement approaches, digital marketing approaches using websites, mobile applications, social media communities and service marketing strategies. Students, through this case, can relate the importance of virtual space in engaging consumers and the importance of the latter in addressing the dynamicity of consumer behavior, especially affected by sudden environmental change, such as the COVID-19 pandemic. The case study also subtly highlights the importance of collaboration with suppliers in an aggregator business model to capture the essence of changing consumer behavior. This case study is appropriate for students having previous knowledge of Rusbolt’s investment model and skinner’s operant behavioral model of consumer behavior and their application in service marketing. Besides, students must be aware of the online business model and aggregator businesses in the service industry of the UAE. The case study purports to motivate critical analytical thinking among students and build their understanding of the importance of consumer behavior for business sustenance.

Teaching notes are available for educators only.

CCS 8: Marketing.

The purpose of this conceptual paper is to explore the role of strategic leadership under conditions of uncertainty and unpredictability. The authors argue that highly improbable, but high-impact events require the upper echelons of management, traditionally the custodians of strategy formulation to offer a new kind of strategic leadership focused on new mindsets, organizational capabilities, more in tune with high uncertainty and unpredictability.

Drawing on strategic leadership, and complexity leadership theory, the authors review the literature and present a conceptual framework for exploring the nature of strategic leadership under uncertainty. The authors conceptualize organizations as complex adaptive systems and discuss the imperatives for developing new mental models for emergent leadership.

Strategic leaders have a key role to play in preparing their organizations for episodic disruptions. These include developing their adaptive capabilities and building resilient organizations to ensure their organizations cannot only bounce back after a disruption but have the capacity for transformation to new fitness levels when necessary. Strategic leaders must engage with complexity leadership by seeing their organizations as complex adaptive systems, reconfigure their leadership approaches and organizations to build strategic adaptive capability.

This is a conceptual paper and the authors cannot make any claims of causality.

Organizational leaders need to reconfigure their mental models and leadership approaches to reflect the new normal of uncertainty and unpredictability. Developing the strategic adaptive capability of organizations should prepare them for dealing with high impact events. To assure business continuity in the face of disruptions requires building flexible, adaptable business models.

The paper focuses on how managers can offer strategic leadership for a new normal that challenges some of our most cherished leadership and strategic management paradigms. The authors explore the new mental models and leadership models in an era of great uncertainty.

This study aims to examine the performance and volatility of Turkey Real Estate Investment Trusts (Turkish REITs) as the world is adjusting to the new normal situation in every aspect of REITs' business activities.

The prices of REITs were acquired from 26 Turkish REITs in this study, but owing to autocorrelation difficulties, 14 Turkish REITs were employed in the analysis. The ten-year long-term bond of the Turkish Government was also utilized and the period of data obtained was based on availability. The performance of Turkish REITs was evaluated using Sharpe's ratio and Treynor's ratio, and the volatility was assessed using MGARCH-BEKK.

The authors found out that Turkish REITs are constantly underperforming and the REITs' returns remain highly volatile and persistent. In addition, findings showed evidence of volatility clustering and the asymmetric impact of shocks. This study further revealed the uniqueness of each of the Turkish REITs due to the lack of evidence of multicollinearity.

However, the limitation of this study is the constraint in obtaining more macro-economic variables of more than ten-years of Turkey's Government bond and the study focused mainly on Turkish REITs.

The result suggests that since Turkish REITs are not mandatory to payout 90% of taxable earnings as dividends, high performance and an appropriate risk management approach are expected. The need for timely revealing performance of T-REITs and associated uncertainty may trigger better performance as discussed in the relationship between disclosure and performance which is recently emphasized in a recent study by Koelbl (2020). With current performance and associated uncertainty in Turkish REITs, the need to protect Turkish REITs investors is highly essential. The result further educates REIT investors that diversification benefits of REITs tend to reduce in extremely risky situations.

This is the first study in the context of Turkish REITs that comprehensively integrated market capitalization of REITs and simultaneous evaluation of performance and the volatility of the Turkish REITs as the world adjusts to the new normal.

The purpose of the chapter is to find out the current issues and tendencies of the global economy in the context of the term ‘new normal’. The author tries to determine some approaches to the meaning of the ‘new normal’ term under the condition of COVID-19. At the same time, it had been underlined and paid great attention to the countries with the demographic burden such as India.

This study aims to explore how inter-organizational systems (IOSs) drive tourism businesses to a new normal based on the resource-based view through the supply chain of tourism and information and computer technology used in IOSs.

Data were collected from the management of tourism businesses, and stratified sampling was used in the study. The authors selected 1,000 travel agencies as the study sample, mailed the research questionnaire to their managers and received 252 completed questionnaires. The authors analyzed the data using the partial least squares approach.

IOS is seen as a transformational service mechanism that provides a dynamic support weapon for members of the tourism supply chain. Tourism businesses should look for suppliers providing comprehensive services through IOS, excellent quality tourism products and customized tourism products to enhance the competitiveness of tourism businesses in the new normal.

This study provides an industrial marketing research perspective on tourism businesses facing the challenges of the new normal. For tourism businesses, technological innovation allows for changes in the strategies and procedures for their transformation and improves the business model of tourism businesses in the new normal.