Market Assessment and Analysis of the Impact of the 'Corona Crisis' on the Market and Product Adaptation

The world has changed drastically since the beginning of the COVID-19 pandemic. The coronavirus pandemic has affected almost all countries in the world, and has also had a devastating impact on the global economy and the health of communities around the world.

Problem

The world has changed drastically since the beginning of the COVID-19 pandemic. The coronavirus pandemic has affected almost all countries in the world, and has also had a devastating impact on the global economy and the health of communities around the world. The greatest negative impact within the economy has been shown in terms of mobility, trade, travel and global health.

Due to its spread, national economies and businesses have been counting the costs, as governments across countries around the world struggle with new measures to close down countries and restrict the spread of the virus. The measures introduced by countries in response to the pandemic have led to reductions in production, consumption, employment and the supply chain, which has affected the global economy in general. Despite the development of vaccines and other solutions, many are still wondering what the long-term consequences on the economy will be and what recovery from the so-called 'corona crisis' will look like in the future. It is estimated that the global economy will be hit by a worse economic depression and financial crisis than in 2008. During the COVID-19 pandemic period, many people lost their jobs or experienced a reduction in their income.

The unemployment rate in the economy has increased further. The number of new employment opportunities has declined and even today there are few vacancies. If the economy is booming and growing, this generally means more wealth and more new jobs.

It is measured by taking into account the percentage change in gross domestic product or the value of goods and services produced, usually over more than three months or annually. The IMF thus estimates that the global economy contracted by 4.4% in 2020. The organisation described the decline as the worst since the Great Depression of the 1930s.

Despite the fact that the above are mostly negative aspects of the current situation, the company where the student is employed (Neonart d. o. o.) decided to turn this situation to their advantage. With combined forces and a great deal of positive energy, they responded extremely quickly during this crisis to new market needs, new consumer purchasing habits, whilst at the same time seeing the crisis as a new opportunity, which means that a host of possibilities for developing new products opened up on the market. They reorganised the work process itself, introduced new corona products and strengthened and upgraded their business with the help of digital marketing.

The business changed significantly at this point, as the very foundation of the business, namely direct contact with the customer, became impossible. Both sides adapted, contacts via social networks came to life and thus began, let us call it, a 'revolution' in business operations.