Effect of COVID-19 in Business

Running Head: Effect of COVID-19 in Business
EFFECT OF COVID-19 IN BUSINESS
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Effect of COVID-19 in Business
1
Corona Virus, the COVID-19, was announced by the World Health Organisation on 11
March, a pandemic. With this reporting, tension, worry, and even anxiety are both simple and
true for us. The pandemic is increasing at a very higher rate when person to person contact is
witnessed and the virus which is spreading through respiratory droplets formed when an infected
individual coughs or sneezes these droplets gets transmitted into the mouths or noses of people
who are nearby or possibly be inhaled into the lungs due to close contact of persons. The only
way suggested by 'WHO' to control the pervasive is to stay isolated and practice quarantine at
homes rather than roaming around freely in public and market places (Velavan & Meyer, 2020).
The market and business have seen the major crisis as broad quarantines, limits on transport, and
social isolation interventions contribute to a drastic decrease in customer and company spending.
Not only the colonial business is suffering, but also the de-colonial business is seeing the same
phase as Consumers are staying home, businesses losing profits and laying staffs off, which is
leading unemployment to increase sharply. Contracts for corporate investment and bankruptcies
have risen and place enormous pressure on the bank and financial system. Also, the significant
products, including processed foodstuffs, soaps, and detergents, are manufactured to less than
10% of average amounts.
With the spread of COVID-19 across 150 countries, there are many challenges set; some
organizations accurately follow their coronaviruses inside the organization's silos, for instance,
supply chain activities are directed by the production department, sales, and marketing
departments focus on consumer relations and many more (Chinazzi, et.al, 2020). But those teams
are inherently special and are intensely pragmatic, so go straight into their particular patch of
weeds instead of considering other parts of the company are doing or what might come next. The
major problems which is faced by the current market scenario is the reason for the deficit