Economics at your fingertips  

Identifying Strategies as a Ploy for Overcoming Negative Effects of COVIDization of Economy

Radko Radev
Additional contact information
Radko Radev: University of National and World Economy, Sofia, Bulgaria

Economic Alternatives, 2021, issue 4, 489-503

Abstract: The main goal of this publication is to highlight the importance of the strategy as a ploy to overcome the negative effects as a result of COVIDization of the economy. The term COVIDization of the economy is the term that best describes the situation caused by COVID-19 in the short term and the long term consequences it will have for the business. The first wave presented the companies the economic challenges that they had to deal with in the short term. The subsequent two new waves also determined the need for strategic changes on the part of companies. In these conditions, all five strategies derived by Mintzberg appear – plan, a pattern of behavior, positioning, ploy, perspective. The article substantiates from a theoretical point of view the importance of strategy as a ploy through some of the most popular concepts used in strategic management - McKinsey’s 7S, the Pyramid for organizational development; through the Value-added chain, the Strategic map and Balance scorecard. Viewed in this way, “strategy†means the definition (undertaking) of a set of actions to achieve a specific goal under certain, set as a result of COVIDization, external conditions and available internal prerequisites. The presented empirical data are the result of a study conducted in the period March-April, 2020.

Keywords: business strategies; COVID-19; COVIDization; strategic map; strategy as a ploy; strategic concepts; 7S; the Pyramid of organizational development (search for similar items in EconPapers)
JEL-codes: D04 D40 L21 L25 (search for similar items in EconPapers)
Date: 2021
References: Add references at CitEc
Citations: Track citations by RSS feed

Downloads: (external link) (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link:

Access Statistics for this article

More articles in Economic Alternatives from University of National and World Economy, Sofia, Bulgaria Contact information at EDIRC.
Bibliographic data for series maintained by Vanya Lazarova ().

Page updated 2022-01-03
Handle: RePEc:nwe:eajour:y:2021:i:4:p:489-503