Renewal of the Business Strategy, a Prerequisite for Success in the Past-Pandemic Future

Victor Danciu

Romanian Economic Journal, 2022, vol. 25, issue 83, 34-83

Abstract: The multi-sectorial and multi-dimensional effects of the COVID-19 pandemic and the invasion of Ukraine affect the entire existence of mankind which is found in the new reality. The new reality which is characterized by changes in social, material, economic and health life, also requires business transformation. Companies need to find the right solution that will allow them to absorb the effects of the pandemic and find the appropriate way, methods and tools for success in the new reality. Several strategies for rapid post-COVID development are advanced in the literature. They remain valid even the conflict between Russia and Ukraine delays and complicates their practical realization. The 3R variants are suggested strategies that would correspond to the imperative to succeed in the new conditions. The 4R strategy which is the synthesis of the stages of 3R strategies i.e. Respond, Recovery, Reset, and Renew offers the best chances for success. The strategy begins with immediate measures against the effects of the pandemic that ensure that the company stays safe (respond). The success of response allows the beginning of the efforts for short-term recovery, after which is necessary the reset i.e. reconsider and restructure the strategy to integrate it into the new reality. Renew is the last strategic step that focuses on the future, but not anyway. The new strategy must be successful in the uncertain future which requires overcoming the difficulties created by the pandemic and entering a new stage of development and success.

Keywords: COVID-19 pandemic; invasion of Ukraine; new reality; renewing strategies (search for similar items in EconPapers)
JEL-codes: D04 D81 E6 H12 M1 (search for similar items in EconPapers)
Date: 2022
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