Managing and Strategising Global Business in Crisis: Resolution, Resilience and Reformation

268 Pages·2023·3.306 MB·English

by  Ashish Gupta, Suraksha Gupta, Jitender Kumar

Managing and Strategising Global
Business in Crisis
Global business has been affected by several unprecedented and significant
problems and threats in the recent past. This book offers comprehensive
strategies for managing crises and disruptions to reinvigorate productivity
and performance.
It discusses themes and issues like crisis management; consumer behav-
iour during crisis; emerging business models and trends in global business;
and risks, impacts and mitigation strategies. The book provides an overview
of business processes highlighting the unique challenges that the COVID-1 9
pandemic and other recent developments have wrought on businesses
including disruptions in supply chains, health and safety risks for employees
and economic and logistical vulnerabilities, among others. Including case
studies from various sectors and industries, the chapters in this book pro-
vide solutions and interventions like adopting technological improvements
and innovative labour practices for organisations to deal effectively with
uncertainty and adapt sustainable and effective models for growth and per-
formance for their businesses.
Lucid and topical, this book will be useful for scholars and researchers of
business management, crisis management, finance and economics, as well as
for business and corporate professionals.
Ashish Gupta is currently working as an Assistant Professor in marketing at
the Indian Institute of Foreign Trade (IIFT), New Delhi, India. His research
interests are marketing, customer relationship management, service quality,
branding and consumer behaviour. He has published many research papers
in international and national journals and has also presented at many con-
ferences. In 2018, He conducted a six-month management development
programme on ‘international business’ for armed forces personnel spon-
sored by the Directorate General of Resettlement and Welfare, Ministry
of Defence, Government of India. He also conducted a one-week MHRD-
GIAN programme ‘Digital and Social Media Marketing in Emerging
Markets’ sponsored by the Ministry of Human Resource Development
(Government of India), New Delhi, in 2016.
Suraksha Gupta is a Professor of Marketing at Newcastle University, London,
United Kingdom. She has been awarded Best Professor in Marketing for her
teaching and Excellence in Academic Research for her work as an academic
scholar. She has also been awarded for her outstanding achievements by
intel corporations during her industry tenure. She has published various
journal articles, books and reports; her textbook on international busi-
ness is forthcoming. Her research work has been published widely in many
national and international journals.
Jitender Kumar is working at the Birla Institute of Management
Technology, India. He is an Indian Institute of Management, Calcutta
alumni and is currently pursuing a Fellowship Program in Management
(FPM-PT) from the Indian Institute of Management, Rohtak, India. He has
over 14 years of corporate and academic experience promoting, marketing
and managing fast-paced marketing operations. His research interests are
nostalgia marketing, marketing at the bottom of the pyramid and consumer
research. He has also published research papers in ABDC and SCOPUS
indexed journals with eleven patents.
Managing and Strategising
Global Business in Crisis
Resolution, Resilience and Reformation
Edited by Ashish Gupta,
Suraksha Gupta
and Jitender Kumar
Designed cover image: Getty Images
First published 2023
by Routledge
4 Park Square, Milton Park, Abingdon, Oxon OX14 4RN
and by Routledge
605 Third Avenue, New York, NY 10158
Routledge is an imprint of the Taylor & Francis Group, an informa business
© 2023 selection and editorial matter, Ashish Gupta, Suraksha Gupta and
Jitender Kumar; individual chapters, the contributors
The right of Ashish Gupta, Suraksha Gupta and Jitender Kumar to be
identified as the authors of the editorial material, and of the authors for
their individual chapters, has been asserted in accordance with sections
77 and 78 of the Copyright, Designs and Patents Act 1988.
All rights reserved. No part of this book may be reprinted or reproduced
or utilised in any form or by any electronic, mechanical, or other means,
now known or hereafter invented, including photocopying and recording,
or in any information storage or retrieval system, without permission in
writing from the publishers.
Trademark notice: Product or corporate names may be trademarks or
registered trademarks, and are used only for identification and
explanation without intent to infringe.
British Library Cataloguing-in-Publication Data
A catalogue record for this book is available from the British Library
ISBN: 978-1-032-01741-9 (hbk)
ISBN: 978-1-032-28043-1 (pbk)
ISBN: 978-1-003-29506-8 (ebk)
DOI: 10.4324/9781003295068
Typeset in Sabon
by SPi Technologies India Pvt Ltd (Straive)
Contents
List of figures viii
List of tables ix
Acknowledgements xi
List of contributors xii
Introduction xviii
PART I
Global business and crisis management 1
1 COVID-19 and people management: a review of
challenges and strategies 3
MONIKA BANSAL, ANJU VERMA AND SIMRAN VERMA
2 Organizational culture is the key: building business
resilience 16
PACKIARAJ THANGAVEL, BIBHAS CHANDRA AND PRAMOD PATHAK
3 Study of cultural dimensions in MNC subsidiaries
in India 22
FEHMINA KHALIQUE, POORNIMA MADAN AND GEETIKA PURI
4 A taxonomy of “technology venture – incumbent
collaborations” during crisis 36
PINAR BUYUKBALCI AND ELIF KARAOSMANOGLU
5 Change in buying behaviour of Indian consumers
post-COVID-19 crisis: a new normal 51
PRATEEK KHANNA, REETIKA SEHGAL, ASHISH MOHAN DUBEY AND
MAYANK MALVIYA
vi Contents
6 Taking UN SDG goals on board: lessons from the top
global companies 65
BINAYAK MALLA, SABINA BANIYA CHHETRI AND MICHAŁ ZDZIARSKI
PART II
Global business and industrial sectors during crisis 87
7 Resilience and recovery of Indian start-ups: preparing
for a new normal 89
JYOTHI KUMAR AND RASHMI RAI
8 Weathering the storm: from traditional resilience to
inclusive recovery 107
SHILPI GUPTA AND DISHA SHARMA
9 Risks that impacted the agriculture supply chain
during the COVID-19 pandemic 121
SUBHODEEP MUKHERJEE, VENKATAIAH CHITTIPAKA AND
MANISH MOHAN BARAL
10 Impact of COVID-19 pandemic on travel intention 137
NEHA ZAIDI AND AJAY KUMAR
11 Tourism crisis and management strategies 146
AMOLAKDEEP KAUR AND VIJENDER NOONWAL
12 Social resources and resilient workforce:
a qualitative exploration of psycho-social factors
in resilient health system 157
SUMIT SAXENA AND AMRITESH
13 Does economic policy uncertainty and geo-political
risk influence tourists’ arrivals? 175
SUMAN GUPTA, SHEKHAR MISHRA AND AKASH MATHAPATI
14 Resistance mechanism of the Indian business
environment during COVID-19 using the PEST
framework 189
GARIMA MADAAN DUA, VINEET GUPTA AND NIKHITA TULI
Contents vii
PART III
Case studies 207
15 Case: Crisis dead – long live the crisis! Apple Inc.:
managing the post-pandemic and cargo thefts crises 209
JAWERIA AHSAN AND AUŠRINĖ ŠILENSKYTĖ
16 A case study on managing food and grocery supply
during COVID-19 crisis: role of online aggregators
in India 226
ALKA MAURYA, SWETA DIXIT AND MOHIT MAURYA
Index 237
Figures
3.1 Conditions important at the time of interview 26
3.2 Work experience and company existence 27
3.3 Following company policy and size of the company 28
3.4 Breaking company rules and size of the company 29
3.5 Feedback from subordinates and size of the company 31
3.6 Success due to divine forces and size of the company 33
4.1 A taxonomy of exploration and exploitation approaches
for incumbent firms and tech ventures 44
5.1 Research framework of consumer behaviour
post-COVID-19 crisis 55
7.1 Motivation to start a business among people in India 90
7.2 Distribution of start-up in various sectors in India 92
7.3 Process to get a company recognized as a start-up 96
7.4 Funding during COVID-19 98
7.5 Amount of funding deals received during the
last few years 99
7.6 Number of start-ups deals in 2020 100
7.7 Investors who participated in start-up funding 100
8.1 GDP growth forecasts by various agencies for India
(2020–2021) 108
8.2 Total loan moratorium as of April 2020 110
8.3 India’s manufacturing PMI from 2008–2021 116
9.1 Final measurement model for the impact on the
agriculture supply chain due to the COV19 pandemic 128
10.1 Proposed research model 138
12.1 Integrative framework 163
14.1 COVID-19 effects on the Indian business environment 193
14.2 Proposed recommendations 200
15.1 CM by Apple and the ecosystem in different phases 219
16.1 Business model of aggregators 228
16.2 Number of online grocery orders during the coronavirus
(COVID-19) lockdown in India in 2020, by the
company(in 1,000s) 229
Tables
5.1 Factors identified from the literature review 54
6.1 SDGs, its targets, and key highlights 66
6.2 Impact of COVID-19 on SDGs 70
6.3 Key findings of the UN Global Compact report 74
6.4 There are five steps involved in SDG Compass 75
6.5 Top ten companies on the “Change the World” list 75
6.6 SDGs by top ten “Change the World” Fortune
500 companies 80
6.7 Most and least prioritized SDGs as communicated
by ten Fortune 500 companies 81
8.1 Payment transactions in 2020–2021 112
8.2 Existing and revised definition of MSME 114
8.3 Credit growth profile over six months (% YoY basis) 117
9.1 Risk factors and their hypotheses 124
9.2 Demographics of the respondents 126
9.3 Cronbach’s alpha, composite reliability, rotated
component matrix, average variance extracted (AVE) 127
9.4 Discriminant matrix 127
9.5 Final goodness-of-fit indices of the structural model for
the impact on the agriculture supply chain 129
9.6 Structural model results for the impact on agriculture
supply chain due to the COV19 pandemic 129
9A.1 Measurement items 131
10.1 Demographic profile of the respondents 140
10.2 Construct reliability 141
10.3 AVE and discriminant validity 142
10.4 Results of hypothesis testing 142
11.1 Crisis management by countries 148
12.1 Selected studies highlighting the psychological aspect
of resilience 160
12.2 Selected studies highlighting the social aspect of resilience 161
13.1 Summary statistics of the log form of the variables taken
under study 180