How Strategic Management Helped Organizations Manage the COVID-19 Pandemic
Abstract
The study aimed to determine how strategic management can help organizations contain the effects of COVID-19 virus spread and maintain high performance and profits during the closing period. This study examined the role of environmental scanning, strategy formulation, strategy implementation, and strategy evaluation as dimensions of strategic management and how it helps in managing the spread of COVID-19. A questionnaire was sent to 146 operations/risk managers in Jordan’s industrial organization sector as part of the quantitative methodology. Primary data screening and analysis was done according to SPSS and other statistical tests including multiple and simple regression, mean and standard deviation, frequency and percentage. It was determined that strategic management contributed to a well-built COVID-19 pandemic management plan with an R value of 721 and a strong correlation coefficient. Additionally, all the variables in the research had a correlation coefficient that ranged from moderate to high. A correlation value R = 0.713 indicated that strategy assessment helped propose a well-built COVID-19 pandemic management. The novelty of the current study focused on the fact that industrial facilities should supply infrastructure and equipment, and prioritize the well-being of their workers, their happiness and involvement in decision-making, as the epidemic spreads. Study advocated learning from other businesses’ experiences to create a clear picture of organizational and managerial strategies during the spread of a pandemic that threatens the lives of people.
Keywords: strategic management, COVID-19, quarantine, lockdown, environmental scanning, strategy formulation, strategy implementation, strategy evaluation.
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