MGT 365 week 6 Discussion – post and response
Open the file and read the instructions
I NEED THIS ASSIGNMENT FOR 2 DIFFERENT STUDENTS WITH THE SAME TEACHER ( 2 DIFFERENT COPIES FOR 2 STUDENTS) I will upload the file to respond to it later( 4 responses)
MGT 365-week 6 Discussion
Use the links below, or do your own research, to develop an analysis of the affect of COVID-19 on international business and how the business system as well as individual business should respond. Develop a proposal to minimize the harm and take advantage of any associated opportunities.
https://www.weforum.org/platforms/covid-action-platform
https://www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/the-coronavirus-effect-on-global-economic-sentiment
https://www.worldbank.org/en/news/feature/2020/06/08/the-global-economic-outlook-during-the-covid-19-pandemic-a-changed-world
https://blogs.imf.org/2020/08/04/global-imbalances-and-the-covid-19-crisis/
Your initial responses should be posted by class time on Thursday. Response to at least 2 class mates by Sunday night (11:59 pm) Response to all of the 4 students
MGT 365 week 6 responses
Veronica Yacks
Obviously, this pandemic has affected so much of our lives in numerous aspects such as international business and markets.According to the IMFBlog, “with the worldeconomystill grappling with the COVID-19 crisis, the external outlook is highly uncertain (Kaufman and Leigh, 2020). Looking long term, the deep recessions that are triggered by this pandemic are expected to leave lasting scars. Along with this, looking at what weve already experienced in 2020 there is an expected drop of 5.2% in global GDP this year (The World Bank, 2020). The pandemic left reductions in trade and heavy restrictions on movement to help prevent the spread of the virus. For example, many countries have closed their borders which also means that there is a limited amount of goods being imported and exported. Therefore, its crucial that businesses focus on developing strategies to avoid shortages. These can include safety guidelines, improved communication, etc. For example, many companies have increased orders or changed the frequencies of reorders to help accommodate for potential shortages. Since the future is still so uncertain in terms of this pandemic, its necessary that businesses plan and strategize how they will deal with the pandemic and its aftermath.
First and foremost, its important that companies do all that they can to stop the spread of the virus at home. Meaning, they could benefit from things like temperature checks before entering the buildings and regular COVID screenings. As previously mentioned, there have been a lot of supply chain disruptions and product shortages, caused by COVID-19, that have left a lot of companies unable to produce a lot of their usual products. Here lies a potential advantage for companies seeing as how they are being forced to re-evaluate the way that they operate; and this innovation offers opportunities to expand. Companies like Amazon and PayPal have been able to benefit off of technology in this pandemic and remained successful amidst the pandemic. With more and more people completing transactions online, PayPal has been succeeding as a transaction medium (Fuscaldo, 2020). Ultimately, companies should try to take opportunities to expand if they are able to even on the international scale.
Kaufman, M., & Leigh, D. (2020, August 4).Global Imbalances and the COVID-19 Crisis. IMF Blog. https://blogs.imf.org/2020/08/04/global-imbalances-and-the-covid-19-crisis/
The World Bank. (2020, June 8).The Global Economic Outlook During the COVID-19 Pandemic: A Changed World.Https://Www.Worldbank.Org/En/News/Feature/2020/06/08/the-
Fuscaldo, D. (2020, March 26). PayPal Poised To Emerge From The COVID-19 Pandemic In A Stronger Position. Retrieved from https://www.forbes.com/sites/donnafuscaldo/2020/03/26/paypal-poised-to-emerge-from- the-covid-19-pandemic-in-a-stronger-position/#25965c316a28
McKenzie Herman
Covid has disrupted so many different things as it came to the U.S. When it first arrived in the U.S., many people were terrified to even leave their house, so this didnt go well for businesses across the countries. This resulted in people losing their jobs, being on unemployment, and even losing their businesses. Covid has stopped many of the economic issues due to export and import restrictions. By not allowing anything to go out and nothing to come in this really hurt international business across the globe. Covid left a reduction in the trade leaving a forecast of a drop of 5.2% in global GDP (The World Bank, 2020). The things that are in the highest demand right now are medical supplies and food, this then causes a supply chain disruption (The World Bank, 2020). This being said, many businesses, either local or international, need to look at and improve their transportation to try and fix the shortages. Each company needs to try and ship more products to help with the decrease in business and shortages. Now, many companies are changing up their ways of business to work better with this pandemic. Many companies are also thriving in this atmosphere, like Amazon. They have really pushed their online presence and have taken advantage of this pandemic and are looking at the safety the contributes to the delivery process compared to in-store shopping. Many people are shopping online now, and this really helped Amazon because it made their sales and revenue skyrocket. I feel every business should switch to online sales because it could help them keep their shops afloat. By making sure each company will put the required safety guidelines into their facilities, this will ensure success to their businesses in the future.
References
Kaufman, M., & Leigh, D. (2020, August 4).Global Imbalances and the COVID-19 Crisis. IMF
Blog. https://blogs.imf.org/2020/08/04/global-imbalances-and-the-covid-19-crisis/
The World Bank. (2020, June 8).The Global Economic Outlook During the COVID-19
Pandemic:
A Changed World.Https://Www.Worldbank.Org/En/News/Feature/2020/06/08/the-
Global-Economic-Outlook-during-the-Covid-19-Pandemic-a-Changed-World.
https://www.worldbank.org/en/news/feature/2020/06/08/the-global-economic-
outlook-during-the-covid-19-pandemic-a-changed-world
Johnathan Berghorst
During the past year the worldhas been hit hard with the covid19 pandemic. This has impacted every areaof peoples lives and has been burden some to many businesses locally and internationally. Internationalbusiness has been largelyaffected. Everything from contracting, outsourcing, supply chain, and trade has been affected.Many countries and companies within those countries are colliding head on as they argue over the faults of the management of the virus and the management of the impact it has had on business. In my own experienceI saw how challenginga time this has been. I worked for a plumbing supply wholesale company this summer and there were many problems that were directly caused by the virus. The largest problem was the supply chain. Different fixtures like showers for example were on back order for weeks or months at a time leaving the home owner stuck on what to do about their house that was currently being built. All around these problems arose.
While doing research it also seems that the supply chain is one of the largest problems that has occurredwith the virus. Many products and services are just taking a lot more time then before to be delivered to people, companies, and countries. At the top of the prioritylist will be medical supplies for relief for from the virus, it will be necessary for the supply chain to strengthen itself and work to deliver the supplies as quickly as possible. This will have to carry out into all areas of trade and the supply chain will have to improve so that more time and money is not being lost.Different shipping companies such as UPS are working better with health careworkers to provide a more efficientsupply chain for medical supplies. This will help the situation and more companies can get on boardwith this cause. Another important factor will be the procedure that will need to be in place for people returning to work. Many expertssay that the economy will pick up again and they expect the retail industry to improve. This requirespeople to returnback to work so having a solid plan in place for their return will help with the transition back to work and for people to get out and spend moneyagain in the economy as well as travel.
The Frontlines of Coronavirus.UPS, www.ups.com/us/en/services/knowledge-center/article.page?kid=art1714f966ccd.
The Coronavirus Effect on Global Economic Sentiment.McKinsey & Company, McKinsey & Company, 30 Sept. 2020, www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/the-coronavirus-effect-on-global-economic-sentiment.
The Global Economic Outlook During the COVID-19 Pandemic: A Changed World.World Bank, www.worldbank.org/en/news/feature/2020/06/08/the-global-economic-outlook-during-the-covid-19-pandemic-a-changed-world.
Michele Howard
It is no secret that Covid-19 has been a burden on our everyday lives, but by doing some research we can see how much Covid-19 has impacted the world. One of the biggest hits to the global economy has been on the GDP. Even though many governments have tried to prevent GDP from contracting by implementing fiscal and monetary policies, the article The Global Economic Outlook During the COVID-19 Pandemic: A Changed World, forecast a 5.2% contraction in the global GDP for 2020. The result of this contraction will lead to a global recession, where we will continue to have issues with employment, education systems, and supply & demand.
The supply and demand for products has been a huge international business issue as well due to the pandemic. In the US we have faced a shortage of toilet paper, hand sanitizer, Clorox wipes, and more. Other countries have faced the same issues; however, many other counties have faced issues with food, oil, and metals. There are two main reasons for supply and demand issues during the pandemic: 1. Demand being so high companies can not supply the amounts demanded and 2. Trade restrictions.
It is surprising for me to hear that survey respondents are optimistic and are suggesting a positive shift in our economic conductions within the next six months. As of September 2020, 57% of survey respondents believe the economy will grow, 14% believe it will stay the same and 29% believe it will worsen (FitzGerald, The Coronavirus Effect). According to the article, The Coronavirus effect on global economic sentiment, beliefs on how the pandemic has impacted GDP are beginning to shift domestically. Survey respondents were given nine scenarios to choose from, and when it comes to the global economy they picked the scenario where policy and public health responses are put in place for long-term economic recovery. However, when respondents were asked about their domestic economy, most were in favor of scenarios including virus containment, sector damage, and lower growth rates more often and over time.
At this point, we all feel like a broken record repeating the same thing over and over, but in order to help our economy, along with ending and/or coexisting with Covid-19 we need to take all precautions necessary. Opening up the economy is important so we can prevent a second great depression, however, we need to make sure everyone is staying six feet apart, washing hands, getting tested, avoiding gatherings, etc.
FitzGerald, Alen, et al. The Coronavirus Effect on Global Economic Sentiment. McKinsey & Company, McKinsey & Company, 30 Sept. 2020, www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/the-coronavirus-effect-on-global-economic-sentiment
The Global Economic Outlook During the COVID-19 Pandemic: A Changed World. World Bank, www.worldbank.org/en/news/feature/2020/06/08/the-global-economic-outlook-during-the-covid-19-pandemic-a-changed-world
