The global outbreak of the coronavirus disrupted markets worldwide, as well as crippling

economies in some places. Consequently, consumer behaviour has been forcibly altered, causing

businesses to change their normal conduct; convenience and safety are two of the main factors

influencing consumer behaviour throughout this pandemic. There is a fine line between what has

been changed for good and what behaviours will revert back to a pre-pandemic norm.

In order to identify trends, business must conduct market research to develop appropriate

marketing strategies. The collection and conceptualization of primary and secondary data can

help business develop strategies to remain viable in the current economic situation; this data

comes in two forms; Quantitative and Qualitative data, Quantitative, refers to numerical data that

is collected for statistical analysis, this type of data can be obtained by using surveys and

interviews. Being numerical data, parameters are easily controllable; analysis is done by cross-

tabulation, trend analysis, gap analysis and SWOT analysis. The main advantages of quantitative

data is that it is highly likely to be detailed and it contains minimum bias, however, being

numerical, quantitative data is not descriptive, making it difficult for researchers to make

decisions based on collected information. Qualitative data, is non numerical in nature and is

associated with specific details, this data is collected via; interviews, focus groups, record

keeping and case studies. Qualitative data helps with in-depth analysis and assists the researcher

in understanding the mindset of their customers, furthermore, this data can be used to conduct

further research in the future as well. However, this type of data collection is time-consuming

and not easy to generalize.

Market research links the consumer and the public to the marketer through information; the

advantages of conducting market research for a business are;

 It helps strengthen the business’ position and improves sale performance- Market

research allows for a better understanding of the market and target audience.

 Identifies potential threats and opportunities- may help to reduce the risk of new product

development and aids in forecasting future development.

 Evaluates export potential.

The main disadvantages of market research are;

 Can be inaccurate or unreliable- Market research is sometimes unable to analyse trends.

 Time consuming- Precise data takes time to obtain, however, sometimes research is

unable to analyse the ever-changing market.

 Research is expensive

Most countries went into a series of lockdowns, restricting the flow of goods and services to and

from consumers, as such, the technological sector experienced a boost, as many consumers were

afraid of shopping at traditional brick and mortar shops, rather they turned to technology, to

satisfy their needs. Online shopping, online entertainment, curb side ordering and many more

trends have emerged as successors to traditional consumer behaviours, a business must first

analyse whether or not they would succeed in an online market; as competition has grown, with

the rising pandemic, many employers were forced to terminate full time employment contracts,

causing individuals to develop new venture businesses to remain sustainable. The most efficient

way for a business to remain viable, is to consider how the pandemic has caused people to stay at

home more, with this in mind, products and services can be adjusted to become useful in this
case. This is where market research becomes a tool for the business, it allows for business to

conduct research, whether it be through surveys, questionnaires, articles, posts or even buying

information from other organizations, which aids in reassessing growth opportunities, without

this, organizations block themselves from spotting new habits and their effects, thus causing

missed opportunities to shape markets.

In times of crisis, it may be natural for organizations to return to old habits, however, in the case

of this crisis, new approaches are most valuable. If businesses seek to remain viable in this

changing time, they must first step back and conduct a thorough analysis on the market;

conducting market research, allowing them to spot new developing trends.

RECOMMENDATIONS

 Outline behavioural shifts to identify whether or not a product or opportunity is likely to

have a potential increase or decrease as a result of the pandemic; a trickle-down effect of

new lifestyles.

 Categorize trends to be either short term or long term, as well as, if it existed pre-

pandemic or is it new since it began. Assessing whether trends are temporary or

permanent is key in remaining relevant in the market, trends than are temporary, allows

for short term viability for the company, whereas trends that have permanent structural

changes, allow for long term viability. This can be used to highlight which trends to

follow and which to shape more aggressively.

  Examine all data available- Sources of data that show increases website traffic and card

spending are available to the public, these rich sources of data can help identify possible

trends that are emerging.

 Examine competition- multiple perspectives can be analysed, allowing organizations to

develop new ideas, as a result of examining their rivals’ focus and behaviours.

 Tweak the current business model- The question that should be asked is; how does the

business create and deliver value, allowing the organization to develop new ways in

making their product or service viable to consumers.

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https://hbr.org/2020/10/covid-19-is-rewriting-the-rules-of-corporate-governance.
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